Values are principles, standards, or qualities considered worthwhile or desirable. Values govern the operation of the business and its conduct or relationships with society at large, customers, suppliers, employees, local community and other stakeholders. Values include one’s philosophy of business, beliefs about the nature and purpose of business, and the presuppositions or assumptions one makes about business.
Values critically impact two areas: ends and means. Business or organizational ends involve the end product(s) or service(s). Business or organizational means involve the ways or methods used to accomplish the ends. Ends are to be prescribed (what products/services, for whom, and at what cost?) and means are to be proscribed (what ways and methods are not acceptable). This exercise will demonstrate what the business or organization wants to accomplish, and what it will not allow itself to do.
- What is to be produced? What difference will your product or service make to those who purchase it?
- For whom is this product or service intended?
- And at what cost will it be produced?
- Describe ways and/or methods of business that are not allowable.
- All other ways or methods of accomplishing the specified ends are allowable. Providing negatively stated means limitation policies will stimulate maximum operational creativity.