What makes a company successful? When we look at the top companies in our region or the world, we see that there is no shortage of potential answers. For me, my idea of success comes from my experience.
REI Nation is my family’s company. We’ve been in the real estate investment game for a long time, through our fair share of challenges (including the Great Recession ). Despite it all, we’ve only continued to gain momentum, grow investor wealth, and expand our reach over the years.
And really, it all comes down to our core values. Without these values — these company qualities — we would not be where we are. Maybe we wouldn’t be here at all! It’s easy to succeed when times are good. It’s the rough patches, trials, and hardships that truly demonstrate the strength of your company model.
We’ve been there — and we’re always getting better.
Here are five values my family stands by that I know will help your company achieve success in the same way we have at REI Nation. These are far from the only values we hold, but they are the ones I want to discuss today.
5 Essential Values Successful Companies Hold
1) Honesty
Honesty is at the heart of integrity. Honesty can mean a lot of things, and it certainly influences other values on this list. Being honest, especially as a company, can be a challenge. We have to avoid the temptation not just to outright lie, but to fudge the truth and omit the facts. Honesty breeds trust. Trust makes for long-term relationships. For a business, that means loyal customers, employees, and collaborators.
I won’t pretend that honesty is easy all the time. When it feels like your reputation is on the line, when there’s a mistake or embarrassment, it’s easy to gloss over the truth. You’ll find, however, that being open and honest with the people you work with and serve rewards you in the end.
2) Humility
Some view humility as a weakness. I, for one, do not. Humility — being humble — does not mean you lack assertiveness or strength. What is means is that you remain teachable. It means you’re willing to recognize that you have further to go. You’re capable of making mistakes. And most importantly, you’re always capable of getting better and better.
Humility means not believing the lie that you’re as good as it gets. It’s not giving into feelings of superiority in the face of success. Instead, you stay sharp — recognizing that there’s always more to learn and more to be done.
3) Accountability
Honesty and accountability go hand-in-hand. Accountability is a dedication to making things right. It’s essential in excellent customer service, which is foundational to any successful company. Accountability does not, first and foremost, concern itself with profits. It concerns itself with the customer’s experience. It recognizes wrongs and makes them right.
In business, accountability can be costly. It can be hard. But for those with their sights on long-term gains, accountability is critical.
4) Commitment
What are you committed to? In business, we can be committed to the wrong things: our notoriety, our bottom line, or our egos. Committing to the right things matters. For the sake of your success, I hope you commit to excellence. Commit to being the best you can be for the people you serve. Even if you’re having a hard day, a rough season, or stressful circumstances, you still commit to being the best you can be and doing the best job you can do.
Commit to quality. Commit to high performance. Commit to your business and its future!
5) Passion
It’s impossible to feel passionate about something all the time. I realize that. Passion, like love, is more than feeling. It’s an action. We can’t let feelings dictate our performance. Acting with passion demands that we act with care. We’re intentional. Driven. Dedicated. Passion isn’t about how you feel, it’s about what you do.
Passion drives us to invest, to go beyond expectations, and to be happy with a job well done. Passion alone will not sustain a business. It must go hand-in-hand with wisdom, along with the other values I’ve already mentioned.
At the end of the day, care about the work that you do, the people you serve, and the reputation you build.
What values and principles guide the way you do business? Share in the comments.