The power of values in scaling a business
In today’s fast-paced business environment, scaling a company effectively requires more than just innovative strategies and financial acumen. At the heart of sustainable growth lies a company’s values—principles that not only define its identity but also guide its journey towards success.
Tony Clark, co-founder and CEO of NextWave Consulting, emphasises that values are fundamental to becoming a leader in digital acceleration through data analytics, fintech, and automation in the financial services sector. For NextWave Consulting, being ‘famous for’ excellence in these areas means embedding core values deeply into every aspect of the business.
Defining values and their impact
“Values represent what we want to be famous for,” Clark explains. “They can’t be arm’s-length and they have to serve a purpose, which is to enable a business to achieve its vision and scale effectively.”
In his view, values are not just aspirational statements but are crucial in aligning the company’s actions with its strategic goals. When a company’s values resonate with its operations, they foster a culture where employees become culture carriers, driving the organisation’s growth."
For Clark, fast-track growth is achieved when everyone in the organisation shares a common sense of purpose. This collective alignment ensures that all team members are pulling in the same direction, fostering consistency and dedication.
“Each value needs to be presented with an explanation which will bring it to life,” he advises. Without clear definitions and tangible examples, values risk becoming mere slogans—“talk to the hand,” as Clark puts it.
Bringing values to life
Take, for example, the value of ‘passion.’ At NextWave Consulting, this value is defined as “enthusiasm and excitement for your work is the difference between getting things done and getting things done well. We are as excited about Mondays as we are Fridays.” This clear articulation of passion helps employees understand not just what the company values but why those values matter.
Clark underscores that values should form the foundation of company behavior and decision-making. “A company needs to be values-led and always walk the talk,” he says. Values provide the framework for acceptable behaviors, guiding employees in their daily actions and long-term strategies. “I would define values as a set of beliefs which provide the guard rails for a business and are evidenced by behaviours.”
Values in action: navigating challenges
The true test of a company’s values comes during challenging situations. Clark shares a compelling example from NextWave Consulting’s experience. When the company was contracted to provide niche specialists to a bank, a sudden client reshuffle led to the team being let go with only five days' notice. The market was challenging, and many firms might have opted to minimise their losses by offering a brief notice to their employees.
However, Clark and his team chose to uphold their values by maintaining the 30-day notice period for the affected team members, despite the significant financial cost.
“Our values meant we couldn’t leave people high and dry,” Clark reflects. “Values should mean that as a company, you always hold your head up high.”
This decision demonstrated NextWave Consulting’s commitment to its values even when faced with substantial financial implications.
Values and performance appraisal
An important aspect of ensuring that values are truly integrated into a company’s operations is their inclusion in performance appraisals. Clark believes that it’s not enough to simply have values; they must also be reflected in how employees are evaluated and rewarded. “It’s not just about how someone has lived up to those values, but whether their objectives and plans demonstrate that values are part of their thinking,” he explains.
This approach ensures that values are not just theoretical concepts but are actively influencing performance and decision-making at all levels of the organisation.
By embedding values into the appraisal process, NextWave Consulting reinforces their importance and maintains their relevance in day-to-day operations.
Values as the cornerstone of growth
Tony Clark’s perspective on the role of values in business growth underscores their critical importance in shaping a company’s culture and guiding its success. At NextWave Consulting, values are not merely aspirational; they are integral to every aspect of the company’s operations and strategy.
By clearly defining and consistently applying these values, businesses can ensure that they are not only achieving their goals but also building a culture that supports sustainable growth and long-term success.
- Extract from a DECISION Magazine interview commissioned by CapEQ
