Building Your Company’s Vision

Building your company’s vision: notes

After reading this article, I realized the importance of developing the right core values for all companies in any industry. Generally, one thinks that core values are focused on maximizing profit gains for executives and shareholders. In addition, I used to think that companies ideally exist to make money and provide a lucrative rate of return for investors. However, this article covers many examples of companies that develop a core ideology focused on providing more than a service or product.

Companies such as HP, 3M, Walt Disney among other organizations established core ideology which involves developing core values and purpose based on lasting and significant contributions they would make for their customers. For example, at HP executives developed a code of ethics known as the HP way which says: “HP company exists to make technical contributions for the advancements and welfare of humanity.” This is an example of core value rather than a strategy because a core value would last for a very long time where as a strategy may change several times to adopt changes in business environment.

Not only core values are essential for companies to reach success in a meaningful way, but also companies develop a core purpose as a way to inspire employees to do their work. Generally, core purpose tends to describe the soul of the company. In addition, the main idea of developing a core purpose is to improve customers’ life style. For instance, Walt Disney core purpose is “To make people happy,” and executives at Mary Kay Cosmetics develop a core purpose title “To give unlimited opportunity to women.” in conclusion companies with well defined core values a purpose have more opportunity to reach a greater customer base while promoting their product as an improvement to their customers’ needs.