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What are core values 40 core values examples to consider.

In this post, we will cover the basics on what are core values and examine 40 examples we love.

What are core values?

Your core values define how you want the people in your organization to behave . Together with your mission and vision statement, they are a foundational part of your organizational structure. They articulate the underlying beliefs and purpose that each member of your organization is committed to embodying.

Because of their importance, values are often treated like mission statements, vision statements, and other elements of organizational strategy. However, it’s essential to recognize that, in many ways, values need to be their discussion .

As management guru Peter Drucker famously stated, “Culture eats strategy for breakfast.” No matter how effective your strategy is, it cannot outperform a weak company culture — and the heart of your organization’s culture is its core values. That’s why we believe and advocate the philosophy outlined in Change the Culture, Change the Game by Roger Connors and Tom Smith. There must be a dedicated process to developing and periodically refreshing your organization’s core values with the input of its members.

Your core values are the beliefs and behaviors that you consider non-negotiable , and that apply to every single person within your organization. They guide and inform your strategic plan as well as your day-to-day operations.

Video Transcript – What are Core Values (With Examples)

Hi, I’m Erica Olsen with OnStrategy. Today’s whiteboard video is on core values, core values answer the question, how will we behave in the context of the strategic planning process, you often hear, hey, we’re going to work on mission vision values. So we made this whiteboard video to help that piece of your strategic planning process.

But before we go too far, I just kind of want to call out a really important point. And that is just because we say mission vision values, doesn’t mean you need to define your values as part of your strategic planning process. If you don’t have them, and you’re starting from scratch, I would highly recommend that you take values and you put them into a dedicated process and work on that by itself. And a really great process that we love is from change the culture, change the game, check it out, it’s awesome.

If you have a set of values, and you just want to refresh them, then absolutely include them in your planning process. So with that, let’s talk about what makes up a good core value, the components of it how you know, you did it right and how you put it to use. So here is our anatomy of a core value. We love labels before the colon, a value as a noun, in this case, respect and authenticity, awesome.

We start with a verb in present tense, we believe in the value, connecting to the heart of the matter is something that again, isn’t like whatever everybody could replace it here, but just something that’s a little unique to you and your organization connecting to the heart of the matter. And the behavior you expect in this case, by listening respectfully, and acting authentically.

The most important part of values is this piece, what is the behavior that’s expected? We are saying that this is how we’re expecting everybody in the organization to behave. So that’s a great core value, we believe in connecting to the heart of the matter by listening respectfully and acting authentically. Ideally, you would have maybe five to seven values, maybe less, maybe three.

Something people can remember. Yes, Zappos has, like 12, that’s good for them. But we recommend less. Another thing when you’re thinking about, did we get it right? They should be your non negotiables. Meaning absolutely everybody should behave this way in your organization, you would stand by them no matter what happens, no matter what no matter what. And as I said before, the behavior is clear. Awesome.

So now that you have your core values, or you’ve refreshed them, and just a consideration if you are refreshing them, consider putting them in a survey in the first phase of your planning process to get feedback on people’s perspective on what does it look like when we were behaving with this core value? Great question.

How do we put it to use publish them, of course, right? Maybe posters, maybe on your intranet, maybe at the bottom of your CIG block, depending upon where you want to see them. Importantly, reinforcing them, I like to reinforce them at the beginning of every staff meeting, maybe pick one, maybe call out where you saw a value in practice the week before, super powerful.

And then last but not least, and this is from change the culture, change the game, establish intentional experiences that reinforce a core value. So experiences in your organization that reinforce in this case, respect and authenticity. So with that, that’s a quick overview of values.

You know how to get it right and construct ones that are really going to make a difference in your organization. Don’t forget, Peter Drucker said, culture eats strategy for lunch. And he’s right. So this matters tremendously. Make sure you pick the right part of the process to build out yours. With that. Thanks for tuning in. Subscribe to our YouTube channel. download the white paper for more information on core values. Happy strategizing.

What do core values answer?

Ask these questions to help you uncover your organization’s core values :

• What key non-negotiables are critical to the success of the company?
• What guiding principles are core to how we operate in this organization?
• What behaviors do you expect to see from the team?
• What are you willing to stand by , even if it costs clients or revenue?

5 tips to develop your values:

• Keep the list of values to between five and seven.  Some organizations, even well-known ones, have a longer list of values. However, we recommend no more than five to seven. In fact, you might find that you have even fewer. Keeping the list short ensures that the values you choose will be memorable and authoritative.
• Create phrases, but not paragraphs.  Again, we’re looking for memorable values. Concise statements are better than lengthy descriptions of desired behaviors.
• Make these values specific, not generic.  Although it should be brief enough to be memorable, a core value needs to be specific enough to be actionable. This means that a single word, like “respect,” won’t be enough on its own to guide and inform your strategy and culture. There is a balance between brevity and specificity.
• Values need to be shared.  While you don’t need consensus from everyone in your organization, you do need agreement from senior leadership. Gather input through surveys and whiteboard sessions as you develop your organization’s company core values.
• If it’s already stated in your mission, do not repeat it.  Though there might be some overlap in language, try not to repeat content unnecessarily. Each of these foundational elements must be unique in order to be effective and appreciated, so avoid redundancy whenever possible.

Get the Free Guide to Identify and Live Your Values

The values cheat sheet.

Download this handy cheat sheet as you work on developing your organization’s values!

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Creating Your List of Core Values Statements

We recommend a simple, straightforward structure for core value statements that balances concision (for memorability) and specificity (for actionability) .

First, state the value in noun form (respect, sustainability, communication, etc.). This makes your core value easy to remember and envision.

Then, follow up the noun form with a statement that begins with a verb ( in the present tense , because these values are perennial) and includes the value in a verb form (to connect it to specific action), followed by a description of the specific behavior you want to see .

This outline offers a consistent, concise, and specific structure that still allows flexibility to adapt to the distinctiveness of your core values.

What are the 4 types of values?

Patrick Lencioni insightfully identified four different types of organizational values. When core values are mistaken for other types of values, management can seem out of touch.

Core Values

Core values are cornerstones of an organization’s culture. They express values that the organization is not willing to compromise , regardless of financial or other motive. They also embody something distinctive about the organization — so that without them, an organization cannot maintain its unique value. Core values run deep into the fabric of all the organization’s work.

Aspirational Values

Aspirational values identify qualities and principles that the organization does not have, but wants . They are values that you are currently lacking, but you aspire to attain. They could be set by the company to help implement new strategy or meet changing circumstances. In any case, they do not have the inherently defining and unchanging nature of values.

Behavioral Values

There is a layer of values that is usually not given much attention because they tend to be the same across industries. Rather than defining the key, distinctive values of a particular company, these behavioral values simply state the minimum expected behavior of any employee . For example, not misrepresenting information would be considered a behavioral value because it is generic and describes the “bare minimum” desired behavior.

Accidental Values

Sometimes, especially in the early days of an organization, common interests and culture among organization members become solidified as values. This can create unity, but if confused with values, can also breed stagnation.

40 Core Values Examples

Now that we have a clear idea of what core values are (and what they are not), as well as why they are so critical, let’s take a look at some examples of core values from a few recognized organizations You’ll see values from several types of organizations included—global private corporations, national non-profits, and others. We also wanted to share our own core values here at OnStrategy.

Notice that each organization takes a slightly different approach to its values, and not all of them exemplify each of our recommendations (for example, length). However, what they share is commitment and distinctiveness . It is clear from each of these statements that these companies view their core values as all-encompassing and unbreakable.

Values Examples – Zappos

Embrace and Drive Change: Part of being in a growing company is that change is constant.

Be Humble: While we have grown quickly in the past, we recognize that there are always challenges ahead to tackle.

Pursue Growth and Learning: We think it’s important for employees to grow both personally and professionally.

Passionate and Determined: Passion is the fuel that drives us and our company forward.

Values Examples – Patagonia

Build the best product: Our criteria for the best product rests on function, reparability, and, foremost, durability. Among the most direct ways we can limit ecological impacts is with goods that last for generations or can be recycled so the materials in them remain in use. Making the best product matters for saving the planet.

Cause no unnecessary harm: We know that our business activity—from lighting stores to dyeing shirts—is part of the problem. We work steadily to change our business practices and share what we’ve learned. But we recognize that this is not enough. We seek not only to do less harm, but more good.

Use business to protect nature: The challenges we face as a society require leadership. Once we identify a problem, we act. We embrace risk and act to protect and restore the stability, integrity, and beauty of the web of life.

Not bound by convention: Our success—and much of the fun—lies in developing new ways to do things.

Examples – Volunteers of America

Teamwork: Together, as a team, we can achieve what individuals cannot. Our individual strengths energize our joint efforts to improve the lives of the people we serve.

We are richer and stronger because of our diversity, and we promote an environment that offers dignity, understanding, and compassion in order to reach and empower all.

Accountability: We hold ourselves personally and collectively responsible to do right and adhere to ethical principles in an environment of openness and honesty.

Communication: We are committed to the timely and transparent exchange of information and ideas and encourage respectful interaction through listening, understanding, and assumption of positive intent.

Customer Service: We strive for the highest standards in all we do and seek continuous improvement through feedback from our partners and those we serve.

Company Values Examples – OnStrategy

Respect & Authenticity: Connecting to the heart of the matter. We listen actively and act with respect and authenticity.

Teamwork: Tribal spirit. Cohesive spirit that permeates our people-focus: family, team, clients, and partners.

Purpose & Impact: Make a difference. We approach everything with passion and purpose and know our work is bigger than ourselves.

All In – In Everything We Do: We do our best with excellence in everything we do.

Forward Thinking: Challenge the status quo. Continually pursuing innovation, not for innovation’s sake, but for the sake of propelling our clients and our work forward.

Enjoyable Work Environment: Perfect storm. Energizing atmosphere that nourishes a balanced personal/professional soul.

Teaching Organizations to Fish: Passing the torch of mastery. Our expertise transfer allows for sustainable strategic management.

Core Values Examples – Salesforce

Trust: We act as trusted advisors. We earn the trust of our customers, employees, and extended family through transparency, security, compliance, privacy, and performance. And we deliver the industry’s most trusted infrastructure.

Customer Success: When our customers succeed, we succeed. So we champion them to achieve extraordinary things. We innovate and expand our business offerings to provide all our stakeholders with new avenues to achieve ever greater success.

Innovation: We innovate together. Our customers’ input helps us develop products that best serve their business needs. Providing continual technology releases and new initiatives gives our customers a competitive advantage.

Equality: Everyone deserves equal opportunities. We believe everyone should be seen, heard, valued, and empowered to succeed. Hearing diverse perspectives fuels innovation, deepens connections between people, and makes us a better company.

Sustainability: We lead boldly to address the climate emergency. We are committed to bringing the full power of Salesforce to accelerate the world’s journey to net zero.

Examples – Ford

Put people first. We are a company driven by purpose. Whether it’s our customers, employees, partners, or communities, we obsess about the wants and needs of people to drive human progress.

Do the right thing. We begin with the belief that trust in our brand, and in each other, comes from acting with integrity and transparency. We foster safe, inclusive work environments that create freedom to be our whole selves and do our best work.

Be curious. We approach the world and each other with a sense of interest and wonder. We are humble enough to know we can learn from every situation, and actively question to understand and think critically.

Create tomorrow. We cultivate meaningful change to optimize today and create tomorrow. We look ahead in our focal length and bring clarity to the future. We solve problems creatively, accept risk, and experiment boldly.

Built Ford Tough. We accept challenges and overcome them with confidence, courage, and optimism. We put the world on wheels, embracing disruption to evolve. We are resilient and in it for the long haul.

Play to win. We are accountable. We are in business to create value, and we celebrate when we do. We are focused on our competitive fitness, efficiency, and agility. We make quality decisions and are each empowered to deliver excellence.

One Ford. We rely on, respect, and care for each other. We build networks and partners without boundaries. We welcome everyone’s unique contributions, communicate candidly, and work together as ONE team – we are a family.

Values Examples – Under Armour

Love athletes.

• We believe in waking up every morning to make athletes legendary.
• We put the focused performer, from the best of the best to the ones just getting started, at the center of everything we do.
• We create fearlessly with the courage and conviction to defy convention.
• We innovate by taking bold and smart risks. We show up big where athletes train, compete, and recover.

Celebrate the wins.

• We believe our victories, big and small, bring us together as a team.
• We celebrate our accomplishments, giving credit where it’s due.
• We take time to have fun.
• We channel past successes to inspire our next win.

Stand for equality.

• We believe sport is the great unifier.
• We don’t sit on the sidelines; we speak up for fairness and equity.
• We treat each other with respect.
• We apply different perspectives in our work.
• We come together as a force for good to serve the communities we represent.

Act sustainably.

• We believe our work is not just what we do but how we do it.
• We work ethically and efficiently to perfect performance while reusing the Earth’s resources.
• We seek new information to develop lasting solutions.
• We protect our planet for all who now play, and all who will play, on our home field.

Fight on together.

• We believe strength is built through tackling adversity.
• We act with an enterprise mindset in the best interest of the Brand.
• We help each other overcome obstacles.
• We act with integrity, have honest conversations and grow over mistakes.
• We approach challenges with positive intent and never quit.

Values Example – New York Times

Independence: Over a hundred years ago, The Times pledged “to give the news impartially, without fear or favor, regardless of party, sect, or interests involved.” That commitment remains true today: We follow the truth, wherever it leads.

Integrity: The trust of our readers is essential. We renew that trust every day through the actions and judgment of all our employees — in our journalism, in our workplace and in public.

Curiosity: Open-minded inquiry is at the heart of our mission. In all our work, we believe in continually asking questions, seeking out different perspectives and searching for better ways of doing things.

Respect: We help a global audience understand a vast and diverse world. To do that fully and fairly, we treat our subjects, our readers and each other with empathy and respect.

Collaboration: It takes creativity and expertise from people in every part of the company to fulfill our mission. We are at our best when we work together and support each other.

Excellence: We aim to set the standard in everything we do. The pursuit of excellence takes different forms, but in every context, we strive to deliver the very best.

Core Values Examples for Nonprofits

Values are essential in any organization, but we know that they’re especially important in a nonprofit strategy. They help serve as the guiding light for how nonprofits make strategic decisions and play an invaluable role in developing the culture of a nonprofit – which we all know is critical to helping nonprofit organizations retain talent.

Though we’ve worked with lots of nonprofits, check out Prosper Strategies’ seven nonprofit core values examples if you’re looking for specific nonprofit examples. There are also helpful tips on brining core values to life!

Integrate Values into Your Everyday

Developing and publishing your organization’s values is only the beginning. After values have been established, you need to set consistent and dedicated processes for holding members, behaviors, and organizational operations accountable to your core values . It’s not the whiteboard session, but the everyday application, that makes core values meaningful.

Integrate a Review into Your Staff Meeting

A great way to reinforce behavior backed by your organization’s core values is to integrate one value into each of your weekly staff meetings. In our own weekly staff meeting, we highlight a core value of the week and how that value impacted the team’s work in the previous week. In a week that is heavily focused on detail-oriented teamwork, we might highlight our value of “All In – In Everything We Do” to remind our team that those details matter.

Create a Dedicated Chat/Teams/Slack Channel

Create a dedicated channel in your preferred chat application to highlight team member behaviors that align with your core values. Think of this channel as a place to give “wins and kudos” for individual and group behavior that exemplifies your values. We like this tactic because it creates an instant line of positive feedback and helps keep your core values front-and-center within your organization.

Highlight Customer Feedback & Success

Highlighting customer feedback and success stories that were driven by behaviors outlined in your core values is a great way to reinforce their impact. Positive customer feedback and testimonials are high-value rewards in any organization. Tie those recognitions to values that contributed to them. This will leave a lasting impact on your team.

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250+ Company Core Values Examples to Guide Your Organization

Want to know how to write company core values? These examples will serve as inspiration.

Core values are the principles and priorities that guide an organization’s actions. They represent the foundational commitments and deeply held beliefs that allow a company to navigate complex situations while keeping their identity and culture at the forefront.

Top Core Values Examples

• Build for durability.
• Appreciate the journey.
• We’re iconoclasts and innovators.
• Approach every day with curiosity.
• Think like an underdog and remain humble.

Why Are Core Values Important?

Core values define you. Along with your mission statement , your company core values exist to summarize your ethos. They encapsulate what you’re all about and what you choose to focus on as an organization, even as you grow and scale.

Core values guide you. They give employees an example to follow, a spirit to embody, and this gets everyone on the same page.

Core values help you recruit. They provide job seekers a snapshot of what you care most about, and if there’s alignment between your priorities and those of the job seeker, it’s more likely you’ll want to work together.

Related Reading How to Describe Company Culture: 39 Examples of Culture Statements

What Goes Into Creating Core Values?

Make your core values unique to you. Ask key members of your organization what makes us us ? What are the characteristics of our company that would make someone want to work here instead of someplace else? How would you describe our culture in one sentence? One word?

Make your core values specific and realistic. They should still be aspirational and ambitious, too, though. While “change the world” is probably too big and too vague for it to be an actually useful guiding value, “innovate courageously” has a sharper point to it.

Make your core values succinct and memorable. You want your teammates and job seekers to be able to remember your core values.

25 experts share advice on how to create core values that will inspire your workforce.

Company Core Value Examples

To help you get started on creating your own core values list, we rounded up core values examples used by a few companies, breaking down what each of them gets right.

• We believe in the power of community.
• We are a positive force.
• We embody diversity and belonging.
• We innovate with purpose.

Why it works: Hivebrite describes itself as an “all-in-one community management and engagement platform.” Its dedication to building, engaging and maintaining communities is reflected clearly in its core values to help each team member stay focused on the company’s mission.

• Recombination
• Mission first
• Continuous learning
• Thoughtful communication

Why it works: Asimov draws on innovations in machine learning, computer-aided design and synthetic biology to push innovation in genetic engineering. The company’s core values draw on specific terms from its field to illustrate its emphasis on collaboration, innovation, sense of urgency and willingness to iterate.

• Raise the bar
• Do the right thing
• Empower customers
• Embrace curiosity

Why it works: Governance, risk and compliance software provider LogicGate emphasizes quality, collaboration and initiative in its core values. The company also stresses integrity, customer focus and an ongoing focus on learning and humility.

• Accountable
• Deliver joy

Why it works: The core values of healthcare navigation platform provider HealthJoy emphasize openness to new ideas and perspectives, humility and collaboration as well as taking responsibility for one’s work. The final two pillars, “deliver joy” and “care,” focus on the company’s relationship with its users.

Greenlight Guru

• Be innovative
• Fanatical support
• Culture of closing
• True quality

Why it works: Greenlight Guru provides software for medical device companies to collect data and streamline the process of bringing products to market. Its values focus on innovating to help its customers stay one step ahead, following through and ensuring quality stays top of mind.

