Ss27-03 Successful Small Businesses: The Contribution of Core Values

Introduction Small businesses (micro-, small- and medium-sized enterprises, or MSMEs) with limited resources, need robust systems to prevent any damages to people, property and environment and be successful, competitive, and profitable. These systems are essentially the outcome of core values, which are a set of guiding principles and fundamental beliefs of that business, helping all the members to work toward a common business goal. Materials and Methods A secondary literature review was combined with limited personal conversations with employees and employers of MSMEs from different geographical locations and various economic activities in India. Results Core values, such as respect for human beings and the fundamental human rights of trust, justice, integrity, responsibility, growth and resilience, when ingrained in a business makes it inclusive, sustainable, acceptable and successful. A safe and preventive work culture nurtures a healthy and safe workplace. Over 75% of employees consider it “very important” to work for a company with defined core values. Companies with highly aligned cultures see 30% higher growth and 17% higher profit growth. Twenty six percent of employees would forego a fancy title and 65% would accept lower pay rather than deal with a poor workplace environment. Conclusions Businesses do run with the convictions of a basic culture and values perceived, developed and refined over the growth path of the business. Further research on the formal focus and adoption of the core values to make the business unique, aspirational and sought after is warranted, especially for small businesses and their value or supply chains.