Company culture is the personality of your business and defines the daily environment in which your employees work. Forming a positive company culture is the cornerstone of any successful, thriving business. This culture is characterized by what you do, what is said, how people are treated, your products/services, your business goals, customers, and community.
Entrepreneur Magazine defines company culture as, “A blend of the values, beliefs, taboos, symbols, rituals, and myths all companies develop over time.”
Without an intentionally formed company culture, you run the risk of seeing the workplace fade into a confusing, uninspired atmosphere and ultimately negatively affecting your business’ bottom line. To ensure your company culture sets the tone for a productive work environment, consider the following five tips:
1. Focus on Building Something that Lasts
The first step in building a strong company culture is to focus on creating something meaningful and lasting; must identify your purpose. To create that purpose, you must first recognize and understand your “why”. What inspires you? What are your inner strengths? Where do you add the greatest value? What matters to you the most? The answers to these questions will drive engagement, work performance and build a company culture that lasts.
Identifying your purpose from the very beginning will help you communicate more effectively to others and achieve long-term business success.
“Never underestimate the power of purpose because a clear, strong purpose attracts, and the law of attraction is a very formidable force. Purpose pulls. It’s what compels you to do, to create, to explore and discover,” says Forbes contributor, Jeff Boss.
2. Create a Home Base
The location of your office has a huge impact on your work environment (mood, drive, performance, etc.). When you consider how many hours are spent in the office each week, you can see why location plays a huge role in company culture.
Some people enjoy public transit and the vibrant atmosphere of a city office space, while others prefer the more isolated, relaxed environment of a suburban office. Wherever you choose to call home base, strive to create a comfortable, inspirational atmosphere that draws the kind of employees you require to grow your business. This could be the difference between loving your company culture or counting down the minutes until the end of the workday.
3. Recognize Top Performers
One of the most important elements of company culture is recognizing and rewarding result-oriented employees, especially when their results are directly related to an adherence to core company values. A recent white paper commissioned by O.C. Tanner and conducted by the Cicero Group gathered information concerning employee performance by asking this simple question: "What is the most important thing that your manager or company currently does that would cause you to produce great work?"
The response? Thirty-seven percent of participants shared that more personal recognition would encourage them to produce better work more often. A few of the elements managers can use to create authentic, meaningful recognition experiences include:
• Linking recognition to specific accomplishments or business objectives.
• Being timely in offering recognition – waiting months after the fact is less authentic.
• Motivating employees daily through a simple “thank you” and encouragement.
• Ensure your recognition practices show employees they are valued in the company and play an integral part of their team.
4. Lead by Example
A fascinating truth about leadership is that people take on the characteristics of those they follow. As the leader of your company, the way you choose to handle situations – both good and bad – will be mirrored by your team. Your company culture is a direct reflection of you. For your team to approach every task with the utmost integrity, you must continuously communicate your values and be mindful of your strengths and weaknesses – lead by example. If you are displeased with your company culture, the first step is to take an honest look at yourself.
5. Preserve Company Culture – at all Costs
The key to preserving company culture is to exemplify the quality you expect and avoid making compromises along the way. If you allow your standards to slip, the quality of work and the results your team delivers will erode over time. As your company grows, make sure you continue to hire the right people. Be very thoughtful when scaling by encouraging communication and identifying and training strong leaders. These efforts, combined with always keeping your core values in mind, will ensure you preserve your company culture regardless of how rapidly your small business expands.
As you establish your company culture, remember there is no perfect recipe for success. Every business is different; thus, their culture will be different too. By defining your desired company culture – sooner rather than later – you will create a foundation from which you can align all plans, decisions, and actions.
Experience Professional Culture with Security Business Capital
At Security Business Capital, we have created a culture that is centered around the success of our invoice factoring services and other factoring services that we offer. Our team ensures that the positive culture that we promote will help to set an example for the industries that choose to work with us. If you are interested in learning more about our culture or how our factoring services work, get in touch with us today to schedule a consultation.