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Company Values are those unspoken about rules that are used to make decisions and heavily influence the company's culture - or, as its more informally known, they way we do things around here.
Leadership teams often give a cursory glance at picking their company values out of a list of noble-sounding words and then carry on as normal. These values I have termed "stated values".
Here's a thing that many leaders fail to realise - values are real concepts in people's heads and bring with them a whole set of expectations. So, glibly firing off a few words and popping up on the wall can cause a whole lot of conflict and distraction away from the main game - running your company profitably.
Taking the time to articulate your company's actual values, putting those up on the wall and living them taps into some of the elements of success needed to become a GREAT company.