Why It’s Critical to Ramp Up Your Business Culture!
A business strategy can be copied from another person or another business, but not a business culture. A business culture encompasses ideas, customs, character traits, as well as social behaviors of a particular people in a business; easy to set up, but hard to sustain. Your business culture is the unique selling point, and here is why you can’t afford not to ramp it up!
Business Culture – Ramp it Up!
1. Your Business Culture is Your Business Umbilical Cord
Culture defines the way your business relates and interacts with others, and determines how your employees interact and connect with customers as well as the outside world. Ramping up your business culture gives your business a credible sustainable mark of distinction from your competitors. How your business performs on the financial markets depends on your culture. It can either put you ahead of others or leave you trailing behind them. Business culture is your identity and the face of your business. To a business, your culture is your USP that you can’t afford to disconnect because, in doing so, you will be cutting yourself off the real life.
2. Business Culture Determines the Reputation of Your Business
A business with a healthy culture instills a strong positive reputation among both the existing and potential employees, which may in turn attract both talented and skilled personnel to work for you. People prefer to work with businesses that have a high and outstanding reputation. Investors are always on the lookout to invest in companies and businesses with high reputation. A business can also charge high price on its products, basing on its reputation, and people will still buy. This will help in increasing the revenue of the company as well as its ranking on the financial market. Ever wondered why you can have two similar products on the market from two different businesses with one fetching a higher price than the other? Now you know why.
One way that companies can build their reputation is to drive reviews, which can be easily done by hosting events. These could be internal, as we see from Xyngular reviews on Flickr, or external. An example of an internal event would be a company party that gets a lot of social media. An external event would be participating in or sponsoring a community event or celebration which, like an internal event, would get plenty of reviews on social media as well.
3. Business Culture Determines the Rate of Employee Retention
Businesses with a strong culture often retain their best talents and skills. Businesses with a high employee turnover are not as profitable as those without. Worker turnover is costly to the business. It costs more to recruit, hire, and train new employees than retaining them. Businesses lose valuable employees to their competitors for lack of a strong culture in terms of employee retention. People with talents and skills want places where they can be allowed to grow as well as where they are free to implement their productive ideas. Among the things that retain employees, apart from better pay, include taking care of their welfare, listening to their ideas, and incorporating some of their views in the running of the company.
4. Your Business Productivity Depends on its Culture
Statistics show that more than 80 percent of your business’ productivity is as a result of its established culture. A business that has a highly motivated team is more productive than that that does not have. Employees who have the business culture in them put the interests of the business ahead of their own personal interests. The value of your products is largely determined by your culture. Customers buy products from businesses they know have a history of quality. That history is culture. Investors will also invest in your business or work with you basing on the strong culture.
You cannot have a strong business culture without a clear plan of sustaining it. Every member within your business should be involved in setting up, adapting, sustaining, and transitioning of your business culture from one level to another. Remember, culture is not a business strategy.
This article on ramping up your business culture was contributed by Hannah Whittenly. Hannah is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.