• Build a house you want to live in
• Invest in each other
• Discipline equals freedom
• Strive for greatness

Why it works: A software company focused on supporting sales teams, Close puts a focus on transparency and honesty, building trust, and investing in relationships. Together, these elements reinforce the company’s first stated value of building with a long-term perspective in mind.

• Put individuals first
• Go fast while maintaining quality and integrity
• Challenge each other and state your good intent
• Work to win together

Why it works: Evidation uses everyday health data to help people understand their own health and take action to improve their outcomes. The company’s focus on empowering individuals, and to innovate while ensuring accuracy and trustworthiness, shine through in its stated values.

Bectran, Inc

Why it works: B2B credit management software provider Bectran puts innovation and the willingness to think outside the box front and center. The company also aims to hold itself to a high standard of integrity, and aims to create a welcoming workplace and a product that’s easy to understand.

Grand Studio

• Embrace the unknown
• Trust in transparency
• Inspire collaboration

Grand Studio develops user-centered digital products and experiences, specializing in UX/UI design and strategic consulting. Its values reflect the company’s commitment to meeting clients where they’re at to “take on complex challenges to build clearer paths and tools for success.”

• Customers Always Come First
• We’re Humans, Not Robots
• Our Reputation is Priceless
• Simplicity Is Our Strength
• Hard Work Pays Off
• We Work Better Together

Why it works: AlertMedia develops an employee alert and communications platform for emergency preparedness. Its commitment to minimizing loss and reducing business interruptions to clients are reflected in its core values. When it says its customers always come first, it’s not just a statement about its customer service, but saving lives.

Identity Digital

• We are innovative
• We act with integrity
• We are driven to succeed
• We have a growth mindset
• We work as one team

Why it works: Identity Digital is the company behind what it describes as the world’s largest portfolio of top-level domains, helping its customers make their websites more memorable. The company, which also provides protection about cyberattacks and abuse, emphasizes innovation, hard work and teamwork in its core values.

• Good talent shouldn’t be hard to find
• Serving both organizations and job seekers equally is the only way to create a world where everyone finds the right job
• Every organization, regardless of size, should have access to world-class talent science

Why it works: Candidate assessment test provider Wonderlic has created a set of core values around the experience of both its customers and job seekers using its tools in the application process. 

Strong Analytics

• Credibility 
• Collaboration

Why it works: Strong Analytics builds custom machine learning tools that help its customers make business-critical decisions, so it makes sense for its values to emphasize the importance of doing the job right. That said, Strong also wants to ensure its employees know it’s okay to take a breather and have fun together along the way.

Belvedere Trading

• Compete and succeed at the highest level. Make those around you better. Be the best teammate.
• Share individually in the success of the company. Earn merit-based responsibilities. Balance high expectations and a healthy environment.
• Act like an owner. Be accountable in all aspects of your role. Take pride in your work.
• Dream big and be willing to fail. Deliver value consistently. Make decisions and verify results.
• Speak with compassion and an open mind. Listen to understand. Bring new and challenging ideas to the table.

Why it works: Belvedere Trading ’s values are highly specific, making it very clear what working in accordance with them looks like. The company also says its values are more than words — they’re the “bedrock of our teamwork, pushing us to excel with integrity and respect.”

• Pets come first
• Dig new holes
• Trust the pack
• Jump fences

Why it works: Pet insurance company pumpkin modeled its values after the patients it aims to serve. While the underlying values will feel familiar to many in the startup space — customer focus, innovation, collaboration and willingness to experiment — the company puts a unique spin on them to stand out from the pack.

Elevate K-12

• Obsess about the customer
• Focus on outcomes
• Act like owners
• Ground decisions in detail and data
• Collaborate to win together
• Continuously elevate our performance

Why it works: Elevate K-12 refers to its values as “gyanisms” — a sanskrit word that can be translated as “wisdom” or “knowledge.” The company says it strives to draw on these values in how its team members act and make decisions.

Wolverine Trading

• Empowerment

Why it works: Wolverine Trading highlights its efforts to do more and go “beyond what is expected.” The company also backs its values up through community initiatives, fundraising and employee resource groups.

Definitive Healthcare

• Customer focused: We focus on our clients and work hard to ensure their satisfaction.
• Problem solvers: We strive to identify problems and develop targeted solutions.
• Honorable: We act with honesty and integrity in everything that we do.
• Team first: We love to collaborate and celebrate the success of our company and colleagues.
• Community oriented: We value our local community and make a determined effort to give back.
• Highly motivated: We welcome new challenges and push ourselves to try new things.
• Decisive: We make timely, informed decisions and aren't afraid to take risks.
• Scrappy: We aren't afraid to roll up our sleeves and get the job done.
• Balanced: We have fun at work and manage a healthy work-life balance.

Why it works: Definitive Healthcare says it’s cultivated a strong company culture where every employee embodies its core values. These nine principles give every team member something to strive for every day — and a way to keep each other accountable. 

OTR Solutions

• BE PASSIONATE: Conquering the day with energy and heart.
• BE INNOVATIVE: Always finding new ways to improve our services and technologies. 
• BE LIMITLESS: Dedicated to the growth of ourselves, the company and our clients. 
• BE AGILE: Willing and eager to accept new challenges. 
• BE ESSENTIAL:  Committed to being a strategic partner. 
• BE OTRelite.

Why it works: OTR Solutions is unapologetically client driven and you can sense its commitment to customers in these core values. It’s easy to see how that commitment to excellence extends to its team members.

Forward Financing

• Drive the Mission: We believe in financial opportunity for underserved small businesses. We say “yes” when others say “no.”
• Keep It Real: We value direct communication, candid feedback and authenticity. We are an open book.
• Act With Kindness: We create an environment where caring is cool and helping is the norm. We do the right thing.
• Shoot for Extraordinary: We are inspired by innovative thinking and continuous improvement. We never settle for yesterday’s best.

Why it works: Forward Financing’s core values reflect the company’s mission to provide capital to small businesses that have traditionally been underserved. These four simple principles remind every Forward Financing employee of the company’s north star.

• Act Like an Owner: To be successful, every employee needs to feel accountable, act with empowerment and be fully invested in the mission.
• Create Simplicity: Creating simplicity is an exercise in mindfulness. Pursue thoughtful reduction; distill to the essentials and remove unnecessary complexity.
• Lead with Empathy: Start with empathy. Assume positive intent. Allow yourself to be guided by curiosity and compassion. Manage with empathy. Create with empathy.
• Use the Power of Today: Resist the urge to postpone important challenges, opportunities and decisions.
• Know the Goal: Understand the big picture to understand what success looks like at a macro and micro level.
• Learn and Improve Together: We are one team, and we win together. Taking proactive steps to master a new skill is a strength. Be a model of humility and perseverance for others as you learn by doing.

Why it works: BrainPOP’s mission is to “help empower kids to understand the world around and within them,” so it makes sense it would bring that principle to its core values. Can’t you almost see these inspiring notes on laminated poster in your homeroom? 

• Get Results: We are a startup, so we are very result oriented.
• Build Trust: Getting results the right way to build long lasting relationships 
• Have Fun: We spend a huge part of our life at work, so having fun is a must.

Why it works: These simple ideas drive zLinq’s mission and company culture. It believes that, by living up to these values, the company can create an environment that welcomes a diverse array of perspectives so everyone is heard and valued.

• The Golden Rule Works: Practice the principle of respect. Treat everyone with kindness and empathy, just as you would like to be treated by others.
• Think Outside the Box: We are a solution-oriented company. Think bigger, be creative, and step outside your comfort zone to find innovations to our biggest problems.
• Design Is Not a Luxury: Design is core to our company DNA and runs deeper than just aesthetics. Great design is necessary to convey great ideas.
• Persistence Is Irreplaceable: Talent, genius and education are all inferior to persistence. Perseverance and determination are the keys to success.
• Laughter Has No Accent: Have a sense of humor. We shouldn't take ourselves too seriously. Laughter and smiling is an international language that bonds us as a team.
• You’re an Owner: You are a crew member on this company's long, crazy voyage! Roll your sleeves up and find pride and satisfaction in owning your work.

Why it works: Jackpocket’s core values are detailed and all-encompassing, serving as very clear guide posts for what it aims to achieve as an organization.

Biz2Credit Inc.

• C: Collaboration
• R: Responsibility
• E: Empowerment
• D: Disruption
• I: Innovation

Biz2Credit’s playful acrostic gets the point across — plus, it’s easy to remember. The company says it’s focused on funding small businesses and their big plans for the future and you can see that reflected here.  

• Swim against the current: Be innovative and differentiate.
• Jet fast, but don’t wreck: Activate quickly, align and build for efficiency.
• Glow brightly: Learn, teach and share.
• Surf to morph: See ahead, evolve and act in the right moment.
• Bloom together: Build culture, team cohesion and connection.

Why it works: Jellyfish’s core values play on the image of the company’s namesake and reflect the company’s interest in teamwork, efficiency and long-term solutions. 

• Curious and always improving
• Diligent with intent 
• Humble about oneself
• Proud about our company
• Respectful and positive

Why it works: As a company specializing in both virtual and hybrid event platforms, SpotMe’s core values reflect the company’s commitment to working as a team to constantly improve and help customers manage even the largest and most complex projects.

Scorability

• Customers first
• Better together

Why it works: Scorability provides a software platform to help college coaches recruit and you can feel that pep-talk spirit reflected in the company’s simple, straightforward, no-nonsense core values.

Hiro Systems

• We go together: A rising tide lifts all boats. We freely collaborate and share across our community.
• We have a bias for action: We know that speed can magnify impact, and we move swiftly.
• We make bold bets: We embrace the uncertainty, never let fear rule decisions, and once aligned, fully commit to executing our ideas.
• We find a way: No challenge is too big or daunting. We are resourceful, tenacious and creative in finding solutions.

Why it works: Hiro System creates developer tools for Stacks, which is a network that enables apps and smart contracts for Bitcoin. Working in this space means working quickly and decisively, so its core values reflect that forward movement.

Gogo Business Aviation

• Mission minded: Every day, we seek new ways to enrich the lives of passengers and enhance the efficiency of operators worldwide. We celebrate our wins, learn from our setbacks and always move forward towards our next big breakthrough.
• Bold problem solvers: In pursuit of the best inflight connectivity and entertainment solutions for every business jet, everywhere, we have a complex technological landscape to contend with. At Gogo, we eagerly rise to the challenge, always setting the goal post further to redefine innovation in airborne connectivity.
• Performance obsessed: Continuous improvement in everything we do is the cornerstone of staying ahead, so we’re always challenging ourselves to work smarter and seeking new ways to offer the highest quality products and services to our customers.
• Extraordinary harmony: Collaboration fuels innovation. Our team blends diverse talents in an environment that fosters mutual respect, healthy debate, personal empowerment and forward momentum.

Why it works: Gogo knows its diverse blend of employees is its greatest asset. While the company’s employees help Gogo achieve its mission and contribute to the organization’s overall success, the company also aims to ensure employees can maintain the flexibility to work toward their own professional goals and opportunities for personal growth. 

Hotel Engine

• Together We Thrive: We are a team and we win together. We support each other, push each other to be better and we build our culture together.
• Customer Obsessed: Without our customers, we have nothing. We keep our customers at the core of everything that we do. We are committed to understanding their needs, delivering value at every turn, and exceeding their expectations.
• Insist on High Standards: We do not just set high standards; we insist on them. These standards are not only for ourselves and our work, but for each other. We are creating a culture where excellence is standard.

Why it works: Hotel Engine says its values are its DNA and what propels the company forward. By putting its commitment to excellence for customers front-and-center, the company builds its list of priorities from the outset. 

• Neighborly Attitude: We treat our customers, employees and partners like lifelong neighbors.
• DFY not DIY: When it comes to investing in a customer’s home, we believe that “done for you” is better than “do it yourself.”
• Home Equity: We’re here to help customers enjoy, protect, and invest in one of their most important assets: the home.
• Trust Over Transactions: We recognize that integrity and transparency are key to building trust. 
• Unrivaled Culture: Our greatest asset: people. The Leaf Home team shows up every day for the mission of making homeownership easy and does so with focus, empathy and a growth mindset.

Why it works: Leaf Home’s brands provide consumers with an array of products and end-to-end services that enable them to maintain and upgrade their homes. The company’s values reflect its people-focused culture and commitment to “an innovative and welcoming workplace where all people feel respected, supported and driven to realize their full potential.”

Core Digital Media

• Innovative: Be curious, create new paths, make it happen.
• Driven to Win: Give 100 percent and take ownership.
• Transparent: Be open and share often.
• Collaborative: Work, win and learn as a team.
• Metrics Driven: Lead with business impact and measure results.
• Adaptable: Embrace and run with change.

Why it works: Core Digital Media operates brands that provide consumers with educational resources and price comparisons to support their financial journeys, and its six values set the tone for how team members can contribute to the organization’s overall success.

Blueprint Test Prep

Learners First

Own the Result 

Honesty and Transparency

Always Learning

Bias for Action 

Why it works:   Blueprint Test Prep offers digital exam prep courses, with a focus on LSAT and MCAT. Its core values are suited for its purpose, as they highlight education, results and action as opposed to inaction. 

Max Courage 

Ubuntu, a term popularized in the “western world” during the twenty-first century by Nelson Mandela, roughly translating to "I am because we are."

Why it works : Hi Marley offers text-based communication tools to streamline the relationship between insurance professionals and their customers. Hi Marley told Built In “ The founders were adamant about ensuring leadership led by example by behaving in alignment with a shared purpose and set of values.

• Elevate People
• Lead with Integrity
• Focus on Impact
• Invite Change
• Trust in Transparency

Why it works: Meetup builds technology to help people cultivate meaningful social connections in their area. Its core values depict a work environment that empowers people to take on challenges that are meant to have positive real-world impact.

• Care (for everyone)
• Get better (every day)
• Collaborate (with everyone)
• Act with integrity (every time)

Why it works: Fintech company Achieve boasts a “culture with impact,” and its values set the tone for the empathy and authenticity that team members are asked to carry with them as they engage with one another and perform their job duties. 

• We Are Trusted Partners
• We Cultivate Innovation
• We Value Differences
• We Operate With Responsibility
• We Work Together

Why it works: Nisos is a cybersecurity and threat intelligence company that aims to infuse the energy and spirit of its core values into every element of its people-first work culture, from training and professional development opportunities to its emphasis on work-life balance.

Why it works: Cleo’s values represent the company’s four key business pillars, highlighting a commitment to the company’s mission to “deliver supply chain and organizational agility” — a message that serves as the driving force behind the work of Cleo’s passionate team members.

First Entertainment Credit Union

• Members First
• Inclusivity

Why it works: First Entertainment Credit Union’s values illustrate the priorities at the center of its service model, which supports creators across the entertainment industry.

• Purpose: Lead with why.
• Impact: Make it count.
• Responsibility: Own it.
• Collaboration: Choose teamwork.

Why it works: Thumbtack characterizes itself as a workplace where employees can make a tangible impact on the homeowners and businesses the company serves, and its values provide a simple set of guiding principles to steer their work.

• Bias for Action
• Love Our Customers
• Win as a Team

Why it works: DataGrail’s values reflect the nature of the company culture, which emphasizes, “We lead with trust — on our team and with our customers.”

• We put our teammates before our individual egos and extend ourselves to support each other professionally and personally
• We set ambitious goals for ourselves and supportively challenge each other to get the best result.
• We genuinely care about each other, the company, our customers and the broader world.
• We all have things we’re passionate about outside of work - so don’t expect many dull conversations.

Why it works: Enigma describes its values as being “rooted in high-achievement, empathy and fair play,” laying the foundation for how team members engage with one another and the company’s work to bring innovation to small business intelligence.

firsthand Health Inc

• Individuals at the Center: We always do the right thing and go the extra mile for the individuals we serve, prioritizing their well-being above all else.
• Seek Understanding and Remain Teachable: We assume positive intent and we lead with curiosity. All questions are welcome; we love to learn, whether about one another or ourselves.
• Serious Fun: We work hard on an important mission, but we don’t take ourselves too seriously. We sprinkle fun in as much as possible!
• Bias Toward Action: We all take many small steps to stride towards our vision. We are quick to ask for help and to begin wading into new and often unfamiliar territory, knowing that our team has our back.
• Candor and Kindness: We have an obligation to give timely, direct feedback - delivered with care for our colleagues. We sometimes disagree, but we work through our differences and grow together.
• Deliver Value: Our customers’ endorsement, support and success enables us to further our mission.

Why it works: In line with its vision to create “a world where individuals living with serious mental and physical illnesses live their best possible lives,” firsthand put together a list of values that prioritize engaging both clients and employees with compassion, support and an eagerness to make a positive impact.

Accelerated Digital Media

• Accountability
• Respect every interaction
• Do it with a smile
• Encourage ideas, empower pursuit

Why it works:  Accelerated Digital Media uses the acronym A PRIDE on its website to convey its six core values, setting simple and transparent expectations to guide the way team members perform their jobs. It helps to illustrate the company’s goal of creating “an open, dynamic and productive work environment where expertise and creativity thrive together.”

• Purpose: We pursue work that matters.
• Wholeness: We hold space for people to be their complete and authentic selves.
• Trust: We build relationships based on trust – among teammates, customers, and partners.
• Self-Management: We reinforce autonomy and local decision-making in individuals and teams.
• Inclusion: We see, hear, and value people.

Why it works: Agile Six aims to establish a values system that clearly demonstrates a commitment to having a positive impact both on employees and its government clients. The overall message aligns with the company’s mission to “build better by putting people first.”

Why it works: CompanyCam likes to keep it short and sweet. These core values succinctly reflect the company’s fast-paced people-first culture.

The Predictive Index

• Teamwork: Focus on the “we,” not the “me.”
• Honesty: Follow your moral compass.
• Reliability: Be someone others can count on.
• Energy: Be balanced, be energized.
• Action: Errors of action are better than errors of inaction. Be brave.
• Drive: Own it.
• Scope: Don’t try to boil the ocean.

Why it works: The Predictive Index refers to their seven core values collectively as THREADS, and that’s what this set of values does — it brings together disparate ways of working into a cohesive system and collaboration philosophy.  

• Transparency
• Resourcefulness
• Togetherness

Why it works : At Edmunds, TRUST is not only a value the company holds dear, it’s also the acronym for the Edmunds’ core values. 

• Obsessed with customer needs
• Do the impossible
• Build globally, serve locally
• Constantly change, learn and evolve
• Respect above all

Why it works:  Spotnana aims to change how we travel and their core values reflect their community-centric approach to building “stronger human connections through travel.”

• Play for each other
• Make something better today
• Build for durability

Why it works: Amperity’s core values are short and memorable and underscore the company’s commitment to “growing a company together” and “planning for long-term scale.”

• Elevate doers of good
• Innovate courageously
• Cultivate inclusivity
• Appreciate the journey

Why it works: As a “leader in social good technology,” Bonterra’s core values tie directly back to — and help expand upon — its stated purpose: “We power those who power social impact.”

• We’re iconoclasts and innovators
• We’re more than a company—we’re a community
• We play as hard as we work

Why it works: By starting each value with “We,” these three values memorably describe the ethos of the company from the starting point of togetherness.

• Act boldly with courage
• Be financially responsible
• Be data-driven
• Operate ethically with integrity
• Be collaborative
• Approach every day with curiosity

Why it works: PEAK6 says its culture is “rooted in innovation, inclusion and flexibility,” and that comes through in its core values, which succinctly sum up how the company’s employees should approach their work.

• Put customers first and value their business
• Be the best at what we do
• Innovate by taking intelligent risks
• Provide an open, honest and constructive workplace
• Promote a fun work environment
• Achieve sustainable long-term growth and profitability
• Think like an underdog and remain humble

Why it works: GoHealth’s core values are comprehensive and speak to company culture, business excellence and the character its teammates should embody.

• Openness is the future: For Narmi, openness means giving our customers the ability to grow and scale for their future, and a platform flexible enough to meet the needs of any financial institution.
• Dependability is a given: Your customers need a tool that can meet their varied, demanding needs, right where they are — and Narmi surpasses expectations with an intuitive platform that offers users everything they want, and then some.
• Rewrite the financial story: Narmi’s focus on the financial health and wellness of our end-users means building beyond traditional banking. Our products are easy and intuitive to use, empowering every user with a holistic view of their finances and giving them the information they need to live healthier financial lives.

Why it works: Narmi provides financial institutions with products that allow them to offer digital banking experiences. The company’s simple and straightforward value pillars serve as the building blocks for its tech development strategy.

• Be patient obsessed. We make every decision with our main focus in mind: improving the lives of patients.
• Act like an owner. We speak up, share ideas, give feedback and are all accountable for growth.
• Build to learn. We don’t fear making mistakes; innovation requires failing courageously over and over again.

Why it works: Healthtech company NuvoAir specializes in technology and services to address chronic cardiopulmonary diseases. The company touts a “mission-oriented culture,” and its values guide the work of current employees, as well as point to the qualities NuvoAir looks for when hiring new people. 

VelocityEHS

• Champion Customer Success
• Build Honest Relationships
• Choose Simple
• Make a Difference
• Team Player

Why it works: VelocityEHS aims to advance workplace safety and sustainability. It has a value system that encourages employees to work collaboratively and lets them know their efforts can lead to real-world impact for client companies that trust VelocityEHS.

• We build to benefit all customers (not just one)
• We make good decisions and consider the long-term benefits for our customers, Adyen and the world at large
• We launch fast and iterate
• Winning is more important than ego; we work as a team - across cultures and time zones
• We don’t hide behind email, instead we pick up the phone
• We talk straight without being rude
• We seek out different perspectives to sharpen our ideas
• We create our own path to grow toward our full potential

Why it works: Businesses look to Adyen for solutions that allow them to accept payments, protect and grow their revenue and offer financial products. The company created its set of guiding principles known as the “Adyen Formula” to emphasize its commitment to “speed and autonomy across teams, regions and time zones.”

• Our work is grounded in research, design and privacy.
• At WHOOP, the best idea wins.
• We have a bias for action.
• We operate at the intersection of high intensity and high humility.
• Our differences are a source of strength.
• We are obsessed with the member experience.

Why it works: WHOOP makes wearable technology that provides users with insights about their health and fitness. With a mission “to unlock human performance,” WHOOP’s core values highlight the company’s dedication to responsible innovation and a quality member experience.

• Customer Obsessed: Listen, go above and beyond and deliver an amazing experience to our customers.
• Be Open: We can do anything with hard work, innovation, an open mind and a positive attitude.
• Skrappy: Always be in start up mode.
• DTJAIBAI: Don’t just talk about it, be about it.
• One Krew: Remember to have fun together while staying humble, respecting and leaning on each other — we are nothing without our team.
• Win with Data: It’s through data that we verify, understand and quantify our decisions and actions.
• Work fast and iterate: Continuous improvement over delayed perfection.

Why it works: Kustomer develops AI-powered conversational intelligence solutions to improve customer service operations. The core values that define Kustomer’s culture express a passion for hard work, collaboration and data-driven action. 

• Host: You are inclusive and kind
• Serve: You are collaborative and empathetic
• Deliver: You work hard and follow through
• Celebrate: You are supportive and fun

Why it works: Provi runs a B2B alcohol marketplace. With fun labels like “Host” and “Celebrate,” Provi’s core values show the company puts a premium on creativity and an encouraging work environment that contributes to a positive culture.

More Core Value Examples

Still looking for more inspiration? Check out these additional company core values examples.

• We are rational
• We strive to improve
• We focus on results
• We are trustworthy
• We are team players

BigCommerce

• Team on a mission
• Act with integrity
• Make a difference every day

Restaurant Brands International

• Meritocracy
• Creativity and innovation
• Authenticity

• Challenging
• Understanding
• Knowledgeable

Related Reading 21 Company Culture Examples to Get You Inspired

Tapestry Solutions

• Dedicated to the dream
• Hold to high standards
• Embrace difference by design
• Break through with magic and logic
• Stand taller together

Magna International

• Take responsibility
• Never settle

The HEICO Companies, LLC

Two Barrels LLC

• Check in with each other
• Test new ideas
• Make beautiful things
• Teach and learn

Restaurant365

• Love good food
• Share positive vibes
• Solve problems, together
• Relentlessly seek greatness

DailyPay, Inc.

• Do your research
• Start simple
• See the circle
• Pull the wagon
• Move the line
• We win with diversity
• Act like an owner

RealWork Labs

• People first
• Adopt a beginner’s mind
• Strength in our differences
• Empower to win
• Relentless pursuit of improvement
• Take ownership, not credit

• Champion the mission
• Embrace the adventure
• Be a cereal entrepreneur

• Make complex things simple
• Set crazy big goals and make them happen
• Be a force for good
• Empower others

Walmart Global Tech

• Service to the customer
• Respect for the individual
• Strive for excellence

• Be the next
• Remember the feeling
• Action is our first instinct
• Stronger united

• Be a hacker
• Practice humility
• Be an exceptional teammate

Adage Technologies

• Be an ambassador
• Adapt and evolve
• Enjoy the journey
• Get it done

• Deliver the best customer experience, period
• Grow 1 percent every day
• Work hard and be an owner
• Normal f*cking sucks
• Pay it forward with random acts of kindness
• Have fun, find joy, be you
• Be transparent and direct, with optimism

• Put team first
• Be admirable
• Find a better way

CB Insights

• High standards
• Helpfulness

Ellevation Education

• Long-term vision
• Partnership

• Customer first
• Best answer wins
• Operate as an owner
• Accountable for results
• Top talent and teamwork

• Solve a problem
• Work-life balance
• 100 percent transparency
• The best team, ever

• We are owners
• We obsess over customer needs
• We make F5 more agile
• We create a more diverse and inclusive F5
• We create clarity and alignment
• We help each other thrive
• We find and shape brilliance
• We boldly raise the bar

Related Reading You’ve Finally Nailed Down Your Company Values. What Happens Next?

• Customer obsession
• Debate openly, commit fully
• Deliver results
• Grit and focus
• Think bold, think big, think broad

• Client focus
• Professionalism

• Customers are king
• Excellence is a state of mind
• Embrace and drive change
• Focus on focus
• Make It fun

• Bias to action
• Win together
• Show up curious
• Say it, do it
• Customer success is our success
• We love insurance

Envoy Global, Inc.

We believe employees are happier, companies are more successful and our world is a stronger place when people are able to work and live anywhere an opportunity presents itself. We built our company on a simple idea: Never, ever forget that there are people behind every application and case file. We truly care about these people — their hopes, their dreams, their fears — and helping them realize what’s possible.

We take that job really seriously.

Contentsquare

• Team spirit

• Sense of ownership
• Constant changes

• Customer obsessed

• System1 supports you
• Everyone is on the same team
• Be yourself
• Make an impact
• 1 percent better every day

• Take action
• Learn together
• Build a foundation of trust
• Own progress and outcomes
• Focus on customers

We champion the vitality of American enterprise. Our desire to continually build new things reflects our belief that the freedom to innovate, create, and celebrate advancements propels our country. All things are possible so long as we never stop building and improving.

We celebrate the pioneers. That’s why we do more than root for passionate entrepreneurs; we find them, fund them, and build with them. Every Pardon venture was born from this same entrepreneurial vigor and our own artistic sensibility.

Whether launching a new digital media brand or designing a space for deep collaboration and creation, our team approaches each venture and partnership with the same unwavering excitement over the possible path ahead.

Boundless Immigration

• Think without bounds
• Understand the why
• Focus on impact
• Strive to simplify

Morgan Stanley

• Put clients first
• Lead with exceptional ideas
• Commit to diversity and inclusion

• Interfaces matter
• Consumer advocate
• Detail obsessed
• Aligned DIY
• Bold yet humble

• Customer focused
• Collaborative
• Transparent

• Make a difference
• Work together
• Reimagine the possible

• Embody a service mindset
• Dream big, then make it real
• Be proud of the how
• Embrace an ownership mentality
• Debate then commit

Andreas Rekdal, Sara B.T. Thiel, Ana Gore and Hal Koss contributed to reporting for this story.

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100 Team Core Values Examples to Help You Build a Strong Company Culture

Content Partnership Specialist

March 29, 2024

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What do you value as a company? 

This is a question that many business owners struggle with. It can be tough to come up with a list of core values that represents your organization accurately, but it’s important to get this right. 

Your corporate values are the foundation of your workplace culture—they let others get an inside look at who you are as a company, and can have a huge impact on your recruiting and hiring efforts, employee engagement , and overall success. 

So, to help inspire your company and define your work culture, here are 50 common core values examples for your team and 50 core values examples from successful companies across different industries to inspire your even further. Whether you’re just starting out or you’ve been in business for years, these 100 examples will give you some inspiration for determining what’s important to you and your team!

• How Company Core Values Can Help Your Business
• 50 Common Core Value Examples for your Business

Company Core Value Statement Example

50 of the most inspiring company core values examples for your team.

• Define and Live By Your Core Value Statement   

How Company Core Values Can Help Your Team

In simple terms, core values are your organization’s collective and fundamental beliefs, vision, mission, personal and work ethics, and core principles. 

It’s your company’s personality, the DNA of your organization, the reason why your company exists, and the north star that continuously guides your business toward your mission and vision. And in order to move your business forward in the right direction, teams across different departments will need to work together, believe in the same values, and practice them consistently at work. 

So if you’re asking yourself, “Why does any of this matter?” Here are a few reasons why:

• Performance : Teams feel empowered to perform at their best when core values align with corporate strategy and goals. 
• Talent Acquisition : Your organizational culture can help prospective employees decide if your company matches their personal core values, priorities, and goals when searching for a new position.
• Competitiveness : Knowing what the company stands for makes you more competitive in the marketplace and as an employer.
• Business Decisions : Knowing your company’s culture can help executives and project managers make informed decisions and take smarter calculated risks.

Check out the list below for common core values you can choose from to shape your team!

50 Team Core Value Examples for your Business

1. Respect and Integrity 2. Quality 3. Innovation 4. Teamwork 5. Accountability 6. Transparency 7. Collaboration 8. Continuous Learning 9. Positivity 10. Loyalty 11. Empathy 12. Inclusivity 13. Creativity 14. Passion 15. Honesty 16. Diversity 17. Adaptability 18. Flexibility 19. Open-mindedness 20. Communication 21. Respect for Individuality 22. Punctuality 23. Fun 24. Gratitude 25. Professionalism

26. Proactivity 27. Problem-solving 28. Self-improvement 29. Commitment to Excellence 30. Objectivity 31. Positive Attitude 32. Ambitiousness 33. Quality of Service 34. Excellence 35. Reliability 36. Honoring Commitments 37. Growth Mindset 38. Balance of Work/Life 39. Focusing on Solutions 40. Going Above and Beyond 41. Respect for Privacy 42. Listening to Customers 43. Pursuing Growth Opportunities 44. Resourcefulness 45. Self-awareness 46. Collaboration 47. Teamwork 48. Willingness to Learn 49. Developing Professional Networks 50. Becoming an Expert in Your Field

A core value statement is a declaration of the principles that guide how a company operates and behaves. Our core values are not just words on paper; they shape our culture and define who we are as a team. Here’s an example:

At our company, we are committed to upholding the following core values:

• Innovation: We believe in constantly pushing the boundaries and exploring new ideas to provide our customers with cutting-edge technology solutions that exceed their expectations.
• Integrity: We value honesty, transparency, and ethical behavior in all aspects of our business, from our interactions with customers to our internal decision-making processes .
• Collaboration: We believe that teamwork and collaboration are essential to achieving our goals and creating a positive work environment where everyone feels valued and supported.
• Continuous improvement: We are committed to continuously learning and improving our skills and processes to provide the best possible solutions and services for our customers.
• Customer focus: We prioritize our customers’ needs and satisfaction above all else, and strive to provide personalized and exceptional service that exceeds their expectations.

We believe that by consistently embodying these values in our work, we can achieve our mission of becoming a leading technology solutions provider while providing a positive impact on our customers, employees, and society as a whole.

Use this core value statement template to craft your company’s core values statement:

At [Company Name], we are committed to upholding the following core values:

• [Description or explanation of how this value is important to our company]

We believe that by consistently embodying these values in our work, we can achieve our mission and provide the best possible experience for our customers, employees, and stakeholders.

Pro Tip: Make it easy for team members to find your company core values with ClickUp’s Company Culture Template !

Now, it’s time to explore some of the best and most common core values that have shaped some of the most successful companies today. Here are 50 companies and their top values!

Core values:

Deliver the best customer experience

We are customer obsessed and create space for open communication and feedback, and empower ourselves to fix problems and say yes, with collective customer interest in mind. This value applies internally as well when working cross-functionally with other teams! 

Grow 1% every day

We support the professional growth of our crew and believe in progress toward perfection. We hold ourselves back by trying to get it perfect when the fastest growth is incremental, and we’re not afraid to fail lightly, as long as we learn and don’t repeat the same mistakes. 

Have fun, find joy, and be you

Personal core values and well-being are important to us, and with big goals comes hard work, but time is too precious not to have fun along the way. We promote a fun company culture through team building , encourage our crew to strive for greatness, transparency, and respect, and create a safe space to show up and be vulnerable, bold, daring truly, agree, disagree, laugh, cry, experiment, and play. 

Work hard and be an owner

We enjoy work, think in creative ways of solving problems, see the compounding fruits of our labor, and assume shared ownership in decisions, issues, and outcomes.

Normal f*cking sucks

We strive to build an organization that encourages freedom and responsibility. And while everyone has goals to accomplish, we encourage our crew to have creative freedom on how to achieve that goal in ways that make sense to them. 

Pay it forward with random acts of kindness

We create and sustain a safe and supportive culture and help out whenever we can. We encourage our crew to check in with your people and keep your finger on the pulse of how they are doing not only professionally but also personally, which forms open and honest relationships among peers. 

Promote empathy

Encourages leaders and representatives to be empathetic and courteous to each other and their customers

Accelerate craftsmanship

Show integrity and take accountability for all actions

Support diversity in the workplace

Promote harmony, provide equal opportunities, and practice inclusion through internal programs

Check out the best Slack integrations !

Accessibility 

We believe in providing consumers, small businesses , and other organizations access to hardware, software, services, and technology that are needed to achieve their goals

Support education

Education gives everyone more ways to realize their potential; that’s why we are committed to providing people from all backgrounds to learn through partnerships in over 100 countries

Inclusivity, racial equity, and justice  

As a global leader, Apple acknowledges its responsibility to help promote equality and fight against injustices worldwide. 

Genuine 

We are sincere, trustworthy, and reliable.

We’re highly creative and always striving to connect new ideas with business realities.

Involved 

We’re inclusive, open, and actively engaged with our customers, partners, employees, and the communities we serve.

5. LinkedIn

Trust and care

Create trust by practicing integrity, compassion, honesty, and respect.

Keep a growth mindset to create big ideas, while also providing value and finding joy in everyday interactions.

Valuing workforce  

Prioritize each employee’s success to help develop leaders and productive teams.

We’re original and creative in our thinking. To us, innovation is a default mindset – a hard-wired desire to improve things.

The best relationships are based on mutual trust and respect. We want to be fair and transparent in everything we do. We don’t micro-manage; we trust each other to do a great job.

Playful 

We say yes to fun. We’re a playful company and a playful brand. We always have been. We never take ourselves too seriously.

Wow our customers

We go above and beyond to serve others with high-quality products and hospitality they can rely on. We work hard to leave our customers with a smile.

All-in ownership

We have grit. There is no job too small, nor challenge too big. We are all in. We think long-term and always optimize for Lyft as a whole. We never say, “that’s not my job.”

Take pride, be humble

We take pride in our work, and whatever we do, we do it well. We assess our own work critically, and we’re the first to call out our shortcomings, and continuously push ourselves and others to improve and set a higher bar.

Champion the mission

We’re united with our community to create a world where anyone can belong anywhere.

Embrace the adventure

We’re driven by curiosity, optimism, and the belief that every person can grow.

Be a cereal entrepreneur

We’re determined and creative in transforming our bold ambitions into reality.

9. National Parks

Truthfulness

When the employees are honest, it automatically reflects on our work.

Team spirit and continuous learning

We believe in Kaizen, a Japanese concept in which everyone on the team contributes to continuous improvement.

Being open to feedback and showing respect to others 

We work to inspire and develop conservation and protection of the world’s natural resources found within national parks through education, promotion, and global community awareness.  To achieve this the company’s culture plays a big role. These company values help us become more inclusive and contribute to the company’s growth.

10. Starbucks

Culture of warmth

We believe in creating a culture of warmth and belonging, where everyone is welcome 

Accountability

Delivering our very best in all we do, holding ourselves accountable for results.

Be present 

Being present, connecting with transparency, dignity, and respect.

11. Salesforce

We act as trusted advisors and earn the trust of our customers, employees, and extended family through transparency, security, compliance, privacy, and performance

Customer Success

We innovate and expand our business offerings to provide all our stakeholders with new avenues to achieve ever-greater success.

Equality 

Hearing diverse perspectives fuels innovation, deepens connections between people, and makes us a better company.

Integrate ClickUp with Salesforce !

12. Donorbox

Creative leadership

We encourage development and innovation through research and audacious action

Passion for progress

We have a strict focus on excellence and effect

Responsibility

We behave with decency, morality, and consideration

Remaining faithful to our principles offers us meaning. It helps people make difficult choices with clarity and draws a large group of people who value honesty over dishonesty.  These values shape the culture at our company because it allows all the employees to have a drive and passion for succeeding in every aspect and lead creatively while focusing on continuous action and being gracious and considerate of others.

Inclusivity

We value diverse voices and approaches. We act with authenticity and respect. We create equitable experiences for all.

We build trusted relationships. We collaborate across business functions. We recognize and celebrate progress.

We do what is right for Target, our team & guests. We deliver results that matter. We continually learn by valuing progress over perfection.

14. Netflix

Honest and productive feedback

Meaningful feedback can be hard to give or accept. But like any new habit, it gets easier with practice. So we help people learn to give and receive feedback through coaching and modeling the behaviors we want to see across the company.

Freedom and responsibility

Our goal is to inspire people more than manage them. We want our teams to do what is best for Netflix. This, in turn, generates a sense of responsibility, accountability, and self-discipline that drives us to do great work. 

People over process

Our people-first approach allows us to build a dream team and be more flexible, creative, and successful in everything we do.

15. Ling App

Data-driven

 We rely on data to drive our decisions.

Curious with an open mind

We view every day as a new learning opportunity and use open feedback to improve ourselves.

Entrepreneurial attitude

We try new things. We move fast.

Creating these core values has strengthened not only our work culture, but our business decisions and determination to work toward a common goal.  At our quarterly meetings, we use these company values as team-building activity guidelines and ask our team to rate our company on a scale of 1-10 based on these values and explain their answers.

16. Hubspot

At HubSpot, you’re encouraged to think like a founder and take ownership. We believe amazing people should be trusted to do amazing work.

Transparency 

There’s no inner circle at HubSpot. We share information openly and often so that employees can make decisions and drive impact for our customers.

Flexibility 

We’ve always believed results matter more than where or when they’re produced. HubSpotters have the flexibility to work remotely, take unlimited vacations, and build a work-life “fit” that matches their personal and professional goals.

We are all on the same team working towards the same goal, and everyone is open to learning from each other. This creates a culture of compassion and empathy. 

Transparency

We want to hear the good, the bad, and the ugly so we can continue to improve as a team. This makes our workplace a safe and trust-filled environment. 

We are passionate about our work and persevere through difficult times. We use our failures to learn and grow. 

Our core values are what keep us grounded as a team.  We check our egos at the door, believe in open communication, deeply care about the team and people we serve, practice accountability and resilience, and never give up when times get tough.

Give and take responsibility

We believe in empowering people. Giving and taking responsibility are ways to grow and develop as individuals. Trusting each other, and being positive and forward-looking inspires everyone to contribute to development.

Renew and improve

We are constantly looking for new and better ways forward. Whatever we are doing today, we can do better tomorrow. Finding solutions to almost impossible challenges is part of our success and a source of inspiration to move on to the next challenge.

Lead by example

We see leadership as an action, not a position. We look for personal values before competence and experience. People who ‘walk the talk’ and lead by example. It’s about being our best selves and bringing out the best in each other.

Our team members are always looking for new ways to improve and grow, and they are constantly pushing themselves to be the best. 

Kindness 

Our team members are always looking out for one another, and they are quick to offer help when needed. 

We strive to produce the best results possible, and we are always working to improve our performance. 

Our values shape our culture in a number of ways.  First, we believe that hustle fosters a spirit of determination and grit.  Second, we believe that kindness is essential in creating a supportive and inclusive workplace.  Finally, we believe that excellence is the cornerstone of our success.  These core values have helped to shape our culture into one that is ambitious, compassionate, and driven by success

Focus on the user and all else will follow

Since the beginning, we’ve focused on providing the best user experience possible. Whether we’re designing a new Internet browser or a new tweak to the look of the homepage, we take great care to ensure that they will ultimately serve you, rather than our own internal goal or bottom line.

It’s best to do one thing really, really well

With one of the world’s largest research groups focused exclusively on solving search problems, we know what we do well, and how we could do it better.

You can be serious without a suit

Our founders built Google around the idea that work should be challenging, and the challenge should be fun. We believe that great, creative things are more likely to happen with the right company culture.

Love your craft

We build for builders and try to make complex things feel simple. We ask why until we get to the core and continually focus on solving the right problem, not just shipping work.

Grow as you go

Everyone’s a work in progress, and we’re here to help each other grow.

Run with it

Building Figma is about taking initiative, being bold, and charting a new course, not running a playbook. Figmates are building the future of design by tackling big, scary, exciting challenges like Figma’s future depends on it. Because it does.

22. American Express

We respect people

We trust and respect one another for who we are and what we contribute. We are accountable to one another and empower every voice through open, courageous dialogue, so others feel heard.

We back our customers 

Relationships are at the heart of our business. We strive to be essential to our customers by delivering exceptional products, services, and experiences every day – and promise to have their backs in everything we do.

We do what’s right 

Customers choose us because they trust our brand and people. We earn that trust by ensuring everything we do is reliable, consistent, and with the highest level of integrity.

23. Techtopia

We are committed to doing what is right and being truthful about it, even when it’s not easy or popular. This value guides our actions and decisions. 

When we work together, we create an environment of trust and respect that allows us to challenge and push each other to improve.

We believe that to stay relevant and successful, we must evolve and find new ways to do things constantly.

Honesty is our founding principle and the cornerstone of our business. We believe that being honest with our clients, suppliers, and each other is the only way to do business.  Our team is full of passionate individuals who share the same goal: to be the best at what we do, be open to new ideas, take risks, and always have a student mindset.  It’s what keeps us fresh, relevant, and ahead of the curve .

24. Headspace

Selfless drive

We accelerate each other and are accountable to each other to deliver on our vision.

Courageous heart

We bravely go to new places, knowing we have the support of our team.

Curious mind

We learn that when we listen to others, we cultivate the curiosity and empathy to unlock innovation.

Leaders are owners. They think long-term and don’t sacrifice long-term value for short-term results. They act on behalf of the entire company, beyond just their own team. They never say “that’s not my job.”

Learn and be curious 

Leaders are never done learning and always seek to improve themselves. They are curious about new possibilities and act to explore them

Invent and simplify

Leaders expect and require innovation and invention from their teams and always find ways to simplify. They are externally aware, look for new ideas from everywhere, and are not limited by “not invented here.” As we do new things, we accept that we may be misunderstood for long periods.

26. Rank Secure

Honesty and transparency

We have transparency in our dealings with both employees and customers, and that builds trust. 

Building lasting relationships with customers 

Communicating effectively, addressing their concerns, and offering solutions to build rapport and create loyalty. 

Our values emphasize that which carries on with every one of our employees and how they do things both within the office and with customers. We have transparency in our dealings with both employees and customers, and that builds trust.  The overall culture is that we should make a difference while we’re here because, in the scheme of things, life is pretty short.

27. Semrush

It’s what you have here by default. Speak up and be your true self

Sense of Ownership  

We all share the desire to set things into motion. Drive the projects you find meaning in, because it’s not worth wasting time on

Constant Changes

We are always looking to make things better. Change is exhilarating, it doesn’t have to be scary.

Responsibility 

Stands for our commitment to our people, customers, partners, and the environment

Simplicity 

Creates efficiency, clarity, and clear direction within our organization as well as for our customers.

Consistency

We mean what we say. We are consistent in our dealings with people, products, price, and all other aspects of our day-to-day professional life.

We have a hybrid flexible schedule giving agency for each employee to construct their own work-life balance. 

Valuing what everyone brings to their role and the company.

Support learning to allow innovation and continue growing as an entire organization.

We hold monthly “lunch and learn” where we highlight a different employee to share their knowledge with the rest of the company. Valuing what everyone brings to their role and the company embraces humility and a willingness to keep learning and growing.  Combining our flexibility to keep our team members motivated with a culture that supports learning and growing means that our company can continue innovating. There is no growth without enough humility to be willing to change first

30. Trader Joe’s

Caring for the community

Through our longstanding Neighborhood Shares Program, our stores donate products that go unsold but remain fit to be enjoyed to local food recovery agencies.

Sustainability 

More than ever, sustainability has been a central focus in our work as your neighborhood grocery store.

Integrity 

We are dedicated to providing an environment that is safe, welcoming, inclusive, and respectful for all Crew Members and customers.

31. Fig Loans

Core values: .

Value our customers’ time

We are efficient and transparent, which builds real, trusting relationships with our customers.

Offer genuine help

We provide paths to financial stability for all.

Deliver quality service

We stand behind our commitment to offering financial products to our customers in a socially responsible way.

Our core values shape our identity as an organization. We aim to center everything we do around our customers, allowing us to build a cultured team based on genuine help.  Finally, we stand by our principle of customer satisfaction first, then profits next, which compels us to deliver quality service at every customer touchpoint.

32. Mayo Clinic

The first value shows the clinic‘s aim to adhere to the high standards of ethics, professionalism, and personal responsibility so that patients trust the healthcare center.

We inspire hope and nurture people’s well-being by respecting their emotional, physical, and spiritual needs.

We believe in “giving respect to get respect.” That is why it cultivates the value of treating everyone in a diverse community with respect and dignity. It includes patients, colleagues, and their families.

Never stop innovating

With anything we do, we react quickly, and strategically, and always think about the future—we’re committed to pushing the boundaries of transformation with smart solutions driven by customer needs.

Act with integrity 

Integrity is about honesty, decency, and respect that we exhibit every day as we work with each other, our customers, our partners, and the extended community.

Empower our people 

We want every employee to know that Okta belongs to them and that they have a stake in our shared wins.

34. Crediful  

Commitment to customers

We expect our team to work with the customers to find the best solutions for them. 

Constant learning

The field we work in is constantly evolving, and it is vital to the business that the team evolves with it.

We believe that talent is to be found in people of every description. 

To ensure that we offer the very best service, everyone in the business must keep themselves up to date with the latest developments. At the same time, this also helps the employees to develop their own skill sets.  Moreover, we are very strict about who we accept in our business regardless of race, ethnicity, gender, age, or disability. They have been employed because they are skilled at what they do; if anyone cannot accept this, they are not welcome in the business.”

35. Soul Cycle

We’re a community 

We’re passionate participants and leaders within our communities. We work together to create a sanctuary where all are celebrated.

We embrace change

We adapt, enhance, and evolve as we grow, welcome feedback, and approach every challenge with an open mind and heart.

We recharge

We adapt, enhance, and evolve as we grow. We welcome feedback and approach every challenge with an open mind and heart.

36. Marriott

Put people first

Take care of associates, and they will take care of the customers.

We hold ourselves to uncompromising ethical and legal standards. This extends to our day-to-day business conduct, our employee policies, our supply chain policies, our environmental programs and practices, and our commitment to human rights and social responsibility.

Embrace change

We’re driven to continually challenge the status quo and anticipate our customers’ changing needs with new brands, new global locations, and new guest experiences.

37. Snackable Solutions

We believe that successful small businesses and start-ups give people hope. They are shining examples of what can be achieved through focus and determination. 

Empowerment and Community

Our mission-driven podcast empowers our community of entrepreneurs to thrive by transforming themselves and their businesses. This mission shapes the culture of the small team behind the podcast. 

Owning and operating a business is hard. It requires expertise in your core competency. It also requires creativity to find solutions to new problems every day.  Our core values of hope, community, empowerment, and transformation make this success much more likely to happen.

38. Tinuiti  

Don’t just do it. Own it

We take responsibility for our teammates, our clients, and our own personal happiness. We empower our employees to be the experts they are. If you can dream it, and you can do it, we’ll work with you to make it happen.

Talent over geography

While we’d absolutely love to have you around in one of our offices—and you can see them all below— you’re welcome to join us either way. Talent and drive transcend state lines.

Empowerment and education 

Whether you’re interested in getting an edge in Analytics or working on your client communication skills, we want to help you learn. It’s just another way we invest in our people, and it’s always worth it.

Being transparent means making relevant information and context easily accessible so that everyone can be more efficient and effective. 

We trust each other to make the right decisions, and we support each other in pursuit of our goals. But, we know we’re not perfect, and things won’t always go to plan. So when things go south, we talk about it and learn from our mistakes.

We recognize our differences and embrace the new perspectives those differences can provide, and we also understand that everyone has biases. Rather than ignore them, we strive to learn why they exist and how we can overcome them.

Check out the best Front integrations !

40. GoodHire

Customer delight

We want to exceed expectations at every turn, with careful attention to detail and an emphasis on quality.

Preserve integrity

This means doing things in ways that are always ethically and morally correct. 

At GoodHire, we follow a core values list that shape the foundations of our company culture. We find that each of these values serve as our guiding principles for delivering great experiences and fostering a truly supportive company culture.  In all, they’re a reflection of our commitment to excellence, and to our mission statement of having a positive impact on the world.

41. Life Time Fitness

Support a culture of inclusion

Create safe and respectful spaces, so everyone is encouraged to participate.

Expand the community

Build strategic relationships that create an impact across social and economic barriers.

Close the gap

Assess and revise our recruiting and casting practices.

42. Buy Here Pay Here

We act with integrity in everything we do. We are honest, transparent, and ethical in our dealings with others. 

We are constantly looking for new and better ways to do things. We encourage creativity and out-of-the-box thinking. 

We strive to make a positive impact in everything we do. We want to make a difference in the world and leave things better than we found them. 

These values shape our culture in a number of ways. First, they guide our behavior and decision-making. We always try to do what is right and best, and we are always looking for ways to improve.  Second, they create a positive and collaborative environment. We work together to solve problems and achieve our goals. Lastly, they inspire us to do great work. We are constantly striving to make a difference and have a positive impact on the world around us.

43. SocialBee  

We act like owners. We treat our customers’ businesses as our own – with attention, care, and by putting their best interest first.

We choose continuous learning, always improving our skills, and growing as individuals.

Yes, it’s a made-up word. Who says we can’t do that? It shows we’re innovative, creative, digitally savvy, and willing to take risks.

44. Assisted Living Center

We believe in being upfront and honest about fees and application processes so that our clients don’t feel sidetracked

Accessibility

By offering free care information, we also make it possible for seniors to access the help they need. 

Confidentiality

It’s equally important that we honor their privacy in these situations; every applicant has a story worth protecting. 

Our mission statement is built on helping others, but first living by example.  As a healthcare marketing company, we pride ourselves on the guiding principles of transparency, accessibility, and confidentiality.  These values aren’t only directed at clients; they form part of our work culture .

45. BetterUp

Craftspersonship

Find meaning in what we do through crafting excellence.

Perseverance is driven by determination and passion.

What sets you apart makes us unique.

Privacy and online security

We believe in the fundamental human right to staying private and secure online. Our employee’s right to privacy in the workplace is important too, so ensuring work-life boundaries are respected is a result of our core values

Customer support

We are a people-first company, and know the importance of human support, especially in the technology industry.

We have invested heavily in our customer support team, and always look at security and app updates from the perspective of what our customers want, not just what we think they need. It also means that our employees and contractors know their own value as people.

47. Calendly

We never settle, never accept “it works well enough” or “that’s how we have always done it” reasoning. Our people take action, adapt quickly and persevere in the face of obstacles until they make meaningful progress.

Focus wisely

We operate as a lean and efficient team, but recognize that quality and speed go together as counterweights—neither is sufficient alone.

Strive for excellence

We are self-starters who crave empowerment, actively pursue opportunities for impact and are driven to produce exceptional results

Check out the best Calendly integrations !

48. Jolly SEO

Show equal commitment to providing consistently high-quality work.

We rely on the team to record their work accurately and honestly.

Our team is fully remote and in order to make this work, we rely on each team member to take responsibility for their own time management and for completing their work in time.  We also accept that mistakes can happen, and that is to be expected, but provided that they own up when they make a mistake we don’t make an issue of it.  Most importantly, we insist that each team member is treated with respect in every aspect of their life. Discrimination in any form is simply not accepted; no excuses.

Take ownership 

We set clear expectations, and are proactive and accountable.

Win together

We are aligned, stronger together, and operate as one team.

We strive for inclusion, listen, learn, and speak with our actions.

50. Zach Grove

We value integrity and take responsibility for all our actions.

“Bring Innovation” value encourages team members to bring new growth ideas to the table.

Chill Work 

This means that we don’t subscribe to toxic “grinding” and “hustle culture.”

Instead, we’re deliberately calm and chill. 

We understand that work is a part of life, but not the entirety of life. This is non-negotiable—it shapes our culture in that team members know they should never feel guilty for completely unplugging on the weekends.

Define and Live By Your Team Core Value Statement   

When it comes to identifying core values, there are a few things you need to keep in mind. 

First and foremost, what is important to you as a business? What do you stand for? And most importantly, what are your employees’ personal core values?

It’s also important to remember that not all values are universal or equal. Some may even conflict; you’ll have to choose the ones that are aligned with your own core values and vision statement . Use this core values list to help you create strong and authentic guiding principles that resonate with your business, employees, and customers.   

Once you have determined your company values, make sure to share them regularly with your team to keep them motivated and aligned with your goals. Setting the tone for your company culture will help you attract and keep like-minded people who share your values and desire to succeed, which will help your business thrive for years to come.

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75+ examples of company values and how to create your own in 2024

When Hotjar was founded in 2014, our co-founders intuitively embraced values like agility, lean operations, and ownership. As Hotjar grew, however, we realized that shaping these priorities into a transparent set of core values was key to aligning business objectives with the real-world challenges we faced.

Well-crafted values foster team unity, shape your customer’s brand perception, and steer decision-making. But how do you translate your company’s vision into a handful of values that are authentic and practical?

Last updated

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This article examines the importance of establishing company values , revealing Hotjar’s own process and providing guidance on how you can develop your own values to positively shape the future of your business. Here’s what we’ll cover: 

🔥 Practical examples of company values : discover over 75 examples of different corporate values to inspire your own and understand how values drive organizational success and improve brand identity

🔥 5 steps for designing and implementing your company values : follow these steps—from initial team consultation to putting values into action—to ensure your company values are more than just words

🔥 4 critical elements to consider when building core company values : understand how clarity, differentiation, actionability, and authenticity are crucial for building high-impact business values

Examples of company values from 20 of the world’s most dynamic and successful organizations 

Let’s take a closer look at the different guiding values that drive 20 successful organizations, organized into five subcategories.

Businesses that prioritize customer-centric values

Businesses that prioritize innovation-driven values

Businesses that prioritize social responsibility values

Businesses that prioritize employee-centric values

Businesses that prioritize inclusivity-based values

Caveat: while values often overlap, dividing them into distinct subcategories provides a useful framework for a broader analysis of your company, laying the groundwork for more detailed value development.

Businesses with customer-first values place the user experience at the heart of everything they do, prioritizing customer satisfaction, service excellence, and user relationships. 

This commitment to understanding—and exceeding—customer expectations empowers them to continuously develop products and services that resonate deeply with their target audience and foster a lasting emotional connection. 

Hotjar (that’s us 👋) is an example of a company with customer-centric values :

Put our customers at the heart of everything: we’re driven by empathy, leveraging qualitative and quantitative insights to delight and excite our customers

Be bold and move fast: we care about delivering value quickly, choosing incremental progress over perfection

Work with respect: we define success beyond profit, emphasizing respect for our team, customers, and community through inclusivity, diversity, and integrity

Build trust with transparency: we communicate with our team and users in a clear, timely, and open manner 

Challenge ourselves to grow: we embrace bravery, curiosity, and ambition—and view mistakes as learning opportunities, not setbacks

More examples of companies with customer-centric values

Amazon : customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, long-term thinking

LinkedIn : members first, honesty, trust, collaboration, diversity and inclusion, dream big

Spotahome : live for the customer, act as a team, trust, innovation, decisiveness, simplicity, mission-oriented, more is less

📖 Read : how Spotahome used Hotjar to learn more about their customers and test new features to improve customer retention and satisfaction.

2. Businesses that prioritize innovation-driven values

Companies that champion innovation are leaders in disruptive thinking, taking bold risks, and continuously redefining what’s possible. 

Often recognized as pioneers in their fields, their commitment to challenging the status quo helps them anticipate customer expectations and needs, cultivating a devoted fan base that eagerly spreads their obsession through word of mouth.

An example of a company with innovation-driven values is Atlassian :  

Open company with no bullshit: communicate your ideas and opinions clearly while also being considerate

Build with heart and balance: infuse passion and urgency into everything you do, while carefully weighing your options to make wise decisions

Don’t #@!% the customer: prioritize the customer’s perspective, knowing that without happy customers, you’re ‘doomed’

Teamwork: be serious, without taking yourself too seriously, and strive to put what’s right for the team first

Continuous learning: have the courage and resourcefulness to spark change to improve the product and company

More examples of companies with innovation-driven values

Spotify : innovate, sincere, passionate, collaborative, playful

Adobe : create the future, own the outcome, raise the bar, and be genuine

Glassdoor : transparency, innovation, good people, grit

Pro tip: one of the tools we use at Hotjar to stay ahead of customer desires and pinpoint new innovation opportunities is Surveys .

Hotjar Surveys lets you

Quickly test and validate new ideas: use AI-driven customer insights to iterate and refine your products or services 

Optimize the user experience: identify new areas for improvement to continually elevate the customer journey

Get direct user input: get real-time feedback to pinpoint new customer needs or competitor offerings

3. Businesses that prioritize social responsibility values

Companies that focus on social responsibility initiatives strive to make a positive impact on the world by supporting efforts like environmental stewardship, community involvement, and ethical practices.

Their dedication to the ‘greater good’ lets them cultivate a brand known outside of their industry or product, instilling deep customer loyalty amongst those with similar values or belief systems.

An example of a company with social responsibility values is Patagonia :

Quality: build the best product, provide the best service, and constantly improve 

Integrity: examine company practices openly and honestly, learn from mistakes, and meet commitments

Environmentalism: protect our home planet. We’re all part of nature, and every decision you make is in the context of the environmental crisis challenging humanity. 

Justice: be just, equitable, and antiracist as a company and in the community

Not bound by convention: do it your way. Success—and much of the fun—lies in developing new ways to do things.

More examples of companies with social responsibility-oriented values

Volkswagen : sustainability, community, togetherness

Ben & Jerry’s : human rights, diversity, social and economic justice, environmental protection

Every.org : generosity, responsible tech, collaboration, partnership

📖 Read : how Hotjar developed and executed its environmentally-focused Giving Back program.

4. Businesses that prioritize employee-centric values

Companies that emphasize workforce well-being, professional growth, and teamwork recognize that satisfied and engaged employees directly contribute to the overall success of the business. 

Investing in the employee experience also builds loyal and committed teams, driving innovation and customer satisfaction through a company culture that values the consistency, respect, and trust of its people. 

An example of a company with employee-centric values is Miro :

Play as a team to win the world: work, learn, and celebrate in collaboration, rather than alone

Focus on impact and make it happen: dream big, prioritize outcomes that matter the most, and own your commitments

Practice empathy to gain insight : look from the perspective of customers, users, and each other, to deepen your understanding of their experience

Learn, grow, and drive change: reflect openly on successes and failures, and apply your learnings to improve the product and team

More examples of companies with employee-centric values

Netflix : encourage decision-making by employees, share information openly, communicate candidly, keep only our highly effective people, avoid rules

American Express : deliver for our customers, make it great, do what’s right, respect people and different views, work as a team, care about our community

Virgin Atlantic : heartfelt service, insatiable curiosity, smart disruption, red-hot relevance, straight up, delightfully surprising

Hotjar organized a team meetup in La Mola, Spain, in June 2022 to build employee connections and further enhance company culture

5. Businesses that prioritize inclusivity-based values

Inclusivity-oriented business values celebrate diverse backgrounds, perspectives, and experiences, which deeply influence the company’s culture, product development, and branding strategies. 

By embracing representation and product accessibility , companies enrich the customer experience with products and services that resonate with a global audience, fostering a sense of community and trust among their consumers.

An example of a company with inclusivity-based values is TomboyX :

Accountability: show up fully, hold yourself accountable, and lead with your most authentic self

Fearlessness: be brave, curious, and willing to experiment and make mistakes

Diversity: champion diversity and inclusion; everyone is welcome and appreciated

Trust: be honest, open-minded, and listen actively. Foster radical candor and clarity as kindness.

Unity: aim to build a more equal and progressive world

More examples of companies with inclusivity and diversity-focused values

Savage x Fenty : fearlessness, confidence, inclusivity

Universal Standard : revolutionary inclusivity, quality defined, advanced engineering, fit liberty, give back, customer-centric

Jobwell : representation matters, execute with excellence, embrace responsibility, be respectful, defend with data, challenge convention

Take your company values to the next level with Hotjar

Unlock key user insights with cutting-edge AI technology and in-depth analysis tools.

5 steps to build and implement your company values

If you’re thinking about defining—or updating—your business values, consider these five essential steps for designing values that are both impactful and meaningful:

1. Consult your core team members

Begin identifying ideas for initial company values by proactively seeking input from your company’s leadership and executive team . This foundational step ensures your early ideas are aligned with the company's mission and big-picture stakeholder perspectives.

💡 How Hotjar consulted their team for input

During Hotjar’s first year, David Darmanin scheduled informal discussions with his fellow co-founders to dig into their opinions and goals for the company. In particular, he wanted to ensure the values they chose would seamlessly support Hotjar’s early mission statement of “changing the way the web is built by democratizing analytics and feedback.”

David was also intentional about scheduling one-to-one conversations—and not a group discussion—so that everyone’s opinion was equally represented, regardless of who the more dominant or convincing speakers were.

2. Conduct research

Once you’ve identified some fundamental values with your team, seek out fresh perspectives and inspiration by researching how other companies have framed and implemented their own values. Just be sure to filter these ideas through the lens of your company's unique circumstances, so you’re continuously aligned with your brand’s mission and objectives.

💡 How Hotjar sought out inspiration

After David met with his co-founders, he identified tech companies that were also ‘breaking the rules’ at the time, like Basecamp, MailChimp, Atlassian, and InVision. 

Many of these companies were either bootstrapped, capital-efficient, or remote, so he knew they had something in common—and therefore something he could learn from. 

But David had to continuously remind himself that Hotjar wasn’t a large company (yet) and therefore required tailored values that would resonate with a more intimate team, which was how Hotjar’s first core values (eight in total) came to life.

It’s a big mistake I’ve seen before: small companies get carried away with inspiration and then end up with these fluffy, amazing-sounding values that mean nothing to the team.

3. Collect, review, and implement feedback 

After sifting through and prioritizing your ideas, share your refined list of values with the broader team for feedback to ensure that the values resonate with the larger group—and not just a select few. 

This inclusive step validates your selection process, offers opportunities to course-correct, and further refines your list of values, while also cultivating a positive company culture of shared ownership and purpose.

💡 How Hotjar collected and implemented feedback

During Hotjar’s scaling period , David shared a list of eight values with the Hotjar team, followed by a company-wide survey to identify which values resonated with everyone the most.

Based on the feedback, the list was narrowed down to five key values. David then presented the results during a company Zoom call, where he welcomed live questions and additional feedback, using these insights to further iterate and solidify the company’s vision into a set of five values.

4. Put your words into action

Once you’ve implemented feedback, it’s time to translate your business values from text to action by integrating them into your company’s culture and day-to-day operations. 

Practical application of your values does more than just uphold your company’s core principles; it actively shapes a work environment where values are deeply ingrained in your business strategy and employee engagement. 

💡 How Hotjar put their values into action

After the core values were finalized, David handed them over to the rest of the Hotjar team, where they were then embedded into the company’s processes, like being added to Hotjar’s public team manual .

The company values were also woven into internal workflows like the hiring process, to ensure that even the operational aspects of the company resonated with these foundational principles.

5. Evolve your values with your business

Company values should be dynamic and adaptable. Regularly updating them to align with your company’s growth and industry changes ensures your values consistently inspire your team, direct your organizational goals, and resonate with your customers' changing expectations.

💡 How Hotjar evolves its company values

Hotjar reviews core company values as a team when necessary, ensuring they reflect the current user base and align with the team’s growth. This process prompted an update in values in 2019, and another in 2021.

"Re-examine company values as your team grows,” David advises, “and seek team feedback from existing employees to help guide this evolution.”

4 essential elements for crafting impactful company values

If you’re still finding it challenging to build or refine your company values, concentrate on these four crucial elements to dig in deeper:

✅ Clarity: pick values that are easy to understand, enabling employees to effortlessly integrate them into their daily routines. A short, bullet-point list of simple, single-sentence values is sufficient.

✅ Differentiation: choose unique values to sharpen your brand identity and improve your competitive advantage. While it may be tempting to mirror what bigger, more successful businesses are doing, lean into what sets you apart.

✅ Actionable: avoid abstract ideas or theoretical concepts, which can be confusing and lead to misinterpretation. Instead, choose values that translate into specific behaviors and drive effective leadership .

✅ Authenticity: leverage values that genuinely reflect your company’s culture, to empower teams to rally behind a shared vision and purpose, while also fostering a sense of belonging and commitment

Strong company values → happy customers, motivated employees, and a successful business

Company values are the backbone of a thriving business environment, leading to loyal customers, an improved employee experience, and successful business outcomes. By investing the time and effort to develop, implement, and evolve your company values today, you lay the groundwork for a resilient and prosperous business future.

Align your business goals with customer insights

Use Hotjar’s suite of behavioral analysis tools to connect your company strategies with customer expectations.

FAQs about company values

What are company values.

Company values (also called corporate values or core values) are a set of guiding principles and fundamental beliefs that help teams work toward a common business goal. These values are often related to business relationships, customer relationships, and company growth.

What are the benefits of implementing company values?

Improve employee retention and satisfaction

Increase customer loyalty

Foster a positive company culture

Enhance decision-making processes

Boost brand love

Drive long-term business success

What are some examples of company values?

Accountability

What are the elements you need to build effective company values?

Differentiation

Actionability

Authenticity

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Business Values: Definition, Types, and Examples

Business values are the core principles and beliefs that guide a company’s actions and decision-making. They define what an organization stands for and shape its culture, influencing everything from employee behavior to customer relationships. Business values serve as a moral compass, helping companies navigate complex situations while staying true to their purpose.

Types of Business Values

There are three main types of business values: principles, beliefs, and standards of behavior.

Principles are fundamental concepts that companies believe are essential for success , such as integrity, excellence, innovation, and respect.

Beliefs are views that companies hold to be true and influence their actions, such as zero tolerance for bullying or the importance of completing work on time.

Standards of behavior outline acceptable business practices, such as minimizing environmental impact or ensuring a safe workplace.

Examples of Common Business Values

Some of the most common business values include:

• Integrity (acting ethically and transparently)
• Honesty (being upfront and forthcoming)
• Accountability (owning decisions and their outcomes)
• Customer commitment (prioritizing customer needs)
• Respect (treating others with dignity)
• Innovation (pushing past the status quo with bold ideas)
• Teamwork (collaborating and supporting each other)
• Passion (being driven by a love for the work)
• Diversity and inclusion (valuing differences)
• Sustainability (contributing to social and environmental causes)

Why Business Values Matter

Having clearly defined business values provides numerous benefits, including:

• Guiding decision-making and keeping actions aligned with long-term goals
• Fostering a cohesive culture and enabling better collaboration
• Attracting and retaining employees who share the company’s beliefs
• Building trust with customers and stakeholders by consistently upholding values
• Encouraging innovation and creativity by providing a framework for intelligent risk-taking
• Contributing positively to society and strengthening the company’s reputation

A 2023 Pew Research Center survey found that only 51% of U.S. workers are highly satisfied with their jobs, highlighting the importance of strong company values in engaging employees. Companies with highly aligned cultures see 30% higher growth and 17% higher profit growth.

How to Define Your Company’s Values

Crafting effective business values involves the following steps:

• Reflect on your company’s purpose, mission, and vision
• Assemble a diverse team to brainstorm and draft values
• Identify the categories most relevant to your business (e.g. customer service, innovation, sustainability)
• Create concise, memorable, action-oriented value statements
• Ensure values are unique to your company and reflect your culture
• Regularly review and update values as the company evolves

Once defined, business values must be communicated clearly and consistently to employees, integrated into all aspects of operations, and upheld by leadership through their actions. Digital platforms can help reinforce values by keeping them top-of-mind for employees.

By taking the time to thoughtfully define and live their values, companies lay the foundation for long-term success, positive impact, and meaningful relationships with all stakeholders. Business values are the heart of an organization, providing the why behind everything it does.

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How to Write a Business Plan in 9 Steps (+ Template and Examples)

Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.

If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.

Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.

You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.

Let’s get started.

What Do You Need A Business Plan For?

Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.

1. Secure Funds

One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.

For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.

A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.

Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.

2. Monitor Business Growth

A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:

• The business goals
• Methods to achieve the goals
• Time-frame for attaining those goals

A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.

You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.

3. Measure Business Success

A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.

Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.

You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.

4. Document Your Marketing Strategies

You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.

Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.

In your business plan, your marketing strategy must answer the questions:

• How do you want to reach your target audience?
• How do you plan to retain your customers?
• What is/are your pricing plans?
• What is your budget for marketing?

How to Write a Business Plan Step-by-Step

1. create your executive summary.

The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.

Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.

A good executive summary should do the following:

• A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
• Contain your Mission Statement which explains what the main objective or focus of your business is.
• Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
• The Team. Basic information about your company’s leadership team and employees
• Business Concept. A solid description of what your business does.
• Target Market. The customers you plan to sell to.
• Marketing Strategy. Your plans on reaching and selling to your customers
• Current Financial State. Brief information about what revenue your business currently generates.
• Projected Financial State. Brief information about what you foresee your business revenue to be in the future.

The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.

Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.

View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:

• Who is your target audience?
• What sector or industry are you in?
• What are your products and services?
• What is the future of your industry?
• Is your company scaleable?
• Who are the owners and leaders of your company? What are their backgrounds and experience levels?
• What is the motivation for starting your company?
• What are the next steps?

Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.

The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.

If you are writing your business plan for your planning purposes, you do not need to write the executive summary.

2. Add Your Company Overview

The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.

Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.

Your company overview should contain the following:

• What products and services you will provide
• Geographical markets and locations your company have a presence
• What you need to run your business
• Who your target audience or customers are
• Who will service your customers
• Your company’s purpose, mission, and vision
• Information about your company’s founders
• Who the founders are
• Notable achievements of your company so far

When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.

If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.

• Who are you targeting? (The answer is not everyone)
• What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
• How does your product or service overcome that pain point?
• Where is the location of your business?
• What products, equipment, and services do you need to run your business?
• How is your company’s product or service different from your competition in the eyes of your customers?
• How many employees do you need and what skills do you require them to have?

After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.

The company description or overview section contains three elements: mission statement, history, and objectives.

• Mission Statement

The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.

Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”

When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:

• Founding Date
• Major Milestones
• Location(s)
• Flagship Products or Services
• Number of Employees
• Executive Leadership Roles

When you fill in this information, you use it to write one or two paragraphs about your company’s history.

Business Objectives

Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.

3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity

The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.

Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.

This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.

Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?

You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.

Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?

Illustrate the competitive landscape as well. What are your competitors doing well and not so well?

Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.

Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.

Market Analysis

Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.

The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.

A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.

• Market Research

To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.

• Your target market’s needs or pain points
• The existing solutions for their pain points
• Geographic Location
• Demographics

The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.

Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.

You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.

How to Quantify Your Target Market

One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:

• Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
• Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
• Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
• Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.

What Does a Good Market Analysis Entail?

Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.

You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:

• Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
• Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
• Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
• Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
• Market Share Potential: Does your business stand a good chance of taking a good share of the market?
• Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
• Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
• Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.

The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.

Here are some questions you can answer that can help you position your product or service in a positive light to your readers.

• Is your product or service of superior quality?
• What additional features do you offer that your competitors do not offer?
• Are you targeting a ‘new’ market?

Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.

Competitive Analysis

In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.

Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.

Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.

The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.

Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.

When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.

Find answers to the following questions after you have identified who your competitors are.

• What are your successful competitors doing?
• Why is what they are doing working?
• Can your business do it better?
• What are the weaknesses of your successful competitors?
• What are they not doing well?
• Can your business turn its weaknesses into strengths?
• How good is your competitors’ customer service?
• Where do your competitors invest in advertising?
• What sales and pricing strategies are they using?
• What marketing strategies are they using?
• What kind of press coverage do they get?
• What are their customers saying about your competitors (both the positive and negative)?

If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.

If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.

Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.

The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.

Direct vs Indirect Competition

You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.

There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.

If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.

In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.

For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.

There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.

Factors that Differentiate Your Business from the Competition

There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.

1. Cost Leadership

A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.

A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.

2. Product Differentiation

Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.

Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.

3. Market Segmentation

As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.

If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.

4. Define Your Business and Management Structure

The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.

Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.

If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.

Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.

The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.

Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.

Management Team

The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.

Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.

A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.

Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.

Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.

If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.

Key Questions to Answer When Structuring Your Management Team

• Who are the key leaders?
• What experiences, skills, and educational backgrounds do you expect your key leaders to have?
• Do your key leaders have industry experience?
• What positions will they fill and what duties will they perform in those positions?
• What level of authority do the key leaders have and what are their responsibilities?
• What is the salary for the various management positions that will attract the ideal candidates?

Additional Tips for Writing the Management Structure Section

1. Avoid Adding ‘Ghost’ Names to Your Management Team

There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.

Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.

2. Focus on Credentials But Pay Extra Attention to the Roles

Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.

While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.

Organizational Chart

Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.

If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.

An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.

You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.

5. Describe Your Product and Service Offering

In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.

Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.

The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.

