Despite common belief, businesses don't always exist simply to capitalize on opportunities, make a lot of money, and serve their owner(s). Especially in the small business space, many organizations are established with a specific intent to address a client's need or pain point, improve a solution, provide a niche offering, and/or cater to a distinct target audience in a unique or innovative way.
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These small businesses are driven by a purpose, and their owners and leadership are motivated to succeed not primarily by money, a need to win, or receive a specific return on their investment. Instead, they have the desire to accomplish goals, reach collective success, and create an impact in a personalized manner that stems from their core beliefs and values.
While money is like oxygen (we all need it to survive and thrive) and financial security is a responsibility for those who support themselves and their family, money is often not the primary factor driving entrepreneurs and small businesses. Entrepreneurs in particular are motivated by their passion for their product or offering, and are inspired to succeed by their dedication to make a difference and have a positive effect on others (internally and externally), often leaving a lasting legacy.
Distinct Value Propositions
In a society that is littered with businesses that are highly driven by financial rewards by capitalizing on clients' feelings, emotions, ignorance, or price-driven mindset, there are values-driven businesses that exist for different reasons, especially in the Pro AV industry. Values-driven businesses seek innovative ways to satisfy clients, raise the bar for the industry at large, and achieve greater results for all those who are impacted. This distinct value proposition and unique competitive advantage facilitates their success and attracts clients who identify with and appreciate those qualities, so much so that they are willing to support these companies and ensure their success by paying a premium for their products and services.
Small businesses often fight the uphill battle of not having the biggest team, most well-known brand, deepest pockets, or most competitive pricing, but they make it up in other areas. Whether it is the niche offerings, personalized service, responsiveness, consistent outcomes, and/or comfort in having a direct relationship with a specific person or team, the right clients find value in working with companies that offer the agility and customized solutions to meet their precise needs.
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Values-driven small businesses have the added advantage of prioritizing their core beliefs and values to achieve success beyond the restrictions that may be put on purely profit-driven companies. While overall financial security is a fiduciary responsibility of leadership, the need to be profitable on a case-by-case basis shouldn't stand in the way of achieving successful outcomes and maintaining esteemed client relationships for companies that have built their business on protecting their reputation, ensuring client satisfaction, and upholding a commitment to excellence.
Values-driven businesses seek innovative ways to satisfy clients, raise the bar for the industry at large, and achieve greater results for all those who are impacted.
The distinction between companies that are driven primarily by profit versus those that are profitable as a result of pursuing their values-driven goals can often be identified in their business practices, relationships with clients and vendors, leadership and management strategies, and team culture. When company beliefs and core values are team and client-centric and held in high enough regard to guide decisions, behaviors, and relationships, they will ultimately result in favorable outcomes that are also financially rewarding, despite the sacrifice of profitability that may exist in any given instance. On the contrary, business practices and management strategies that are primarily financially driven can provide a short-term win for the organization, but may not be in the best interest of clients and/or team members, ultimately jeopardizing relationships.
Practicality Still Matters
While being values-driven provides a feel-good story that differentiates a business and brings together clients, partners, vendors, and team members who resonate with common beliefs and principles, it doesn’t negate the basic need for financial stability that is required for any business to operate in a healthy and successful manner. Being profitable is still a fundamental criterion for any for-profit business.
Profitability can be a sought-after goal of a business without being a primary driving force behind the business. When profit comes at the expense of others or is motivated by a need to win at all costs, it typifies the common perception of selfishness and greed. However, when profit is a byproduct of a business that is values-driven with positive intentions and altruistic ideals to serve clients, support partners, and care for their team members, the feelings around profitability are more positive, rewarding, and justified.
In a field that is people-centric like the Pro AV industry, the importance of relationships, supportive communities, and a commitment to successful outcomes is key. It makes sense that those who are born out of the Pro AV industry go on to form or lead values-based organizations that exhibit a passion for their craft, commitment to honor their relationships, and dedication to carry the flag for the betterment of the industry. It is also no coincidence that organizations that demonstrate a values-based approach to business find that they are well-received and gain the favor of their clients, team members, and those who are considering a future relationship.
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In the end, values-based businesses that are genuine and authentic take on the personality of their owners and leadership. Thus, working with a values-based business means investing in the individuals who are behind the business and share a mutual commitment to success by bringing admirable qualities to their relationships while prioritizing their core values ahead of their self-interests. Support for values-based businesses not only benefits those who are actively engaged in the relationships, it also helps to make the industry better, stronger, and more respected as a whole.
