Home » Business Resources » Business Values » Family Values and Business Values Should Align

Family Values and Business Values Should Align


In their 1995 book, The Nordstrom Way: Inside America’s No. 1 Consumer Service Company, Robert Spector and Patrick McCarthy state that Nordstrom employees go beyond the call of duty to service customers every day. However, what you may not know is that the business value is also part of the Nordstrom’s family values. Co-Chairman Bruce Nordstrom says,

“If that confidence in the individual is repeated over and over and over again, it creates power. Nordstrom’s supreme advantage over its competition is that it has been and will continue to be  controlled and operated by the Nordstrom family. Family control brings an institutional memory, a consistent message and stability for long term planning.”

Craig Aronoff, Ph.D and John Ward, Ph.D state in Family Business Values: How to Assure a Legacy of Continuity and Success, “values tend to endure over time. When shared among owners, decision makers, and employees in business, they have great power in shaping the business’s performance and results.” Some of the advantages to the business, as described by Craig and John, of aligning business values with family values are:

1. Laying the bedrock for corporate culture – corporate culture is the build up of beliefs and values that drive the business and the day-to-day assumptions and behaviours that reflect those values.
2. Providing a template for decision-making – business decision makers view all questions through a framework of values, whether consciously or not.
3. Inspiring top performance – values are powerful motivators of people. Bottom line objectives typically fall short in building a vision for the future.
4. Supporting a patient, long term view – a vision longer than quarterly profits can strengthen the owners’ resolve as the markets fluctuate.
5. Reducing the cost of capital – shareholders that are willing to stick together are more likely to support appropriate risk taking, to sacrifice short term liquidity for long term business goals, and to refrain from withdrawing capital from the business for personal needs.
6. Improving strategic planning – Core values can help business leaders avoid being bogged down in past successes and lift their eyes to the horizon for strategic decision making.
7. Lending meaning to work – shared values, particularly when they focus on people-centered principles such as respect or education and development, afford employees a sense of purpose that keeps them on track in even the most mundane jobs.

Our mission is to make a difference by helping family businesses avoid the shirtsleeves to shirtsleeves statistics. By using a proprietary values based process, families can now nourish, grow, and pass on their true wealth with a higher degree of certainty on their journey from success to significance.

We take the idea of a Family Office one step further by providing holistic benefits such as: health and parenting resources, values and legacy tools from leading global experts, fun family activities, online collaboration, secure backup services for important documents and precious memories, and a comprehensive Financial and Business Toolkit.

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 4,612 other followers

Categories

RSS Small business news – CNNMoney.com

RSS Personal finance news – CNNMoney.com

RSS Business news and Fortune 500 – FORTUNE Magazine

RSS Unknown Feed

  • An error has occurred; the feed is probably down. Try again later.

RSS Celebrity Net Worth

  • This Is The Dirty Little Secret That Keeps Kim Jong-Un Fat And Extremely Rich (While His Country Starves) October 2, 2014
    While his people starve to death, every year Kim Jong-Un and his family members stash away billions of illicit funds in order to keep living like kings. Here's how they do it...Read more: This Is The Dirty Little Secret That Keeps Kim Jong-Un Fat And Extremely Rich (While His Country Starves)
  • Federico Castelluccio Net Worth October 1, 2014
    Federico Castelluccio is an Italian-born, American actor who has a net worth of $3 million. He is best known for his role on theRead more: Federico Castelluccio Net Worth
  • Elizabeth Holmes Net Worth October 1, 2014
    Elizabeth Holmes is an American businesswoman who has a net worth of $1 billion. She is the founder and CEO of Theranos, an AmericanRead more: Elizabeth Holmes Net Worth
  • Omar Sharif Net Worth October 1, 2014
    Omar Sharif Net Worth: Omar Sharif is an Egyptian actor who has a net worth of $500 thousand dollars. Omar Sharif was born inRead more: Omar Sharif Net Worth
  • Abdulsamad Rabiu Net Worth October 1, 2014
    Abdulsamad Rabiu net worth: Abdulsamad Rabi is a Nigerian businessman who has a net worth of $1.2 billion. He is the founder of BUA Group,Read more: Abdulsamad Rabiu Net Worth
  • Kevin Corrigan Net Worth October 1, 2014
    Kevin Corrigan Net Worth: Kevin Corrigan is an American actor who has a net worth of $500 thousand dollars. Kevin Corrigan was born inRead more: Kevin Corrigan Net Worth
  • Cara Brett Net Worth October 1, 2014
    Cara Brett Net Worth: Cara Brett is an English glamour model who has a net worth of $750 thousand dollars. Cara Brett was bornRead more: Cara Brett Net Worth
  • Claudia Winkleman Net Worth October 1, 2014
    Claudia Winkleman Net Worth: Claudia Winkleman is an English television presenter, film critic, journalist, and radio personality who has a net worth of $12Read more: Claudia Winkleman Net Worth
  • Summer Rae Net Worth October 1, 2014
    Summer Rae Net Worth: Summer Rae is an American professional wrestler, valet, model, and actress who has a net worth of $1.5 million. SummerRead more: Summer Rae Net Worth
  • Meghan Trainor Net Worth October 1, 2014
    Meghan Trainor Net Worth: Meghan Trainor is an American singer-songwriter, musician, and producer who has a net worth of $2 million. Megan TrainorRead more: Meghan Trainor Net Worth

