6 Elements That Define Your Company DNA
Do you know why some businesses achieve more than their counterparts? Do you know why no two businesses are ever the same? What is the DNA of your Business? Do you know why certain businesses behave in a certain way that sets them apart from others? The secret is found in their DNA. The Corporate DNA is not a mythical term. It is much more than Corporate Identity. It is not the same as branding. It is a sense of history that reflects in the way a company conducts its business. It is entirely internal.
To be a successful person, you must first know yourself. The same is true for corporations.
In biology, the DNA, which stands for DeoxyriboNucleic Acid, contains the genetic instructions for every living organism. The DNA determines what kind of life the organism is being formed to live. The DNA contains the programming language [source code] for the organism. Your business is also an organism and needs a DNA to efficiently and effectively function. The DNA of a business determines what kind of a company it will be, the basis of its operations and its outcomes. It gives the broad picture of what the business will look like, what will guide its actions and what type of goals it will seek to achieve. They represent the soul of the business.
The 6 essential components for creating the DNA of your business are:
1. Purpose:
“Why do we exist as a business?”; “What need or needs are being met by this business?”
The purpose of a business is the creation of customers through the provision of innovative products/services that best meets their needs and solves their problems. Every business exists for the sake of the customer. It is your responsibility as an entrepreneur to clarify what your business exists to create for the customer it has chosen to serve. Businesses in the same industry or serving the same class of customers generally have a common purpose peculiar to that industry.
2. Vision:
“What do we want to achieve using this business as a tool?”; “How far do we want to go in pursuit of our purpose as a business?”
The vision refers to the extent at which the business hopes to fulfil its purpose. It’s usually a definite picture of a preferable future. An image of what the company would be like when it must have fully fulfilled its reason for existing [purpose]. In other words, vision is the end-result of fulfilling purpose. It’s measurable either quantitatively [size, position, number etc.] or qualitatively [brand loyalty, innovation, overall impact or contribution made, magnitude of problem solved etc.]
3. Mission:
“How do we intend to succeed in this business?”; “How and what must we primarily focus on as a business to be the №1 choice of our target customers?”
The mission is the primary task of the business. Mission is the translation of the purpose and vision into specific operational strategies. It focuses on how the business can best fulfill its purpose and achieves its vision within the estimated timeline. Mission breaks down the long-term vision and purpose into smaller actionable steps that can be implemented daily in the business. Mission is how the business as a tool functions.
4. Values:
“What principles, standards and tenets must we hold to be true and never compromise as a business?”; “How must we collectively think and behave as a business in order to fulfil our purpose, achieve our vision and execute our mission?”
Values refer to the highest standards of behaviour and thinking expected of every member of a business. Values are the root system that holds and nourishes the business as it grows and interacts with its environment. They constitute the essential and enduring virtues of a business which governs the relationship of the business with itself and with the outside world.
5. Brand:
“Who are we as a business to the general public?”; “What is our promise to those we intend to serve?”; “How do we want to be perceived by our target customers?”; “What do we want to be remembered, recognized or respected for in the marketplace?”
Brand is the perceived image of the business by the outside world. It refers to the psychological association the public have towards your business. Brand is what the public holds you accountable for, it’s what they expect of your business as a tool that meets a particular need.
6. Founders:
A brand is led by its founders. It takes time to build. Without deciding who you are and making a commitment to follow-through, you can’t create the brand that you want. As the CEO and leader of your enterprise, the process begins with you — your interest, passion, and commitment to establishing a set of values that will guide your culture through decades of growth. Taking the time to define your values, embody them, and to keep them fresh and alive in everyone’s minds are some of the most vital things you can do to promote a thriving culture.
The goal of every entrepreneur should be the creation of a living entity [business] capable of producing specific results. These six core elements make it possible for the entrepreneur to achieve this goal. They constitute the invisible thread that binds everyone and everything inside the business together in a cult like manner.
Does your business have a DNA? I define company DNA as the one core value that is different from the competitors and that encodes the company’s operations.