If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”

Your product and service section in your business plan should include the following:

• A detailed explanation that clearly shows how your product or service works.
• The pricing model for your product or service.
• Your business’ sales and distribution strategy.
• The ideal customers that want your product or service.
• The benefits of your products and services.
• Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
• Plans for filling the orders you receive
• If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.

What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services

In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.

When describing the benefits of your products or services, here are some key factors to focus on.

• Unique features
• Translating the unique features into benefits
• The emotional, psychological, and practical payoffs to attract customers
• Intellectual property rights or any patents

When describing the product life cycle of your products or services, here are some key factors to focus on.

• Upsells, cross-sells, and down-sells
• Time between purchases
• Plans for research and development.

When describing the production process for your products or services, you need to think about the following:

• The creation of new or existing products and services.
• The sources for the raw materials or components you need for production.
• Assembling the products
• Maintaining quality control
• Supply-chain logistics (receiving the raw materials and delivering the finished products)
• The day-to-day management of the production processes, bookkeeping, and inventory.

Tips for Writing the Products or Services Section of Your Business Plan

1. Avoid Technical Descriptions and Industry Buzzwords

The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.

A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.

2. Describe How Your Products or Services Differ from Your Competitors

When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.

If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.

For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.

3. Long or Short Products or Services Section

Should your products or services section be short? Does the long products or services section attract more investors?

There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.

If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.

Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.

The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.

If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.

A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.

4. Describe Your Relationships with Vendors or Suppliers

Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.

Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.

5. Your Primary Goal Is to Convince Your Readers

The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.

When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.

While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.

Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.

Key Questions to Answer When Writing your Products and Services Section

Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.

• Are your products existing on the market or are they still in the development stage?
• What is your timeline for adding new products and services to the market?
• What are the positives that make your products and services different from your competitors?
• Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
• Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
• How much does it cost to produce your products or services? How much do you plan to sell it for?
• What is the price for your products and services compared to your competitors? Is pricing an issue?
• What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
• What is your plan for acquiring your products? Are you involved in the production of your products or services?
• Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
• Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
• How do you plan to distribute your products or services to the market?

You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.

6. Show and Explain Your Marketing and Sales Plan

Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.

The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.

There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.

In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.

Outline Your Business’ Unique Selling Proposition (USP)

The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).

Target Market and Target Audience

Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.

Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.

Creating a Smart Marketing and Sales Plan

Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.

Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.

Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.

Your Positioning Statement

Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.

Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?

Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market

• What are the unique features or benefits that you offer that your competitors lack?
• What are your customers’ primary needs and wants?
• Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
• How does your company’s solution compare with other solutions in the market?

After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.

All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.

Here is a simple template you can use to develop a positioning statement.

For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].

For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.

“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”

You can edit this positioning statement sample and fill it with your business details.

After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.

Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.

You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.

Basic Rules to Follow When Pricing Your Offering

Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.

• Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
• Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
• Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.

Pricing Strategy

Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.

• Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
• Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
• Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.

After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.

As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.

There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.

Advertising

Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.

Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.

Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.

A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.

Public Relations

A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.

Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.

Content Marketing

Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,

Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.

Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.

If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.

Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.

When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.

• Is your choice of packaging consistent with your positioning strategy?
• What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
• How does your packaging compare to that of your competitors?

Social Media

Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.

You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.

Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.

Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.

You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.

Strategic Alliances

If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.

Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.

The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.

Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.

2. Evaluate Your Competition

One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.

You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.

These questions can help you know your competition.

• What makes your competition successful?
• What are their weaknesses?
• What are customers saying about your competition?

3. Consider Your Brand

Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.

4. Focus on Benefits

The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.

Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.

5. Focus on Differentiation

Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.

Key Questions to Answer When Writing Your Marketing and Sales Plan

• What is your company’s budget for sales and marketing campaigns?
• What key metrics will you use to determine if your marketing plans are successful?
• What are your alternatives if your initial marketing efforts do not succeed?
• Who are the sales representatives you need to promote your products or services?
• What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
• Where will you sell your products?

You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.

The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.

7. Clearly Show Your Funding Request

If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’

A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.

Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.

In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.

Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.

If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.

Funding Request: Debt or Equity?

When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.

Case for Equity

If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.

Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.

Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.

Case for Debt

You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.

When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.

Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.

Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.

You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.

Additional Tips for Writing the Funding Request Section of your Business Plan

The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.

If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.

You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.

If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .

Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.

8. Detail Your Financial Plan, Metrics, and Projections

If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.

The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.

If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.

Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.

If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.

When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.

The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.

Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.

Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.

Use Graphs and Charts

The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.

Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.

Address the Risk Factors and Show Realistic Financial Projections

Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.

You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.

What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan

The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.

A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.

Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.

1. Sales Forecast

Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.

One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.

For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.

Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.

Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.

For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.

2. Personnel Plan

The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.

However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.

The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.

3. Income Statement

The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.

Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.

The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.

• Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
• Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
• Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
• Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
• Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
• Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
• Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
• Net profit shows whether your business has made a profit or taken a loss during a given timeframe.

4. Cash Flow Statement

The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.

5. Balance Sheet

The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.

You can get the net worth of your company by subtracting your company’s liabilities from its assets.

6. Exit Strategy

The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.

You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.

Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.

Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.

Key Questions to Answer with Your Financial Plan, Metrics, and Projection

Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.

You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.

Here are some key questions to answer to help you develop this section.

• What is your sales forecast for the next year?
• When will your company achieve a positive cash flow?
• What are the core expenses you need to operate?
• How much money do you need upfront to operate or grow your company?
• How will you use the loans or investments?

9. Add an Appendix to Your Business Plan

Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.

The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.

When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.

Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.

You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.

If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.

A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.

The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.

People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.

Common Items to Include in the Appendix Section of Your Business Plan

The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:

• Additional data about the process of manufacturing or creation
• Additional description of products or services such as product schematics
• Additional financial documents or projections
• Articles of incorporation and status
• Backup for market research or competitive analysis
• Bank statements
• Business registries
• Client testimonials (if your business is already running)
• Copies of insurances
• Credit histories (personal or/and business)
• Deeds and permits
• Equipment leases
• Examples of marketing and advertising collateral
• Industry associations and memberships
• Images of product
• Intellectual property
• Key customer contracts
• Legal documents and other contracts
• Letters of reference
• Links to references
• Market research data
• Organizational charts
• Photographs of potential facilities
• Professional licenses pertaining to your legal structure or type of business
• Purchase orders
• Resumes of the founder(s) and key managers
• State and federal identification numbers or codes
• Trademarks or patents’ registrations

Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.

Tips and Strategies for Writing a Convincing Business Plan

To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.

1. Know Your Audience

When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.

The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.

Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.

• A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
• A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
• A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.

2. Get Inspiration from People

Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.

To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.

When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.

3. Avoid Being Over Optimistic

Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.

The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.

In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.

The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.

To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.

4. Keep it Simple and Short

When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.

One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.

Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.

You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.

To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.

5. Make an Outline and Follow Through

A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.

For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.

To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.

This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:

• Table of contents
• Introduction
• Product or service description
• Target audience
• Market size
• Competition analysis
• Financial projections

Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.

6. Ask a Professional to Proofread

When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.

You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.

In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.

Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.

Business Plan Examples and Templates That’ll Save You Tons of Time

1. hubspot's one-page business plan.

The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.

Hubspot’s one-page business plan template is divided into nine fields:

• Business opportunity
• Company description
• Industry analysis
• Target market
• Implementation timeline
• Marketing plan
• Financial summary
• Funding required

2. Bplan’s Free Business Plan Template

Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.

The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.

3. HubSpot's Downloadable Business Plan Template

HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.

The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.

There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.

4. Business Plan by My Own Business Institute

My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.

The comprehensive template consists of a whopping 15 sections.

• The Business Profile
• The Vision and the People
• Home-Based Business and Freelance Business Opportunities
• Organization
• Licenses and Permits
• Business Insurance
• Communication Tools
• Acquisitions
• Location and Leasing
• Accounting and Cash Flow
• Opening and Marketing
• Managing Employees
• Expanding and Handling Problems

There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.

5. Score's Business Plan Template for Startups

Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.

The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.

There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.

The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.

6. Minimalist Architecture Business Plan Template by Venngage

The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .

There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.

7. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.

There are five sections in the two SBA’s free business plan templates.

• Executive Summary
• Company Description
• Service Line
• Marketing and Sales

8. The $100 Startup's One-Page Business Plan

The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.

There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.

9. PandaDoc’s Free Business Plan Template

The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.

There are 11 sections in PandaDoc’s free business plan template.

• Executive summary
• Business description
• Products and services
• Operations plan
• Management organization
• Financial plan
• Conclusion / Call to action
• Confidentiality statement

You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)

PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.

10. Invoiceberry Templates for Word, Open Office, Excel, or PPT

InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.

Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.

Alternatives to the Traditional Business Plan

A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.

Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.

Business Model Canvas (BMC)

The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.

The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.

Segments of the Business Model Canvas

The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.

• Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
• Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
• The Product’s Value Propositions: What does your product do? How will it be different from other products?
• Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
• Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
• Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
• Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
• Cost Structure: What is the estimated cost of production? How much will distribution cost?
• Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?

Lean Canvas

The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.

Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:

• Problem: Simple and straightforward number of problems you have identified, ideally three.
• Solution: The solutions to each problem.
• Unfair Advantage: Something you possess that can't be easily bought or replicated.
• Key Metrics: Important numbers that will tell how your business is doing.

Startup Pitch Deck

While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.

Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.

Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.

Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.

Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.

• Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
• Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
• Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
• Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
• Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
• Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
• Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
• Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
• Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
• Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
• Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
• Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.

It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.

Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.

Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan

• Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
• Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
• Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
• Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.

Business Plan FAQ

Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time.  They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.

Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans.  A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.

A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs.  Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.

The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.

A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.

Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.

Exlore Further

• 12 Key Elements of a Business Plan (Top Components Explained)
• 13 Sources of Business Finance For Companies & Sole Traders
• 5 Common Types of Business Structures (+ Pros & Cons)
• How to Buy a Business in 8 Steps (+ Due Diligence Checklist)

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Martin luenendonk.

Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.

This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.

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How to Write a Business Plan Mission and Vision Statement [Sample Template]

Are you currently writing a business plan? If YES, here’s an in-depth guide and sample template on how to write a workable mission & vision statement for a business. A vision and mission statement are some of the most important requisite for business success and sustainability, but unfortunately, most entrepreneurs and small business owners run their business without these two thing out of ignorance.

What is a Mission and Vision Statement?

A mission and vision statement ( more commonly called a mission statement or a vision statement ) is a brief sentence that declares the goals that a business plans to achieve in the future. Like a compass guides a ship, it guides a business to success by providing continuously inspiring its stakeholders in their daily operations and strategic moves.

A mission statement helps you plan your business effectively. It provides the destination for your journey to business success. Of course, without a destination, you can’t plan a route. Before we discuss the steps involved in developing a mission statement for your business, let’s look at the components of a mission statement and why you really need a mission statement for your business.

Today, I will be sharing with you an underground secret to building a business from scratch. This secret is one of the contributing factors to the success of any business; yet, it’s often ignored. This secret is nothing more than a “ Business Mission Statement. ”

“The thing I really care about is the mission; making the world open.” – Mark Zuckerberg

The importance of a mission statement can never be over emphasized. I have seen so many startups without a mission; even some established firms also make the mistake of operating without a mission.

“Being an entrepreneur, I have come to realize that all successful businesses are driven by three fundamentals. One is the cash flow, two is the team and three is the mission. Of these three, the mission is the most important.” – Ajaero Tony Martins

Now what has a mission statement got to do with building a business? What’s the impact of a mission statement on an entrepreneur undergoing the entrepreneurial process? Is a mission statement a source of ? While I am not going to answer these questions directly, the following points will help you further understand why you need to develop a mission statement for your business?

Why Your Business needs a Mission Statement

1. The mission is the foundation on which your business will be built. It’s the true purpose of your business and that purpose is reflected in the mission statement. Without a strong mission statement, you don’t have a true business. All you have is just a profit making venture that will soon be wiped out with time.

“To turn really interesting ideas and fledging ideas into a company that can continue to innovate for years, it requires a lot of disciplines.” – Steve Jobs

2. The entrepreneurial spirit is found in the mission statement. When I look at the mission statement of any business, I get a peep into the life of the entrepreneur that founded that business. The entrepreneurial spirit is what drives the entrepreneur forward. If the mission is strong, your spirit will be strong towards the pursuit of your goal.

“The IKEA spirit is strong and living reality. Simplicity in our behavior gives us strength. Simplicity and humbleness characterize us in our relations with each others, our suppliers and our customers.” – Ingvar Kamprad

3. Your mission statement is the bond binding you, your team, employees and your customers to the business. Take away the mission and other key elements will fall apart. Your mission also has the power to attract other like-minded individuals and entities to your cause. The reason is that people with the same mission align together; more like birds of the same feather flocking together.

4. With a strong mission, your business will weather any storm. Take a look at businesses that has been around for over 100 years and you will see businesses with a strong mission. As an example:

• General Electric has stood the test of time because the spirit of its founder “ Thomas Edison ” continues to guide the company through its mission.
• Henry Ford’s mission statement was: “ To democratize the automobile ” and that mission has kept the Ford Motor Company going.
• Aliko Dangote’s mission statement goes: “ Providing your basic need ” and this mission drives the Dangote Group to dominate the commodities market of
• The Rich Dad Company; founded by Robert Kiyosaki keeps waxing strong because of its mission, which is “ To elevate the financial well being of humanity .”

By contrast; I have come to observe that when a company forgets its mission, its starts to lose its relevance. The bond holding the business will be broken and good customers will leave, employees will resign and the business will dwindle. Just as the case of the Dot com burst, many profitable Dot com companies went under because they forgot their mission.

3 Components of a Mission and Vision Statement

1.  a vision.

This, simply put, states the impact you envision your business having on the world in years to come. You can have more than a single statement in here, but don’t go beyond three. Gloss it over to make sure anyone who reads it feels at least one of inspiration, hope, commitment, and awe.

In addition, your vision statement must be compelling, detailed, and reflective of the intended end outcome. Avoid one that is bland, generic, uninspiring, or unreasonable. An example of a good vision statement is that of Amazon:

“Our vision is to be earth’s most customer centric company; to build a place where people can come to find and discover anything they might want to buy online.”

2.  A mission statement

This is a brief statement that states the important goal or purpose that your business is poised to achieve. In other words, it’s a single sentence stating why your business exists in a convincing manner. Keep your mission statement specific and concise ( the shorter it is, the better ), make it connect with both employees and stakeholders, and make it highlight your value proposition. Don’t make it too long, generic, or confusing. An example of a good mission statement is that of Nike:

“To bring inspiration and innovation to every athlete in the world.”

Here’s another example of a mission statement:

“To contribute to development of value-added agricultural businesses . ”

3. Core values

These outline the principles and values that the stakeholders in a business will follow in their bid to achieve their vision. They also specify the bounds or limits that the stakeholders must watch while trying to actualize the mission. The following are examples of core values:

• Respect and protect the environment
• Offer high quality products that are safe for consumers
• Meet the ever-changing needs of consumers
• Practice highly ethical business standards

If your business is going to stand the test of time, then you will have to build it upon a strong mission. With the above in mind, let’s now look at the steps involved in developing a mission and visions statement.

How to Write a Mission and Vision Statement for a Business Plan

Please bear in mind that you are learning as much of yourself each day as you are about your customer. So, don’t feel that anything you state here is etched in stone and cannot be changed. The more you understand your customer and the market, the more necessary it would become for you to shift grounds accordingly. But you need to state here what you have to offer at the moment. This will be a starting point for any changes you may need to effect later ( as your business grows ).

1.  Sit down in a quiet spot and reflect upon your thoughts

Ask yourself what drives you forward? What keeps you motivated? When you have figured out the answer to these questions, put it down in writing.

2.  Ask yourself how best you can serve your customers

What will your business stand for in the heart of your customers? What will be the ultimate benefit your customers can derive from your business? When you figure the answer to these questions out, put it down in writing.

3. Brainstorm for your vision statement

The vision is the most important component of your mission statement. Simply put, this is a picture or idea of what you plan to achieve in future . A vision statement is always concise and easy to remember, and for this reason, every stakeholder in a business can easily focus on it; and their decisions and activities are directed towards achieving the vision. Here is a good example of a vision statement:

“ Creating a vibrant rural economy driven by value-added agriculture. “

Once you get one down, then getting other components becomes very easy. To find the best vision statement for your business, simply ask yourself the question, “Why does this business exist?” Present answers from various angles, and you will find your mission statement among them.

4.  Get down your mission statement

As stated earlier, your mission statement is that action sentence that describes how you will achieve your vision. Finding this is much easier once you have found your vision statement. If you are stuck, just do it this way: If your vision is “A diabetes-free society” , then simply add the word “ To ” and another suitable verb to convert it to an action sentence. And there you will have your mission statement.

Using the same vision, you will get “To bring about a diabetes-free society .” You can go further by tweaking it, so that you will have something like: “To manufacture products that can cure diabetes effectively and permanently.” You get it now?

5.  List your core values

First off, you need to clarify your values. This means taking into account all the various stakeholders that your business is ( or will be ) accountable to—including investors, customers, employees, and suppliers. Now, consider how you would like to ideally conduct business with each of these stakeholders. Start making a list and your core values should start to emerge.

These are the various steps you will follow in your quest to achieve your vision. Brainstorm for as many as possible, list them down, and the prune your list down to as few as possible without leaving out any important ones. Now, let’s look at some additional tips that you will need to keep in mind when preparing your mission and vision statement.

4 Extra Success Tips for Developing a Business Plan Mission and Vision Statement

• Your mission statement must be brief and simple. Being succinct as demanded by a mission statement isn’t easy. And you may need to go through several hours of tweaking and editing before arriving at the perfect sentence. Though short, your mission statement must capture the very essence of what your business plans to achieve. The fewer words the better. Use just only the few words needed to pass the message without leaving out any vital details.
• Your mission statement must be in tune with your vision, and both sentences must blend to form a single thought.
• There’s no rule that says you must get it perfectly at once. You can keep review your mission statement later, if necessary.
• Your mission and vision statements must give the reader an insight, a covert one, at least into what you offer. This is more important if the name of your business doesn’t suggest what products or services you’re offering.

If you follow the guidelines I shared in this post, you will prepare a perfect vision and mission statement that will drive your business to success. Now I want you to know that no one can help you develop a mission statement. You alone can develop your mission and as a final note, it’s worthwhile you know that of the entire business system, the mission is the most important.

• Go to Chapter 8 Part C: Writing your Business Plans Goals and Objectives
• Go Back to Chapter 7 : H ow to Write a Business Plan Executive Summary
• Go Back to Introduction and Table of Content

More on Business Plans

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45 company values examples and steps to identify yours

In my coaching work, I recommend exploring your personal core values early on.

Not only do you gain clarity on what is really important to you, but you also make sure that your goals are aligned with both your own core values and the company values of where you work. 

 Such an alignment leads to:

• A greater sense of fulfillment
• Your needs being met
• A sense of belonging
• Truly owning your goals

It’s important to note that each and every one of us has a different set of core values. 

