Strong business culture can lead to great success, or it can quickly derail your company if you don’t get it right. Essentially, the culture of your business is what you stand for. How you treat your employees, customers and anybody else who comes in contact with your business. It’s how you celebrate the highs and battle through the lows.
The culture you create can have a significant impact on your staff, customers and even your profits. So, let’s take a look at why building a strong workplace culture is important for your success.
Defining your company identity
Every business should stand for something. Whether you want to be seen as a clean, green enviro-friendly company or you want to be known for building the best software on the market. Your culture helps to define who you are as a business, and it’s closely linked to the values you have as a business owner.
It also forms part of your reputation, because word gets around within an industry pretty quickly. Customers are also looking more and more for information about who you are as a company. This is primarily because people aren’t singularly influenced by price anymore. They want to know that the companies they engage with share some of their values.
Attracting and retaining top talent
We mentioned that word gets around an industry pretty quickly, and that’s where your culture can affect recruitment. You want the top talent working for you, but it’s difficult to attract those people if your culture is lacking. Prospective employees do their research now, and it’s not enough for them just to have a good salary. They want better conditions, a dynamic atmosphere, advancement opportunities and so much more.
The same can be said for staff retention. If your culture is poor, people won’t stick around too long. This has a double-edged impact, because you not only lose quality people and high performers, but you also have the expense of recruiting replacements.
Great culture leads to great performance
It’s widely known that happy, engaged staff produce better results. They’re more inclined to go the extra mile to do a great job, and this is partly because they’re proud of where they work. If employees feel supported, and that you invest in them, they’ll repay it with effort.
Turning staff into advocates
The extension of having employees who are proud of where they work is that they often promote your business. If your staff are happy and know that the business has a great culture, they’ll only be too happy to recommend your products and services to friends and family. They may also influence other great people to come and work for you.
A better customer experience
Finally, all of the benefits above culminate in a better experience for your customers. When customers interact with genuinely happy and engaged staff, it’s always a better experience. This leads to repeat business, customers promoting you on social media and recommending you to friends and so much more. At the end of the day, you don’t make money without your customers, and your culture can impact them just as much as it impacts you.