Formula 1 for Business. O'Connor Daniel

and colourful expression of your purpose; after all this is what you are putting ‘out there’ to the world as to why the business exists.

      Following are some Mission statement for high profile organisations:

      “To produce high-quality, low cost, easy to use products that incorporate high technology for the individual. We are proving that high technology does not have to be intimidating for non-computer experts.” …Apple in 1984

      “To enable people and businesses throughout the world to realize their full potential’…. Microsoft today

      “The purpose of the Cooper Tire & Rubber Company is to earn money for its shareholders and increase the value of their investment. We will do that through growing the company, controlling assets and properly structuring the balance sheet, thereby increasing EPS, cash flow, and return on invested capital”…… Cooper Tyres

      “We fulfil dreams through the experience of motorcycling, by providing to motorcyclists and to the general public an expanding line of motorcycles and branded products and services in selected market segments”….. Harley Davidson

      Mission statements are clearly important in providing direction and formalising purpose for a business organisation but they are underpinned by ‘Values’.

       Values

      The values of an organisation represent what is most meaningful to it and sets the ‘intent’ for the business. Values help identify commitment to standards and act as a compass for determining behaviour and conduct within an organisation, both between colleagues ‘in house’ and in front of customers and the ‘outside world’. Put simply they represent what your organisation ‘stands for’ and ‘believes in’.

      As with Vision, values can sadly be dismissed as mere ‘puffery’ by some less than switched on business drivers. The truth is that Values actually set the standard for conduct across a business and reminds owners and senior staff of how to set the example and be congruent. As an example, if an organisation has as one of its key value ‘respect’, then shouting at a peer or making snide, underhand remarks would be far from upholding this value. People can easily sense incongruent behaviour, which at worst will be seen as hypocrisy so it is critical once values have been identified that these values are upheld in every exchange and transaction that takes place.

      It is easy to see values in action throughout the recruitment process when statements are made about the organisation and enquiries are made of candidates to understand whether he or she shares the same values. This is one of the reasons why it is far better to be overt and quite clear about what the business values are. There can be no room for ambiguity when it comes to values. Values must be stated.

      Values are a serious matter and must be genuine; they must be ‘lived up to’ by those who create them otherwise there will be a credibility crisis in the eyes of the employees who are supposed to live by them. There is nothing worse than the boss who preaches respect, demands respect and yet does not exhibit any. Values are a wonderful opportunity lost to many organisations because they are either not set with enough thought or are not made to be part of the daily affairs of the business.

      For some clever business owners, Values have become real business drivers and played an important part in helping the organisation stand out. Take for example Virgin Blue Airlines who’s values are ‘Resourcefulness’, ‘Innovation’, ‘Caring’, ‘ Enthusiasm’, ‘Excellence’, ‘Individuality’ and ‘Integrity’. Serial entrepreneur Sir Richard Branson has instilled these values into the organisation from the top down and they clearly play a central role not only in ‘hiring’, but provide guidance in all-important decision-making and direction. The business has clearly benefited by taking some of the market share of main rival Qantas.

      After having clearly identified, documented and communicated your business values, be sure to highlight, recognise and encourage behaviour which upholds and promotes the values. Make sure your business values are clear to employees so they can live up to them and emulate the best. If you show them the way and give them a chance, you will discover that they can be your greatest advocate.

      Clearly identifying the vision, mission, and values for your business provides the necessary foundation upon which to build a successful organisation. In racing terms, they are like visualising the championship, knowing the rules, and defining the team philosophy. Only after these foundations have been laid is the competitive unit in a position to develop strategy and plans for achieving victory.

      So how much of a visionary were you as a child? How much of this has been educated out of you and how much of it has actually survived layers and perhaps decades of management? Can you reach into your mind and put a spark into that “dreamer” that used to come up with ideas all the time? How hard can it be to get in touch with that creative child within us all? That dreamer may just put you well ahead of where you are aiming for, all because nobody told that child not to dare…