In this article, we’ll discuss what core values are and why they’re important. We’ll then look at how to identify your company’s core values, some real-world examples, and ways of communicating them with your team.

What are core values?

Core values are what drive us , and what motivate us. It can be helpful to think of them as our North Star. Our guiding light to excellence. They help us navigate through difficult times and important decisions.

Core values represent what's most important to us. They're principles that we adhere to in life: our personal code of conduct. Values aren't chosen. They're intrinsic to who we are and are as unique as our fingerprints.

What are company core values? 

Company values are the principles guiding and often driving an organization’s mission and goals. They guide crucial actions and behaviors, such as how business decisions are made and successful relationships are formed. They inform the company’s culture , hiring practices, and product ideation. 

Core values are, therefore, visible in every aspect of the company. From operations, sales, and marketing to internal HR processes . Core values are also an important pillar of an organization's culture . So keeping the team informed and aligned on them is crucial to developing a cohesive organization.

According to Gallup, leaders should consider the following when defining their company’s core values :

• They resonate with teams 
• They can be (and are) exemplified by leadership
• They are easy to understand
• They’re relevant to your employees’ day-to-day
• They resonate with your customers
• They are easy to identify in employees and leadership

45 examples of company core values by category

There are hundreds of values that individuals and companies can connect with. To help you hone in on the values that could resonate most with your organization, we’ve broken them up by category. 

You can pull directly from this list or these examples of company values as a jumping board and inspiration for writing your own:

Company values around integrity

• Open-mindedness
• Personal responsibility

Goals-oriented core values

• Accountability
• Cost-conscious
• Determination

Company values around building a better world

• Accessibility
• Environment
• Sustainability
• Social responsibility
• Social justice

Company values that keep people at the core

• Inclusivity
• Mutual respect
• Communication
• Selflessness
• Human (and animal) rights 

Whatever your company's core values are, remember that you'll need to review them periodically. Industries, markets, and environments change quickly. Ideally, your values can weather most storms, but they will likely need adjusting over time. This is to confirm an alignment between stated core values, actions and, behaviors.

Corporate core values vs. aspirational values?

The concept of corporate core values (also referred to as company values or organizational core values) was first formally introduced in corporate America in 1994 in the book “Built to Last” by Jim Collins and Jerry Porras . 

The book made the case that many of the best companies adhered to a set of principles called core values. 

As a consequence, a buzzing trend started for each corporation to jump on the core values bandwagon. 

If we look back over the past decades, people have often conflated core values and aspirational values. But these are actually distinct and separate ideas.

Let’s take a look at both.

Company core values

As mentioned above, core values are guiding principles and fundamental beliefs. They help a group of people function together as a team and work towards a common business goal. They guide all of a company’s actions.

Collins and Porras succinctly define corporate core values as:

“Being inherent and sacrosanct; they can never be compromised, either for convenience or short-term economic gain. Corporate core values may reflect the values of the company’s founders.”

Aspirational values

Aspirational values are those that a company needs to achieve business goals but currently lacks. 

For example, a company may need to develop a new aspirational value to support a new strategy, launch in a new market, or satisfy new regulatory requirements.

In growth-driven environments, one may work on the future state or vision as their main focus. Aspirational values can then feel very present. And while they are important to drive and support business goals, they aren't the same as core values.

A key question to distinguish a core value and an aspirational value is this:

Is the company as an ecosystem already exhibiting this behavior or adhering to this principle? 

If yes, the value is a core value. If not, it is an aspirational value.

When aspirational values are used in lieu of core values, it could alienate the people in the company. They may feel like the value isn't present in their work. Very quickly, they can feel that they don’t belong anymore.

Why are corporate core values crucial?

From a business perspective, having a set of core company values has several benefits.

It makes it easier for a company to:

• Make decisions
• Communicate principles to clients, partners, and stakeholders
• Hire employees with the right attitude and as many shared values as possible

Additionally, companies find that employees who are aligned with their company’s core values are more engaged in their work .

Many organizations have designed a Corporate Code of Conduct. One of the first elements included is usually a statement about the values of the organization.

It’s with a shared code that you're able to function as a group.

Real-life organizational core values examples

Let’s take a look at five real-life examples of companies and their core values:

Netflix has a core philosophy of ‘people over process.’ They define their corporate values as: 

• Impact 

There are a couple of things that I really like about Netflix’s approach. First, they dive deep into what each value means to them. This is crucial.

For example, they define the value of communication as: 

• You're concise and articulate in speech and writing.
• You listen well and seek to understand before reacting.
• You maintain calm poise in stressful situations to draw out the clearest thinking.
• You adapt your communication style to work well with people from around the world who may not share your native language.
• You provide candid, helpful, and timely feedback to colleagues. 

Secondly, their Corporate Culture page doesn't stop at values. 

They talk about their vision of a dream team. And they also outline key cultural cornerstones for their ecosystem, such as informed captains , the importance of disagreeing openly, freedom, and responsibility. 

Apple values easy access to what they stand for as a company and lists their company values on the footer of every page of their website. These are:

• Inclusion and diversity
• Supplier responsibility 

They define what each core value means to them and how their current corporate actions express these values. 

They also draw a line between their corporate and aspirational values. For example, for their core value environment , they say: 

We’re carbon neutral. (What the core value ‘environment’ means ) 

And by 2030, every product you love will be, too. How it’s designed. How it’s made. How it’s shipped. How it’s used. How it’s recycled. Apple has a plan.

(How they link their core value to an aspirational value)  

Google came up with “ Ten things we know to be true ” to address their corporate values statement.

They didn't choose words to define them but an actual sentence instead.

This really speaks to the point that there aren’t set rules to create corporate values. What’s important is that they truly mean something to the group of people that stand by them.

Their strong company values are: 

• Focus on the user, and all else will follow.
• It’s best to do one thing really, really well.
• Fast is better than slow.
• Democracy on the web works.
• You don’t need to be at your desk to need an answer.
• You can make money without doing evil.
• There’s always more information out there.
• The need for information crosses all borders.
• You can be serious without a suit.
• Great just isn’t good enough. 

I appreciate how Google openly states that they revisit their corporate core values from time to time to check if they still hold true. It’s such an important point. 

Not only does there need to be a conscious process to define common core values (Either personal or corporate). 

It’s also important to review them on a regular basis to make sure that they still resonate and that you're still standing by them, especially as your company grows.

4. Ben & Jerry’s

The world-famous ice cream brand states that they're guided by their core values and seek in all they do at every level of business to: 

• Advance human rights and dignity
• Support social and economic justice for historically marginalized communities
• Protect and restore the Earth's natural systems

And here again, each of these core values is defined with clarity. 

In addition to their core values, Ben & Jerry’s also defines progressive values . These are concerns that they integrate into their leadership and day-to-day business activities.

Adidas' core values, known as the 3Cs , are defined as a set of behaviors at the core of their company culture and that they want to see in their people.

Their core values are:

• Collaboration
• Creativity 

How to identify your company’s values (a step-by-step guide) 

It's never too late to define a company’s core values. The process may differ slightly depending on whether you are an early-stage start-up or an international company. 

Here’s a step-by-step guide to defining your company’s core values:

1. Assign who is in charge 

Define who is leading this process in your company. Is it one individual or a group of individuals?

Agree on how accountability will be kept , making sure that the focus is steadily kept on core values and not aspirational values. It seems trivial, but it’s hard to detach from what we want to achieve when we're constantly in it as part of our day-to-day life.

2. Get everyone on board

Get commitment from the executive leadership team , C-suite, or co-founders. Why is it important for them to have core values? What difference will it create?

Speak individually with the executive leadership team, C-suite, or co-founders. How do they work together? What's important for them? 

3. Get inspired 

Find companies that inspire you from within your industry and beyond. What are their core values? 

Make sure to take the time to read their detailed description of each of their core values. Write down what resonates the most and why it resonates.

4. Take input 

Once you think you have a draft of core values, survey the people in your organization and ask for feedback .

5. Make it clear

Once you have a set of values, take time to concisely and intentionally articulate what they mean for the organization. Be prepared that this step can take time and several iterations.

6. Get internal feedback

Present the core values internally and organize a Q&A. It's important to surface any concerns.

7. Create a new corporate culture

The work doesn’t end when you articulate the values: you need to embed them in the company culture to make sure they succeed. 

Each process in the organization must be aligned with the core values.

How can you make sure everyone in the company will remember the values and live by them? Be creative. Some companies organize challenges and prizes to get the momentum going. See our list of fun corporate activities for inspiration.

How to communicate your organization’s core values

In many organizations, there are a plethora of channels to communicate with employees. Choosing the best mode for you will depend on what stage you are in with establishing your company values and the size and structure of your workforce.

Here are some common and effective ways of communicating company core values across teams:

For new hires:

• During onboarding
• In the interview and hiring process

For ongoing reference:

• Documentation such as an employee handbook
• Office murals or printed posters
• Company website

For updates and emphasis:

• All-hands and company-wide meetings
• Company newsletter
• Company messenger (e.g., Slack)
• Email 

Regardless of the communication method you choose, the important thing is to ensure every employee knows what the organizational core values are. Also, try to communicate them in a way that they are understood and less abstract. Providing examples of employees living these values at work is one way to root them in reality for the entire team.

Create your own set of company core values 

A good set of core values helps us to make important decisions. They act as a guiding light in times of difficulty or confusion. 

In a corporate setting, they’re crucial for making decisions, as well as for companies to communicate their principles to employees, clients, and stakeholders. 

Use this guide as you define (or redefine) your values and communicate them to your teams.

Understand Yourself Better:

Big 5 Personality Test

Fiorenza Rossini

Fiorenza works with global leaders and emerging leaders to maximize their impact in their leadership journey. Fiorenza specializes in periods of career transitions and supports the development of resilience, agile leadership skills, communication skills across cultures, and healthy work-life balance. Fiorenza is also a global facilitator, podcast host, mindfulness teacher, and MBTI practitioner.

 Fiorenza is multicultural and multilingual in French, English, and Italian, and works in the 3 languages. She currently lives in London, England. She co-hosts The Belonging Project podcast which explores how belonging can show up in so many different ways, what it feels like to belong and the impact of truly belonging.

Key values in a relationship: Why are they important?

How spiritual wellness unlocks creativity and resourcefulness, the 13 essential leadership values for anyone leading a team, how to instill family values that align with your own, how to craft an impactful company mission statement, what is company culture and how do you develop it, how core competencies can set your business — and you — apart, the meaning of personal values and how they impact your life, what are personal values discover yours in 5 steps, 30 personal values examples & how to live by yours, what are work values identify yours and learn what they mean, watch your company language (it shapes company culture), 8 ethical values every professional should adopt, stay connected with betterup, get our newsletter, event invites, plus product insights and research..

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• 5 tips to set great company values that ...

5 tips to set great company values that reflect your unique culture (with examples)

Company values are the core philosophies that drive how your team works together and engages with one another. Strong company values are tailor-made for your organization’s specific qualities, and often include input from your team members. Get five tips on how to create effective company values, plus check out 15 examples—including how we set company values here at Asana. 

You want to build the best company you can. And one of the best ways to do that is to develop great company values. 

Company values aren’t just nice-to-haves—these values actually drive change, increase retention, and boost productivity. But they do take time and energy to develop. Here’s why company values matter—and how to go about building your own. 

What are company values?

Company values are the core principles that define how your company approaches work, interpersonal collaboration, and employee well-being. Your company’s core values set the tone for how you collaborate and take ownership of work within your organization. When done right, these philosophies serve as guiding beacons to help employees navigate their time at your organization. 

Do company values matter?

Company values aren’t just buzzwords that sound good on your organization’s about page. There are serious benefits to setting—and implementing—clear company values. According to a recent survey , 71% of professionals say they would be willing to take a pay cut to work for a company that has a mission they believe in and shared values.

Strong company values:

Build a healthy company culture

Set the standard for cross-functional collaboration

Increase team buy-in

Increase retention and employee engagement

Give your team members a shared purpose and common goal

Empower decision making

Unlock better teamwork

How Asana thinks about company values

At Asana, we approach company culture the way we approach our product —recognizing that it takes time, effort, and investment to effectively build. Just like our product, company values aren’t one-and-done either—we’re constantly thinking about how we can update and iterate on them so they’re most relevant for our team. Company values are a huge part of building a healthy company culture, but they aren’t just words we can put on a motivational poster and call it a day. 

Together we’re building a better way to work, and showing the world that it’s possible to create both a product and a culture that supports transparency, trust, and inclusion.”

To create strong company values, you need buy-in from your team members. That’s why, when we refreshed our company values a few years ago, the refresh wasn’t led by the executive team. Instead, individual team members spearheaded efforts to align on the values that mattered to us. In doing so, we landed on the following nine values:

Mission. We are purpose-driven people, dedicated to serving something beyond ourselves. Having mission as a value also allows us to continually ground ourselves in why we’re building Asana. 

Do great things, fast. We commit to being great at the things we do and doing them fast, without sacrificing one for the other. 

Clarity. Our product and culture aim to ensure that teams know who is doing what, by when, and why, which unlocks the best work experiences and outcomes.  

Co-creation. Great achievements are almost always the result of not one, but many. We bring our best, let go of egos, and work with empathy and trust to do great things together.

Give and take responsibility. Having integrity around our commitments means seizing exciting opportunities, and also owning it when we have to deprioritize something. We accept full ownership of our commitments, and empower and trust others to achieve theirs. 

Mindfulness. We focus on the present and aim to give ourselves time to reflect and space to integrate what we learn. These practices allow us to collectively learn from and improve all that we do, and to continually evolve our culture. 

Reject false tradeoffs. We stay curious, creative, and open to new perspectives. Choosing between two sides of an extreme results in losing the benefits of one, so we commit to searching for a third way that incorporates the truths of both.

Be real (with yourself and others). We know that our best work is tied to authenticity, which allows for growth and teamwork. We bring our whole selves to work and commit to building an inclusive work environment in which all people feel safe and excited about being their full selves. 

Heartitude. We embrace what makes us human, take time to play and have fun, and create meaningful experiences for their own sake. Why do we have a unicorn flying across our product when we mark a task complete? The real question is—why not?

5 elements of effective company values

If you’re thinking about defining—or updating—your company values, here are five things to keep in mind to ensure you develop successful values:

1. Tailor your core values to your company culture

It can be tempting to see another company’s values and want to copy them. But your company values should be unique to your organization. These aren’t one-size-fits all values—rather, you want your company values to reflect the unique things your organization values. 

2. Base them off of real values

Your company values ultimately represent a set of core principles that you want your employees to embody. When you go through the process of defining your core values, consider the elements that are most important to your team. These are things like curiosity, honesty, trust, or transparency—just to name a few. 

3. Gain team buy in

One of our values at Asana is co-creation for a reason. We think the best way to identify your core company values is to come up with them together. Instead of imposing company values, consider holding a team brainstorming event . You’ll find that co-creating values with your entire team is more meaningful than ones that you just pick as a leadership team. By involving your team in the values creation process, you’re automatically gaining buy-in and increasing team morale. 

4. Embrace quirkiness

In the same vein that you want your company values to be part of your company culture, don’t be afraid to be a little quirky with them. Lean into what makes your company unique and try to bring that out in your values, as well.

We’re definitely guilty of that at Asana—after all, our ninth value, heartitude, isn’t a real word. But it reflects the way we think about having fun while working hard within our organization.

On this note, though, don’t force quirkiness for quirkiness’s sake. If your organization is more straight-laced (and your employees like that about where they work), setting “quirky” values might make team members feel like they don’t quite belong.

5. Don’t overdo it

Ideally, your company values should be things your employees know off the top of their heads. To make this possible, avoid creating too many values, or making them complex and full of jargon. Aim for 10 values or fewer, and stick to simple, easily understandable language where possible. 

14 inspiring company value examples

Before you get started on writing your own company values, take a look at company values from some of the world’s largest and most successful companies. 

We’ve broken these values into three subcategories: unique, bold, and straightforward company values. Your company values don’t necessarily need to fit into one of these categories, but it can be helpful to think about the theme or type of values you want to create before you sit down to write yours. 

Unique company values

Unique company values are values that only make sense for one particular company. These could be puns or inside jokes, or values that reference specific product features. 

Core values

Champion the mission: We’re united with our community to create a world where anyone can belong anywhere.

Be a host: We’re caring, open, and encouraging to everyone we work with.

Embrace the adventure: We’re driven by curiosity, openness, and the belief that every person can grow. 

Be a cereal entrepreneur: We’re determined and creative in transforming our bold ambitious into reality

(And, yes, Airbnb spells it “cereal,” not “serial”—a value in line with their unique culture!)

Members first

Relationships matter

Be open, honest, and constructive 

Inspire excellence

Take intelligent risks

Act like an owner of #OneLinkedIn

Embody diversity, inclusion, and belonging

United Airlines

Our shared values

We fly right

We fly friendly

We fly together

We fly above & beyond

Wikimedia Foundation

Wikimedia Foundation guiding principles

Freedom and open source

Serving every human being

Transparency

Accountability

Stewardship

Shared power

Internationalism

Free speech

Independence

Bold company values

One thing you’ll notice about this second set of values: they’re personal and unique to the company. In fact, some of these might even be controversial if you were to implement it at your own company. That’s actually a key part of what makes them core values to their specific companies, and why we’ve included them on this list.

10 things we know to be true

Focus on the user and all else will follow. 

It’s best to do one thing really, really well.

Fast is better than slow.

Democracy on the web works.

You don’t need to be at your desk to need an answer.

You can make money without doing evil.

There’s always more information out there.

The need for information crosses all borders.

You can be serious without a suit.

Great just isn’t good enough.

Vox Media values

Cultivate passion

Be inclusive

Be ambitious

Collaborate well

Demand quality

Respect all

Thrive on change

What we live by

Deliver WOW through science

Embrace and drive change

Create fun and a little weirdness

Be adventurous, creative, and open minded

Pursue growth and learning

Build open and honest relationships with communication

Build a positive team and family spirit

Do more with less

Be passionate and determined

The Glassdoor culture code

Good people

Straightforward company values

More established or traditional companies tend to have straightforward company values. These are simpler values that are less quirky than the ones we’ve seen so far. That doesn’t make them better or worse—these companies are simply defining values that reflect their company culture .

Corporate values

Respect: We recognize that the thoughts, feelings, and backgrounds of others are as important as our own.

Integrity: We are honest, ethical, and trustworthy.

Accountability: We accept full responsibility for our decisions, actions, and results.

What brings us together guides us forward

Customer success

Dreams and curiosity

Integrity and sincerity

Sustainability

Real values

Communication

Selflessness

Behaviors we focus on

Use company values to build your ideal culture 

Setting company values is just the beginning. Company culture is an ongoing investment to establish team and group norms across your organization.

High-performance cultures don’t happen organically; they’re designed, architected and built with intention: your intention.”

