Business Core Values


What are core values?

The core values are the guiding principles that dictate behaviour and action. Core values can help people to know what is right from wrong; they can help companies to determine if they are on the right path and fulfilling their business goals; and they create an unwavering and unchanging guide.

4 Main core values in business are:
·         Honesty – Honesty is a key characteristic of a business because it sets the tone for the kind of work culture that you want to create, provides consistency in workplace behavior, and builds loyalty and trust in customers and prospects. For Example - employee        on a business trip that has the opportunity to pad his expense account but chooses not to because that employee has bought into the culture you’ve established and wants to remain consistent in every circumstance.

·         Trust – A trust is a structure where a trustee carries out the business on behalf of the trust’s members (or beneficiaries). A trust is not a separate legal entity. A trustee may be an individual or a company. The trustee is legally liable for the debts of the trust and may use its assets to meet those debts. However, if there is a shortfall the trustee is responsible for the difference. For example, a trust is set up through a trust deed and there are two main types: discretionary or unit trusts.


  • ·       Accountability – Accountability is an assurance that an individual or an organization will be evaluated on their performance or behavior related to something for which they are responsible. For example, an organization compiles and documents factors that quantify its profitability, efficiency and adherence to budget, comparing actual results against original targets.

  
  • ·      Ownership -    It is the state, act, or right of owning something, i.e., possessing something. The term may also refer to an organization or group of owners. It is the exclusive and ultimate legal right to a lawful claim or title. If you have ownership, you can possess, enjoy, sell, give away, bequeath, destroy, or sell an item of property. For example, there may be private or collective owners of property. There are also common owners of property. The property somebody owns may be an object, building, or land.


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