How Core Values Make or Break Consulting Success

"If you don't stand for anything, you'll fall for everything." Although the Broadway lover in me wants to credit Lin Manuel Miranda with this quote, research tells me it is more of a modern proverb attributable to no one in particular.

But what does this have to do with being an actuary, you ask?

Quite a lot. This proverb serves as a potent reminder that without a solid foundation and core guiding principles, we - as individuals and organizations - are all too easily distracted and tend to go where the wind blows us.

Values at Work: Observations from the Field

Having been a part of a few truly great consulting organizations, and now partnering with some of the same, I see the value of values time and again.

The organization that is founded on innovation and agility cultivates consultants who feel empowered to follow their curiosities, experiment, and embrace new challenges. They don’t have to ask permission to try something new.

The office that is built on the principles of people first, work-life balance, and collaboration fosters some of the strongest and most supportive teams I have met. They step in to help each other out as they deliver quality results to every client.

And in an organization that stands on the values of continuous learning and extreme quality, consultants deliver over-the-top analysis while developing and employing new skills along the way. They have become trusted advisers and fast adopters of new tools and ideas.

On the flip side, I have seen more than one organization where the values are either a worn poster on the wall or entirely invisible. In these cases, consultants are left to chase revenue and struggle to identify where and how they should be spending their time. They feel less connected to each other and the organization.

The Critical Role of Values in Consulting

Consulting organizations, solidly in the service industry camp, cannot rely on one leader to be involved in every relationship, sale, or project. A clear set of articulated values shared by the team equips and empowers everyone to make consistent decisions and work toward the same goals.

Without clear values, confusion reigns, resulting in a lack of direction and inconsistent client experiences. This also leads to a frustrated and disjointed team pulling in different directions.

The Benefits of Core Values

Core values provide numerous benefits for your organization:

- They offer a clear direction and framework for decision-making.

- They attract and retain the right people who align with those values.

- They ensure the organization can face challenges and opportunities effectively and efficiently.

Multiple studies have shown that organizations with clear core values have more engaged employees, outperform peers in stock market growth, and achieve sustained profitability and success.

Values are a Strategic Imperative

Defining your organization's values is not just decoration for your wall or website; it's a strategic imperative. It lays the groundwork for sustainable success, helping you build an organization that stands the test of time.

As the leader or founder of a consulting group, ask yourself if you can clearly articulate the organization's core. It doesn't matter whether they are to create a flexible work environment, develop innovative tools, or foster collaborative and long-term partnerships with clients. When they are clear, you and your whole operation can align with them. You can loosen your grip on the reins of the organization and allow the results to follow.

So what do you stand for?

Deeper Dive

Entrepreneur.com offers an insightful article on developing and effectively utilizing core values within an organization.

The article, "Core Values: How to Develop and Utilize Them", underscores the pivotal role of core values in steering decisions and fostering a cohesive organizational culture.

The value is clear, "As you grow, your business is going to hit roadblocks. When this happens, there will be moments when the whole team needs something to rely on to keep pushing, and that is the most crucial moment these will come in to play."

Lab Work

Craft Your Corporate Core Values

Objective:?The purpose of this exercise is to identify and clearly define 3-5 core values that will serve as the bedrock for your consulting organization's decision-making processes, strategic initiatives, and overall culture.

Step 1: Reflect on Your Purpose

This step involves deep introspection about your organization. Reflect on the following points:

• Why did you found or join this consulting firm? What are the fundamental principles and motivations that drive you?
• What is the impact you aspire to make on your clients, your team, and the broader industry?
• Visualize what you hope your clients and employees say about the organization when they speak to others.
• Conversely, consider what you would never want to hear said about your organization.

Step 2: Identify Core Values

Based on your reflections, identify 3-5 core values that resonate with your insights. These could be principles like integrity, innovation, client-centricity, teamwork, or continuous improvement.

Step 3: Refine Your Core Values

• Share your draft values with your team and other stakeholders. Seek their feedback, particularly regarding any areas where they need more clarity.
• Ask them to provide examples of current activities or decisions that currently contradict these values. Use this input to confirm that you have the right list (you may have the right core value, but have work to do to ensure the team is aligned with them).
• Refine your core values by eliminating unnecessary words. Aim for clarity and conciseness in your final list.

?? Share your insights, thoughts, and findings in the comments or DM me.

Hi, I'm Aree, a sustainable success speaker, author, coach and seasoned actuary. Throughout my healthcare actuarial career, I developed my passion for team-building, leadership, and mentorship. Now, I've turned that passion into a mission: to empower actuaries and analytical professionals to navigate their complex fields with clarity and purpose. I help individuals build sustainable, fulfilling careers, and help leaders build effective and sustainable teams through partnerships, speaking, and one-on-one coaching.

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