To learn more, read our article on how to build a strong organizational culture .

Related resources

How to give and take constructive criticism

Data-driven decision making: A step-by-step guide

Listening to understand: How to practice active listening (with examples)

How executives and individual contributors differ when it comes to AI

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Business values

Business values are the concepts that guide your business.

Business values can help you make decisions, foster a culture of teamwork and collaboration and create a positive working environment.

Types of business values

There are 3 main types of business values—principles, beliefs and standards of behaviour.

Principles are the concepts, such as the following, that you believe are fundamental for your business and its success.

• Act with integrity
• Take responsibility
• Seek excellence
• Reward collaboration
• Be respectful

Beliefs and attitudes are views that you hold to be true and influence your actions.

They can relate to how people should behave, the way managers should act, how work should be done and how staff should treat each other at work. For example:

• everyone has the right to be treated with respect
• the business has zero tolerance for bullying and harassment
• work should be completed on time.

Standards of behaviour for business outline what is acceptable business practice. From a customer viewpoint, these standards demonstrate the business values and outline the type of service they can expect to get when they deal with your business. For example, the business will:

• minimise its effects on the environment
• ensure a safe environment for staff and customers.

Steps for developing business values

A clear set of values that are agreed upon and understood by everyone in the business are important for success. If your business is yet to establish a set of values, the following process can help you to identify and develop them.

1. Reflect on your principles, beliefs and values

The first step is to think about your personal principles and beliefs and link these to the values that you have for your business.

Ask yourself:

• What do I value in other businesses as an employee and as a customer?
• What values do I hold that will be core to my business?

2. Assemble a team of people to work on value creation

Assemble a team of people that can work together to create and draft the business values.

If your business is trading and has staff, choose people that understand the business culture, demonstrate leadership skills and are key to the business function.

If your business is new and does not have staff, find trusted people from outside the business to help (e.g. mentors, friends and business advisers ).

3. Brainstorm your business values

Once your team is assembled, you can brainstorm ideas for business values by doing the following.

• business growth
• customer service
• decision-making
• business culture
• social community
• environmental sustainability .
• Challenge the team to create impact values—these are values that outline the positive impact the business can have on other people and the environment.
• Draft your values. They shouldn't be long, convoluted statements— 1 to 2 words or a short phrase is usually enough. You may need to give a brief explanation but avoid making the values too complicated. Simple, to-the-point values are more easily recalled by staff and embraced by customers and stakeholders.

Review your list of potential values

When you have completed brainstorming, create a draft list of values. If the list is long, select the top 3–5 important values you have identified. Aim for a mix of principles, beliefs and standards of behaviour within your selection.

4. Reflect on the meaning of each value

Once you've chosen the values, you should reflect on the meaning of each.

Consider the following.

• What is this value about?
• Will staff and customers easily understand its meaning?
• What assumptions are behind it?
• What other words, ideas or mental images might be associated with it?
• Is it relevant to current operations?
• Will the value help the business reach its identified goals?
• Will it be relevant in 1, 3 or 5 years?

Include your business values in your business plan

Make sure to include your business values in your business plan (particularly in Section 1, Executive summary).

Learn about writing a business plan .

5. Translate your business values into a set of actions

The final step in creating business values is to convert them into a guiding set of actions or action statements. This helps to ensure that the values are understood and easily used across the business.

The actions that you create for your business should represent and build on your business values. The actions can be customer or internally focused.

Value: Respect

Action statement

All staff will treat customers with respect. In practice, this means staff will:

• communicate openly and honestly
• respond within expected timeframes
• avoid any discriminatory behaviour
• effectively resolve conflict
• take responsibility for their actions.

All staff will treat each other with respect. In practice, this means staff will:

• communicate openly and honestly with each other
• seek to resolve conflict before escalating
• attend meetings on time
• avoid all discriminatory behaviour
• own their own mistakes
• respect boundaries
• avoid any discriminatory behaviour.

Implementing business values

Implementing business values involves turning the values into recognisable actions and behaviours that can be measured and monitored across the business.

The following tips will help you implement business values effectively.

• Translate each value into a set of measurable action statements.
• Include value and action statements with job descriptions
• Clearly communicate and document job expectations for all staff (e.g. create specific key performance indicators around the business values).
• Link job expectations to regular staff performance reviews .
• Develop a communication plan for the values. It may be appropriate to create value statements or visual representations of the values and display them internally (e.g. on posters, screensavers or email signatures)
• Include your values where appropriate in business proposals and capability statements , on your website and in other marketing activities
• Develop staff induction programs with specific activities to practice and demonstrate the business values (e.g. a procedure for eco-friendly waste disposal or greeting customers respectfully).
• Reward staff for demonstrating the business values.

Also consider...

• Find out how to create a business vision .
• Read about the benefits of an environmentally friendly business .
• Understand performance review benefits .
• Learn about creating a digital marketing strategy .
• Read about branding your business .
• Last reviewed: 8 Dec 2022
• Last updated: 8 Dec 2022

BUS101: Introduction to Business

The Business Plan

Read this section to see why business plans are essential and what sections should be included.

Mission Statement and Core Values

This portion of the business plan states the company's  mission statement  and  core values . The mission statement describes the purpose or  mission  of your organization - its reason for existence. It tells the reader what the organization is committed to doing. For example, one mission statement reads, "The mission of Southwest Airlines is dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride, and company spirit".

Core values are fundamental beliefs about what's important and what is (and isn't) appropriate in conducting company activities. Core values are not about profits, but rather about ideals. They should help guide the behavior of individuals in the organization. Coca-Cola, for example, intends that its core values - leadership, passion, integrity, collaboration, diversity, quality, and accountability - will let employees know what behaviors are (and aren't) acceptable.

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• Building Your Business
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Company Values Statement as Part of the Business Plan

Now that you have read the article on why you need a business plan and the next article on your internal planning document, the business action plan, it's time to start putting together the formal business plan for your company.

The first page or two of the business plan will be the Executive Summary and the Table of Contents. Those pages are written last because you don't really know what you want to say in the Executive Summary until you write the entire business plan and you can't write the Table of Contents until you finish the plan.

Background for Corporate Values Statement

Instead, we start with your Company Overview and your company's values statement. This, like every section of the business plan, will require some thought on your part. Thinking about the values that your company will operate under has a lot to do with your own values. You may think about the marketplace today, and it may seem like it is a scenario where survival of the fittest reigns and ethics and values don't matter anymore. 

The thing is, that's not true. If you don't deal with your customers ethically, they won't be your customers anymore. If you have investors and you don't deal with them ethically, they will drop you like a hot potato. Your employees, while they may seem desperate for jobs, they aren't "that" desperate. Treat them with respect and they will do the same for you.

Business ethics and values may matter more than ever. People are looking for companies with values. Investors want to invest in socially responsible companies who can also make money for them. Customers are craving to buy from companies who employ U.S. workers and from whom they can buy U.S. products. Employees are looking for employers they can respect and earn their respect in return.

There is the background for your corporate values statement. Lack of ethics on Wall Street led to the financial collapse of 2008, from which many segments of our markets still have not recovered. As a small business person, you will see this as you start up or grow your business. If your small business is accused of a lack of values and ethics, it could quite possibly never recover.

Scenario Analysis

Here is a scenario analysis to test your values. John Jones is a management consultant running his own small business. He has a client who has hired him to make a recommendation on a project they are contemplating introducing in another country. That country has virtually no pollution guidelines as we have in the U.S. This project involves drilling for oil and natural gas in the other country.

Engineers have already determined that substantial pollution will be a consequence of the drilling. However, John Jones and the company he is working for has no idea if the drilling will be successful. It is a very risky project, but with possible high short-term profits if it is successful. Should John recommend the project?

In the first place, if John recommends this project, he would likely be sacrificing long-term profitability and maximization of shareholder wealth for short-term profits, if the project is successful. Is that ethical? No. The goal of a firm in a capitalist society is ​the maximization of shareholder wealth.

Second, even if a foreign country has no pollution guidelines, should a business owner who knows that dumping pollutants into a countries air and water is a terrible thing recommend it? No. That should be against their values. Most people would say that John Jones should definitely not recommend this project for both financial and ethical reasons.

Build Your own Values Statement

What is a values statement? A values statement is a set of beliefs and principles that guides your company as you do business. From a practical standpoint, it can keep your company on the right side of the law, and out of trouble with the IRS and other federal and state agencies.

If a crisis strikes and your company has a values statement, everyone knows how to react and chaos is reduced to a minimum. Remember that your values statement will have an impact on all stakeholders of your firm from customers to investors.

Building your values statement takes time. You can probably write down some of the values you want for your company right now. Others you may have to think about. Some will come to you as you write additional sections of your business plan. Don't rush.

The values statement will build itself as you build your business plan. If you are working with a partner or even with a senior manager or two, sit down and brainstorm with them about the values you want your company to uphold. Look at examples of values statements for other companies and see what you can learn from them.

Sybase, Inc. is a worldwide technology (SAP) company supplying enterprise management solutions to Fortune 500 companies. The CEO of Sybase has a very clear values statement on their website that might interest you and help you write your own. A smaller company, Whole Foods, the natural and organic food corporation, also has an interesting value statement on its website.

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How to Find, Define, and Use Your Values

• Irina Cozma

Your values should reflect the most important aspects of your life.

There’s so much power in understanding what your values are — they can help you make decisions, guide your career, and even live a happier life. But how can you think about your values in an intentional way?

• Step 1: Find your values. Your values aren’t hiding. Even if you haven’t vocalized them, they’re a reflection of the most important aspects of your life. To identify yours, reflect on what’s important to you, create a list of the top three things, and rank them if you can.
• Step 2: Define your values. Write down what each of the values you identified really means to you, and try to keep your definition as short as possible — you want to be able to easily remember your values and how you define them. Ask yourself: If somebody were to wake me in the middle of the night and ask me to define my values, could I answer?
• Step 3: Use your values. You’ll know you have identified your values and truly defined them once you find yourself looking at the world around you through the framework of your values. One way to practice using your values is to reflect on a situation that’s frustrating you. Ask yourself: What is lurking behind my frustration? Is one of my values not being met?

What are your values?

• Irina Cozma , Ph.D., is a career and executive coach who supports professionals to have better career adventures. She coached hundreds of Fortune 500 executives from global organizations like Salesforce, Hitachi, and Abbott. Irina also coaches startups and the Physicians MBA at the University of Tennessee. Download her free career guide to help you prepare for your next career adventure.

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How to Create a Unique Value Proposition + Examples

Lisa Furgison

10 min. read

Updated May 10, 2024

If you’re starting your own business you’re probably already thinking about what sets you apart from competitors in your space. Coming up with your unique value proposition (UVP) or unique selling proposition (USP) creates a strong foundation for all your marketing messages and strategies for engaging new customers.

This article is a handy guide that will define what a UVP is, and help you write your own.

• What is a unique value proposition (UVP)?

Your unique value proposition (UVP) is the promised value customers can expect from your business. It explains what separates your business from your competitors, how your solution solves your customers’ problems, the specific benefits, and why your target customers should choose you.

In a nutshell, your UVP covers: 

• How your product or service works
• What makes it valuable
• Why it’s better than the rest

Your UVP should be front and center on your website, and it should be completely free of jargon—it’s like a very short elevator pitch that someone who has never heard of your company before would understand immediately.

• What is the purpose of a value proposition?

Your value proposition is designed to introduce your company’s brand to potential customers. It defines what you stand for, what you do, how you operate, and why you should be chosen over the competition. 

Every competitor in your field is vying for attention. From marketing plans to advertisements, consumers hear a lot of noise. To cut through this clutter and turn your target audience into loyal customers, you need a value proposition that mere mortals can understand easily—and remember. You want your customers to hear your name and think, “oh, that’s the company that does (your unique solution).”

• How do you write a unique value proposition?

Finding a value proposition takes some time and legwork. A real UVP is more than a clever tagline. For it to be meaningful, you have to know your customer and your business. Plus, you have to understand how your product or service fits into our consumer-driven world.

So while your UVP is probably always in the back of your mind, don’t write it based on what you think is true about your solution and your customers. Do some research and testing so that you are sure.

And for that matter, keep testing. Once you’ve come up with your UVP and put it all over your marketing materials and website’s landing pages, it might be tempting to set it and forget it. Keep testing it over time—the more your business grows, the more you’ll know about your customer’s pain points and how your solution helps them. Here are the five steps needed to develop a value proposition.

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1. Define your target market

First, you need to figure out who your customers are. Who will buy (or is buying) your product or service? A lot of first-time business owners want everyone to be a customer; this is a rookie mistake. Marketing to everyone is the opposite of marketing to your target market. If you try to appeal to everyone, your business and product will get lost in the noise. An example of this kind of mistake is a shoe company trying to market to everyone with feet! You’ll waste a lot of time and money that way.

Instead, hone in on exactly who your audience is. Do some market research—both based on your existing customers (if you have them) and other populations you think might be good potential customers. You want to know and understand their pain points—the problems they have that you might be able to solve.

But you’re also interested in their demographic information, income statistics, and family makeup. How old is your target audience ? Are they male or female? What kind of income does your target audience have? Get specific. What does your target audience do on the weekend? What kind of music do they listen to?

You might think these last questions are a bit far-fetched, but you want to create a buyer or user persona of your target audience. A buyer or user persona is a fictional representation of your ideal customer—but it’s a very useful tool to help you hone your messaging and who you consider to be a part of your target market.

You can’t create a unique value proposition alone in your basement, either. You have to test it. Run it by a small group of customers, or people you think are in your target market to ensure it resonates with customers you’re trying to reach.

2. Explain why customers should buy from you instead of a competitor

To separate yourself from your competitors, you have to know who they are and what they stand for. Research your competitors inside and out , from their mission statement to the types of employees they have. You can only set yourself apart if you know what’s already been done.

Putting together a competitive matrix can be a helpful way to visualize how you stack up against them. Don’t make the mistake of assuming you don’t have any competition. Every business has competition , even if you’re in a brand new industry. When you’re writing your UVP, see if you can articulate why your customers should buy from you instead of your competitors in ten words or less. If you can’t, keep revising.

3. Define the pain point your product or service solves

Write down how your business or product solves a problem or alleviates a pain point for customers. Can your product do something that other products can’t? Does it save time? Is it more affordable than other products? What about your product or service makes it a must-have for customers—why can’t they live without it?

Take that list and cross off any need pain point that your competitors can claim to address too. Your competitive matrix might be helpful here.

This exercise is meant to help you find areas where your business is different than others. Simply having the best product or the best customer service in the market isn’t enough differentiation.

Remember, every business thinks they have the best product. Take some time to figure out how your product meets the needs of your target audience in a way that others can’t.

4. Connect to your company mission and what you stand for

What does your business stand for? It’s a big question, one that takes some time to figure out. Once you have a solid and clear answer, see if your mission overlaps or coincides with the list of things that sets your business apart. Now you’re starting to hone in on your value proposition.

Once you’ve done your digging, write down a few different possible value propositions that fit your business. Again, this isn’t going to be something you whip up in 20 minutes. Write a few down, stew on them for a bit, and refine them. Ask yourself if someone could read your UVP and think it’s talking about another company. If the answer is yes, you have a selling or value proposition, but it’s not unique yet.

Rework it until you have one succinct sentence that makes you stand out from your competitors. What do you want your customers to remember about you when they hear your brand or product name?

5. Craft a single message

Once you’ve defined what you will cover in your value proposition, you need to land on a single core message. Not every pain point or benefit needs to be listed here. You’ve done the research to ensure you are landing on the right message for your audience, the last thing you want to do is overcomplicate communications

Focus on communicating one key value that connects to your customer’s pain point. The goal is to hook their interest so that they want to explore what else you have to offer. If they take that first step, then look for opportunities to elaborate on the additional value you provide.

Additionally, just because you’ve honed in on a core value proposition, doesn’t mean that it can’t change. You may need to make adjustments for sub-sections of your audience, change out keywords for different platforms, and even fully restructure your UVP if it doesn’t resonate. 

The key here is to not just write up your UVP and walk away. Look for opportunities to test it directly with your target audience either through interviews, surveys, or even through live testing. 

• 4 examples of great value propositions

One of the best ways to learn is by example, so let’s take a look at a few businesses that have created unmistakably unique selling propositions.

The Mast Brothers Chocolate

This duo of bearded, lanky brothers creates chocolate bars by hand . Their dedication to their craft alone is unique, but the brothers have infused their love of old-time traditions into their business.

When they need to purchase more cocoa beans, they charter a wooden sailboat to stay true to their pioneer-like roots. Now that’s a unique position you can market.

Dollar Shave Club

This online business sells and ships razors and blades to its audience for a buck. They poke fun at the fancy, vibrating 10-blade razors that are on the market today and encourage men to go back to basics.

But, don’t think that means they’re selling an inferior product. Their slogan is: “Our blades are f***ing great,” a tagline that points to (but isn’t the same as) their selling proposition. Remember, if other companies can also say their product is “great,” you have a catchy tagline, not something that sets you apart from the competition.  

Ellusionist

Here’s a business that created a value proposition by catering to a very specific audience. Ellusionist is an online store that sells playing cards to magicians.

Some of the decks are marked, others have a vintage appearance, but the variations are meant to build showmanship for its unique target audience.

Palo Alto Software

Shortly after publishing this article, one of our readers asked if we could share our own USP. Bplans is a resource offered by Palo Alto Software, so here’s what Noah Parsons, our chief operating officer, has to say about our UVP:

For Palo Alto Software, our goal is to provide entrepreneurs with the tools, knowledge, and know-how to help them grow faster and better than their competition.

We’re not just in it to make a buck—we actually want to help people succeed in business as much as possible. Our commitment to entrepreneurs is shown in our thousands of pages of free content that helps demystify the complexities of starting and running a business.

We also provide simple yet powerful tools for entrepreneurs so they can focus more on doing what they love and less on trying to build and understand complex reports and spreadsheets.

• Create a compelling value proposition

The process to land on what differentiates your business and resonates with your audience is well worth the effort. Not only will it help you define a compelling value proposition, but it will make it far easier to streamline your focus as a business owner. Everything from developing audience personas to crafting and testing copy, it encourages you to work through the needs of your customer.

If you’re struggling to work through these steps the best thing you can do is revisit your business plan . It should have everything you need including the problem you’re solving, how your business operates, who your ideal customers are, and what your business stands for. 

*Editor’s note: This article was originally published in 2018. It has been updated for 2021.

Lisa Furgison is a multimedia journalist with a passion for writing. She holds a graduate degree in mass communications and spent eight years as a television reporter before moving into the freelance world, where she focuses mainly on content creation and social media strategies. Furgison has crisscrossed the U.S. as a reporter, but now calls Key West, Florida home. When she's not conducting interviews or typing away on her laptop, she loves to travel.

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