In today’s interconnected world, businesses often rely on partnerships to achieve their goals. Whether it’s a supplier, a distributor, or a joint venture, these relationships can be critical to a company’s success.
However, it’s not enough to simply find a partner with the right skills and resources. To truly thrive, businesses must also seek out partners who share their core values.
Below, we outline the meaning of shared values and why they’re important for any business.
What Are Shared Values?
Shared values are fundamental beliefs, concepts, and principles that underlie the culture of a company or organization. These values guide the decisions, attitudes, and behaviors of employees and management.
When two companies share similar values, they not only enhance their ability to achieve mutual goals, but also drive sales, improve their reputation, and much more.
Why Are Shared Values Important?
Shared values are crucial when you work with business partners for several reasons.
1. Alignment of Goals
When two companies operate under the guidance of similar values, they are more likely to have aligned goals. For example, if both companies prioritize sustainability, they may work together to reduce their carbon footprint and implement eco-friendly practices (such as the partnership between Canada Goose and Polar Bears International).
This alignment can lead to more effective collaboration and better outcomes.
2. Improved Sales
Working with partners with shared values can help businesses unlock new opportunities for growth and create valuable connections. By collaborating, these organizations can expand their reach, tapping into new markets and accessing a larger customer base.
They can cross-promote each other’s products or services, increasing brand visibility and generating more sales opportunities. Together, organizations that share resources and expertise are more likely to develop more innovative solutions and streamline operations; thus improving efficiency and customer satisfaction.
3. Increased Trust
Trust is a critical component of any successful partnership. When two companies share values, they are more likely to trust each other’s intentions, actions, and problem-solving strategies.
This can lead to a stronger, more resilient relationship that can weather challenges and setbacks.
4. Enhanced Reputation
Shared values can enhance a company’s reputation. When a business partners with another company that shares its values, it demonstrates their commitment to those values to customers, employees, and other stakeholders.
By working together successfully, they can demonstrate their capabilities and show that their partnership leads to positive outcomes—setting them apart from competitors and improving how the organization is perceived.
This gives a business the chance to tap into new markets and make a name for themselves.
5. Improved Recruitment/Retention
Partnering with a business that shares your values can be a fantastic opportunity to find new talent for your team.
When companies join forces with like-minded partners, it communicates a strong message to potential recruits—and to current employees—that the company upholds important principles. This also contributes to building a cohesive company culture where employees feel connected and engaged.
Additionally, a business partnership will provide a company with a wealth of new connections with whom they have already built trust—creating opportunities to grow their team with workers who are already aligned with the company’s values.
How to Identify Shared Values
Identifying shared values is a critical step in finding the right business partner. Here are a few strategies:
Researching a potential partner’s mission statement, values, and corporate social responsibility initiatives can provide insight into their priorities and beliefs.
This information can help determine whether their values align with your own.
Interviewing potential partners can also help identify shared values. Asking questions about their priorities, goals, and beliefs can provide a deeper understanding of their values and how they align with your own.
3. Collaborative Projects
Finally, working on a small, collaborative project with a potential partner can provide valuable insight into their values. This can help determine whether a larger, long-term partnership is likely to be successful.
How Northern Uniforms Upholds Our Values Every Day
In today’s business landscape, shared values are more important than ever. At Northern, we devote time and energy to upholding our company values every day in all business and customer interactions.
Trends come and go, but the way we do business does not change. Our Core Values remain as follows:
- Keep Your Promises
- Be Fair
- Tell the Unvarnished Truth
- Respect Each Other
- Do the Right Thing
We find that working with these values as a guide has allowed us to deliver the best possible service for our customers, and maintain outstanding relationships with them, as well as with our fellow employees and partners.
It’s why many companies trust us with their business, and why we’ve stood the test of time for over 100 years.
Go Northern, and Learn Why Businesses Choose Us
We’re proud to serve Canada and provide companies with superior uniforms on top of outstanding customer service—driven by our core values.
Contact us today to learn more about the Northern difference.