For Paul Hargreaves, MD of Cotswold Fayre and a founding member of B Corp UK, the journey towards a values-driven company began with a profound personal experience and has evolved into a powerful business philosophy.
This exploration of values not only highlights their importance in guiding business decisions but also sheds light on practical strategies for embedding these values into the company’s operations.
From charitable roots to business leadership
Paul Hargreaves’ background in the charitable sector profoundly influenced his approach to running Cotswold Fayre, a fine food wholesale distributor.
“When a business starts, it often operates on intuition, with the founder setting the example,” Hargreaves explains. “As the company grows, however, these initial values need to be formalised to ensure they endure beyond the founder’s tenure.”
The pivotal moment for Hargreaves came in 2011 when he visited an orphanage in Kenya with his daughter. The experience of witnessing extreme poverty moved him deeply. Upon returning, he was driven not just to provide financial aid but to make a tangible difference. This newfound purpose injected a fresh energy into Cotswold Fayre, demonstrating the profound impact that aligning business operations with a greater purpose can have.
Rebuilding with B-Corp ethos
In 2014, Cotswold Fayre faced a significant setback due to a major IT failure. This challenge became an opportunity for transformation when Hargreaves discovered B-Corp certification. “I was initially skeptical of the American-sounding name,” he admits. “But discovering a community of like-minded businesses was inspiring.”
Embracing B-Corp principles, Cotswold Fayre began rebuilding with a renewed focus on values. The company established ‘change groups’ tasked with improving internal and external practices related to the environment, community, and innovation. This move was not just about adopting a new business model but about deeply integrating values into the company's operations.
Bringing values to life: everyday practices for success
Integrating values into everyday business practices requires more than just lip service. Hargreaves emphasises the need for clear, actionable definitions of values to avoid them becoming mere slogans. For instance, the value of ‘passion’ at Cotswold Fayre is articulated as,
"Enthusiasm and excitement for your work make the difference between getting things done and getting things done well. We are as excited about Mondays as we are about Fridays.”
To embed these values deeply, Cotswold Fayre has introduced various practices.
Monthly company days bring everyone together, fostering a sense of unity and reinforcing values. These gatherings include activities like a free massage for employees and start with a period of silence to help focus on values-driven discussions. This approach ensures that values are not just discussed but are lived and breathed throughout the organisation.
Values in practice: supply chain and beyond
A key aspect of Cotswold Fayre’s values-driven approach is how it influences relationships with suppliers and customers. Each supplier undergoes a B-Corp assessment, though Hargreaves is cautious about making accreditation a rigid requirement. “If we mandated B-Corp accreditation for all suppliers, we might lose valuable partners,” he notes. Instead, Cotswold Fayre encourages suppliers to progress towards these standards, focusing on mutual growth rather than rigid compliance.
Hargreaves acknowledges the risk of values becoming part of a box-ticking culture. However, he sees any movement towards discussing and implementing values as a positive step.
“Even if companies are box-ticking, they are still engaging with important issues they might not have addressed otherwise,” he says.
The company also maintains a balance by having an impact manager involved in supplier selection, ensuring that values align without creating unnecessary barriers.
Navigating change and preserving culture
As Cotswold Fayre continues to grow, maintaining its core values amidst change is a critical concern. Hargreaves believes that the company’s values provide a stable foundation, even when facing challenges like hybrid working or potential acquisitions.
To address the challenges of remote work, the company holds regular in-person gatherings to reinforce its culture and values. The focus on ‘people and planet’ in every meeting underscores the importance of these principles in decision-making. Hargreaves also highlights the importance of leaders showing vulnerability and emotion to build trust and authenticity within the organisation.
When it comes to acquisitions or outside investment, Hargreaves is selective, ensuring that potential partners share the company’s values. “If a company does not align with our values, it could derail our culture,” he warns. This commitment to values over mere financial considerations reflects a deep-seated belief in the role of values in long-term success.
Conclusion: the power of values in driving business success
Paul Hargreaves’ journey with Cotswold Fayre illustrates the profound impact that a values-driven approach can have on a company’s success. By integrating core values into every aspect of the business, from daily operations to strategic decisions, Cotswold Fayre has demonstrated that values are not just theoretical ideals but practical tools for guiding business growth and fostering a positive organisational culture.
In today’s rapidly evolving business environment, maintaining a focus on values can be a powerful differentiator. It helps companies navigate challenges, build strong relationships, and create a meaningful impact on both their employees and the broader community. As Hargreaves’ experience shows, the true essence of a business is articulated through its values, and embracing this ethos can lead to sustainable success and fulfillment.
For more insights into how values can shape business practices and drive success, visit Cotswold Fayre and Flourish Foodhall and Kitchen, the UK's first B-Corp restaurant (near Bristol).
- Extract from a DECISION Magazine interview commissioned by CapEQ
