Mention developing your corporate culture these days, and many people think of having a relaxed dress code, allowing your team to bring pets to work, or adding a ping pong table to the break room.
But your company culture is much more than that. A strong corporate culture is integral to your business.
It affects every aspect of your operation, from employee morale and turnover to your customer satisfaction and even your brand identity. Indeed, your culture is a reflection of what your organization stands for: its vision, its values, its morals, its purpose.
Your culture should be reflected in the everyday reality of your business operations, not just in your mission statement. It’s about how you treat your team, how your team treats one another, and how your organization as a whole strives to serve your clients and the community. In the end, your company culture is what makes your business unique and sets it apart from competitors.
Numerous studies have shown that a strong company culture can contribute to your operation’s success in all kinds of ways, but here are four of the most tangible benefits.
1. Improves performance
When you have a thriving corporate culture, everyone in the company shares the same vision for the company.
And each employee clearly understands how their individual role contributes to making that vision a reality.
This gives your entire team a sense of purpose and adds meaning and value to their work. Employees who feel their work has real value are likely to perform better because they genuinely want the company to succeed. And this dedication translates into improved client satisfaction and increased sales.
2. Enhances recruitment
A strong company culture is one of the best ways to attract top talent, and it can give your business a huge competitive advantage.
When employees really enjoy working for your company, they let other people know, which bolsters your reputation among job seekers.
When word of your worker-friendly culture gets out, the challenge won’t be finding enough suitable applicants—it will be sorting through the massive number of highly qualified individuals clamoring to work for you. Moreover, a strong culture attracts people who want to make your company a home, decreasing turnover and increasing team loyalty.
3. Fosters collaboration
A culture where everyone feels like their participation is valued encourages employees to come together as a true team.
Such a culture inspires your team to trust one another, communicate openly, and collaborate in a way that’s inclusive of everyone.
A cutthroat competitive culture often drives individual performance at the expense of team performance. But a collaborative environment drives connectivity and enthusiasm for the success of others, which ultimately leads to stronger overall performance.
Not to mention, when employees genuinely enjoy working together in such a supportive atmosphere, the office is a much happier and less stressful place. This makes your team look forward to coming to work, rather than dreading it.
4. Creates a winning brand
While strengthening your company culture may seem like an internal project, your culture can actually be leveraged to establish a powerful brand identity.
You should take the same values and vision that drive your internal culture and use it to build a unique and memorable public persona.
Indeed, the same elements that drive your corporate culture can be used as a blueprint to build a distinct brand that stands apart from the rest. To this end, how your business operates on the inside should be in complete alignment with how your brand is perceived on the outside.
When you have a positive company culture, everyone who comes in contact with your business will be exposed to your unique values. And such real-life interaction speaks to the public in a much more authentic way than a brand built on empty marketing campaigns and PR strategies.
A solid foundation
Your company culture can’t be created in a vacuum.
You should first make certain that your business has the necessary legal, insurance, financial, and tax systems upon which to build a robust culture. Meet with us as your Family Business Lawyer® to help ensure you have these foundational elements in place.
From there, we can also assist you in identifying the unique values and attributes that will allow you to establish a thriving company culture—and in turn, a reputable brand. Contact us today to get started.
This article is a service of Pantea I. Fozouni, Family Business Lawyer®. We offer a wide array of business legal services and can help you make the wisest business choices throughout life and in the event of your death. We also offer a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Go online today to schedule.