What are core values and why are they so important to your hospitality business?
Core values are the cornerstone of any business’s brand, they are the fundamental beliefs and principles which drive decision making in that business and shape the culture.
In this blog post, we'll explore why core values are so important in any hospitality business, and how you can create and utilize them in your own venue.
Understanding Core Values
Core values are a succinct set of 3 to 5 key principles which are the most important beliefs which underpin your restaurant, bar or cafe business. They should be woven into everything you do within your venue and for your customers and should be fundamental in helping to drive you in your mission to create a unique and memorable experience for your customers.
Some examples of core values within a hospitality business include things like: excellence, innovation, teamwork, community, sustainability and adaptability. But the list will be completely unique to every venue, not only what the values are but specifically what that value means within that restaurant, bar or cafe business. For example two venues might have the value of community but may view this in a different way as described below:
Venue 1
Community: Giving back to our local community by supporting local charities and sponsoring local sports teams.
Venue 2
Community: Enhancing our local community by providing a space for local groups and teams to meet and come together and host their events.
Most businesses using this tool will select around 3 to 5 top core values which they adopt as the basis of all their decision making - from how they market their venue to how they train their staff - everything begins with these central beliefs.
The Importance of Core Values in the Hospitality Industry
1. Decision-Making
Your core values aid in decision-making at every level of your business. Whether it's a choice related to guest experience, vendor selection, or financial planning, aligning with your core values can help you make strategic decisions which are aligned to your business's mission and ultimate vision.
2. Consistency
Having well-defined core values and applying these beliefs to the way you run your venue helps you to provide a consistent experience for your guests helping you to build trust and loyalty.
3. Employee Alignment
Clear core values not only guide your employees in their daily tasks but also help in hiring the right talent. When your team shares and believes in the same values, it creates a strong sense of purpose and belonging, helping to create a positive work culture.
4. Competitive Advantage
The hospitality industry is highly competitive. Having unique and well-communicated core values can set you apart from the competition. Guests are increasingly choosing to visit venues that align with their own values, be it sustainability, inclusivity, or premium experiences.
5. Guest Satisfaction
Ultimately, the success of a hospitality business hinges on guest satisfaction. When your core values prioritize exceptional customer service, your guests are more likely to leave with positive memories and become loyal customers, returning for future visits and recommending you to others.
Finding Inspiration in Your Core Values
It's important to give careful consideration to what core values will underpin your venue, they should reflect your vision, mission, and the unique story you want to tell to your guests. They also inspire you and your team to strive for this same mission.
As you develop your core values, you could consider involving your staff and key stakeholders in the process. Encourage them to share their thoughts and insights about what they believe is most important for your business. This collaborative approach can lead to more genuine and meaningful values that resonate with everyone involved.
Once you've established your core values, use them as a foundation for:
Crafting a compelling brand story.
Developing marketing campaigns that emphasize your values.
Training and empowering your team to embody these values in their work.
Measuring and evaluating your business's performance against your core values.
In conclusion, core values are the heart and soul of your hospitality business. They not only guide your daily operations but also inspire you and your team to reach new heights of excellence. They serve as a powerful tool for differentiation and can lead to greater guest satisfaction and loyalty.
If you are considering making any updates to your business or venue and would like to talk through this strategy process please book a free online Concept Strategy Session at the link below.