With the turbulence in the world over the last two years, it shouldn’t come as a surprise that many companies are rethinking how they do business. As these companies change their business practices, they are also raising their standards (which may include changes to company culture, hiring, revenue, client relationships, or investors). Businesses are adjusting to new challenges, but with these challenges come new opportunities.
Companies who charge into 2022 by raising their standards in business may find more fulfillment and opportunity within their industries. Below, we discuss how business leaders can stay ahead of the curve by raising their standards to better align with their company’s mission.
1. Create a Clearly Defined Mission
Without a clearly defined mission, raising business standards may prove hasty. Before an organization can even think about leveling up to new standards, it is crucial that organizational leaders determine exactly how they will be measuring this progress.
Many organizations mold their company practice around a mission statement. The mission statement is a public declaration of an organization’s purpose. It creates accountability and ensures that everyone is on the same page.
In a sense, the mission statement becomes the standard to which a business should be holding itself. After making a public declaration of the company’s purpose, clearly define the vision of what it will look like after the company accomplishes the mission. Put the vision in writing to help anyone who reads it visualize exactly what this new standard will look like.
When visualizing the mission statement, consider what each of the following areas will look like when organizational standards perfectly align with the completed organizational mission:
- Company Culture
- Leadership Skills
- Charity and Volunteer Work
- Human Resources
- Time Management
- Communication Strategies
- Client Relationships
- World Impact
2. Make Room for Those Who Match the Mission
As a business raises their organizational standards, there will no longer be room for everyone who comes in contact with the business. It’s important to only make room for clients, investors, and employees who support the mission of the company.
Be selective about these relationships when adopting higher standards. While it’s important to keep an open mind, compromising on organizational standards doesn’t benefit anyone in the long run.
While it can be uncomfortable to say no to those who may be interested in a relationship with your business, do not succumb to a scarcity mindset. Saying no to the wrong people makes room for the right people in the end.
This shift in mindset from scarcity to abundance may also decrease the number of people who want to work with a business because they are not on board with the higher standards. Raising your standards though, is far more about quality than it is quantity.
When a business raises its standards, it should take the resources previously used up by the people who do not support the current mission and redistribute them to the people who do. Though this redistribution of resources may seem like more work, the payoff of having the right people in the right seats is exactly the kind of planning that makes a business thrive.
3. Close Out Relationships That No Longer Fit the Mission
Perhaps one of the most difficult things a business can do is terminate their relationships with those people who no longer align with the company’s current mission or higher standards. Instead of thinking of termination as the end of a relationship, it may be helpful to think of this ending as a gateway that both parties need to walk through to reach their full potential.
A company should regularly be hiring and firing employees, clients, and investors in alignment with its mission. Of course, the easier path is just to keep the same people, but this doesn’t help the company or individuals grow in the process.
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Keep in mind that terminating an employee doesn’t have to be cruel. While presenting the reasons this person no longer fits in with the company, point out all the positive attributes that would make them a good fit in another environment. It’s never a good idea to burn bridges, so try to keep the relationship intact as it goes through a transition.
After some time, both parties will realize that termination was the right choice for their respective standards. Each person is now free to pursue relationships that fit their standards and values.
4. Set an Example of Excellence
The people responsible for solidifying the mission statement and putting the higher standards into work should be setting an example of excellence for the entire team. They will set the tone, pace, and energy the business needs along the path toward the mission statement.
These leaders need to put some accountability in place. By requiring the leadership team to regularly check in with other team members or a coach, organizational leaders can make sure that they remain aligned with the high standards. Since everyone else will be modeling their behavior after those responsible for solidifying the standards outlined in the mission statement, this should be a top priority.
Business leaders who want to put their company at the top of their industry must always look for ways to excel while companies around them maintain the same standards and practices.
The Bottom Line
As you charge into 2022, consider raising your standards in business to explore more fulfillment and opportunity in your industry.
When a business wants to get a competitive edge in their field, they need to raise their standards across the board. Many businesses find that this attracts more opportunities and better people with whom to partner. Raising standards maximizes growth and development for all involved.
Need some help with this? Our Business Advisory services can help you improve your business. Learn more here.
How are you raising your business standards this year? Let us know in the comments!