Take Stock of Your Core Values to Find the Keys to Business Success

It is no secret that an increasing number of neurologists are burned out at work. The impact on business caused by COVID-19 has only made this worse.

With lower caseloads, this might be a good time to work on your resilience. A good place to start is by taking a stock of your core values.

“This is a handful of truly fundamental qualities and characteristics that you intend to bring into your organization,” Brian Donnelly, an executive coach and whose led a range of healthcare businesses, told an audience at the 2019 annual meeting of the Medical Group Management Association. “You cannot phone a friend or poll the audience. You do not form a subcommittee to generate what your core values are. The core values come from you. It is the culture you intend to create for your organization. And it also helps you define the kind of people you intend to attract and retain.”

Take That, Burnout!

Work that aligns well with your core values will be more rewarding and less likely to cause burnout.

A 2017 study of intensivists found that burnout was associated with moral distress, “the inability of a moral agent to act according to his or her core values and perceived obligations due to internal and external constraints.”

If you need a little help in determining your own core values, take a look at the ones from the Mayo Clinic listed below. They are typical of companies that provide medical care:

• Respect
• Integrity
• Compassion
• Healing
• Teamwork
• Innovation
• Excellence
• Stewardship

Donnelly says that once you have your core values in place, you can parlay them into action that will move your company forward. This begins by clearly defining the core focus of your business.

Purpose and Passion

The core focus is “What you love to do and you’re great at,” he says. “It is your why, your purpose, or your passion. It becomes your filter through which you run your decisions, so you don’t get distracted by the shiny stuff. The power in this is having a common understanding; you have to be clear on that to galvanize and energize your team.”

This will help you determine your value proposition, a key to marketing success. A value proposition is a statement that clarifies how your business stands apart from your competitors.

“I call it your three uniques,” says Donnelly. “What is it about you that compels your target audience to choose you over any other competitor in that market?”

You may have competitors who can deliver one or two. However, “there should be no one on the planet who can deliver your three uniques to that target market as well as you can,” he adds.

Reaping Financial Rewards

Defining your values and integrating them into your focus and value proposition will galvanize a sense of purpose for you as well as the people on your team. Running your business in line with your purpose will not only help you get through hard times but it may also reward you financially.

According to a study done by LinkedIn on the role of purpose in the workforce, 85 percent of purpose-led companies showed positive growth. Forty-two percent of companies that were not purpose-driven showed drops in revenue.

There is also a link between what employees consider an acceptable salary and their sense of purpose. According to this paper, published in the journal Frontiers in Psychology, participants on average reported minimum acceptable salaries that were 32 percent lower for personally meaningful jobs compared with jobs that were perceived as personally meaningless – they’ll take less pay to do meaningful work.

If you are interested in learning more about how solidifying your core values can help you build a more financially strong and resilient business, check out Donnelly’s website. It may turn out that the hit your business is taking from COVID-19 will prove to be the catalyst for change you needed.

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