Every firm has a set of core values, whether explicit or implicit.

When judged on core values, every firm occupies space on a spectrum. On the far left side of the spectrum are firms with core values that are unintentional, unwritten, and influence decision-making. On the far right side of the spectrum are firms with core values that are intentional, written, and influence decision-making.

Did you notice the constant? No matter where you are on the spectrum, core values always influence decision-making. You might say that we actually make decisions for a variety of reasons. My retort is that fueling all of our reasons are our underlying values.

So, let’s agree that every firm has core values. Not only that, every team in a firm has a set of core values.

Now, why does this matter?

When we know what those core values are, whether at the firm or team level, we can make better decisions more often. When we don’t know what those core values are, we make worse decisions more often. Making worse decisions costs the firm money and creates unnecessary stress.

Part of the job of leadership is providing the context for others to make decisions. Part of creating this context involves intentionally surfacing and reinforcing our core values over time.