RSS MarketWatch.com – All MarketWatch News – Personal Finance

RSS Latest financial news – CNNMoney.com

RSS Reuters Video: Small Business

  • Feeding America’s startling statistics August 18, 2014
    Aug 18 - Lauren Bush Lauren discusses the latest findings on hunger in the U.S. from a survey conducted by an organization she represents. The granddaughter of President George H.W. Bush and niece of President George W. Bush also discusses her famous family.
  • Starting up in China? Here's what's most ripe for disruption July 9, 2014
    There's no doubt China's tech sector is heating up, but not all opportunities are made equal. 500 Startups' China partner Rui Ma tells Reuters' Jon Gordon where she sees the most promise
  • Lo-tech key to happy life July 4, 2014
    An Englishwoman proves it is possible to manage a business in 21st century Britain and make a modest living, without the use of modern-day technology. Hayley Platt looks at Dani Church's ferry business on the Suffolk coast, which has been in her family for 125 years.
  • Test flight shows balloon space tourism no flight of fancy June 25, 2014
    Arizona-based company World View Enterprises says it has taken a major step towards launching commercial balloon flights to the edge of space, with a successful unmanned test flight that reached an altitude of about 23 miles. The company hopes to begin taking tourists to near space in 2016 with advanced technology it says will open up a new view of the Earth […]
  • Pies fly in Russia with pizza delivering drones June 23, 2014
    A pizza chain in northern Russia begins to deliver pizza by Russian-made drones. Elly Park reports.
  • Organic farming culture brings burgeoning business for Fiji islanders June 22, 2014
    The remote Fijian island of Cicia has launched a novel business in organic produce that could prove to be a template for other developing communities around the world. The island declared itself chemical free and fully organic eight years ago and is now producing food that's attracting the interest of foreign buyers. Tara Cleary reports.
  • Raptor robot gives Usain Bolt a run for his money June 18, 2014
    June 18 - A bipedal robot modelled on the now extinct Velociraptor, can run faster than Usain Bolt, according to its developers. The Jamaican sprinter holds the 100 metres world record with a time of 9.58 seconds but South Korean researchers say their robot could leave him in the dust. Rob Muir reports.
  • Environmentalists shine World Cup spotlight on "vulnerable" mascot June 16, 2014
    June 16 - With attention focused on the world's greatest soccer stars in Brazil, conservationists are working hard to promote the plight of the animal being used as the official World Cup mascot. Known as Fuleco on posters and banners throughout the country, the three-banded armadillo is in decline, and conservation groups say FIFA and the Brazilian gov […]
  • Indonesian villagers cooking with gas - from garbage June 15, 2014
    June 15 - A community in East Java, Indonesia, is turning methane from the local garbage dump into gas for more than 400 homes. Local authorities have set up a system where methane produced by rotting waste is extracted and pumped to villages nearby, turning greenhouse gas emissions into useful energy. Tara Cleary reports.
  • Cardiopad brings heart health to remote Cameroon communities June 13, 2014
    June 13 - A touch screen tablet invented by a 22-year-old Cameroonian engineer is helping doctors perform heart examinations on patients in remote, rural locations beyond the reach of specialists. Jim Drury has more.

RSS FP Top Stories List

RSS Reuters: US Dollar Report

RSS Reuters Video: Business

  • Beijing's dilemma in Hong Kong October 1, 2014
    As pro-democracy protests continue in Hong Kong, Reuters correspondent James Pomfret speaks about the issues the Chinese government are facing and their potential options.
  • Ebola scares Wall Street October 1, 2014
    Stocks were knocked off their feet with small caps now down 10 percent from their record high as a U.S. confirmed case of Ebola sparked weakness in travel and tourism stocks that spread. Conway G. Gittens reports.
  • The Exchange: Economic security October 1, 2014
    Congressman Paul Ryan tells Rob Cox that immigration reform can help grow the economy, but border security must come first.
  • The Exchange: Breaking the code October 1, 2014
    Congressman Paul Ryan sits down with Rob Cox to talk about tax reform and the importance of lowering rates for both corporations and individuals.
  • The Exchange: On the defensive October 1, 2014
    Congressman Paul Ryan says President Obama’s proposed military spending cuts may endanger global prosperity.
Follow

Get every new post delivered to your Inbox.

Join 4,612 other followers

%d bloggers like this: