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Friday, January 15, 2021

Business Transformation

The Importance of Establishing Core Values as a Leader

Starting a company comes with a number of challenges. As entrepreneurs, sometimes we are so focused on the chaos and adrenaline of creating and then building a company that it is easy to overlook some of the key fundamentals that must be in place before you grow into a successful enterprise. There are endless days of product planning, engineering, growing sales, fundraising, hiring and everything in between, but any good CEO must ensure they have core values, purpose and a mission in place before any of the other business can effectively take place. Here are few critical elements to add to your list and ensure the success of your company.

  1. Core Values
    This must be the bread and butter of any company. Although a founder can hire amazing employees to surround them and handle issues or dilemmas from the day-to-day work, the core values must stem from the founder of the company. It is your responsibility to establish the heart of the business and create a tone and atmosphere that every employee follows and embraces.

    There are no perfect answers or required traits that must be included when creating these core values, it is whatever works best for the work culture you want to create. At Prime Trust, some of our core values vary from smart work over hard work, family first, recognition whenever earned and always approaching every employee and project with integrity.

    As a company grows, the people you bring on will inherently begin to have these core values ingrained into their DNA and carry it forward to new employees; however, this is a difficult goal to achieve if the company grows at a rapid pace. It’s important to remember as the founder that you have set the bar for your core values, and if at any point you realize you done something against these initiatives, then you have failed.

  2. Purpose
    Without purpose, then what are you trying to achieve? If anyone on the team is unsure or unaware of the purpose they are contributing to, then they must be redirected and guided. The purpose of the company is one of the most important aspects a founder or CEO must address.

    Why are we doing what we’re doing? How are we serving our clients or customers? What is it that we’re doing that can help change the world? These are important questions to ask yourself while crafting your purpose.

    At Prime Trust our purpose is to provide the infrastructure that fintech innovators need to change the world. We are a tool, an asset, someone who is making it easier for other innovators to succeed. By knowing this purpose, from the CEO, to the HR department, to the sales team, we all can gather and understand what needs to be done to achieve this purpose.

  3. Mission
    The overall mission of your company needs to be a goal that is achieved by all employees. There can be individual missions for departments or specific employees, but as a whole, the company must have an overarching mission.

    As you grow and develop, hiring executives and creating a larger foundation for your company, you must realize that every minute of every activity that the founding team is focused on is a result of creating your purpose and mission. This is the case even if it’s not been formally documented.

    Make every moment count and understand that when you’re creating a structure and a business, that even if you are not outright intending to do so, you are establishing a mission you want your employees to achieve.

The Takeaway: Ultimately, it is important to understand that the core values, the purpose and the mission of your company is imbedded into the thread of your employees. These established attributes are not something that can just be decided after a team building activity or weekend bonding trip. These existed before you even started and it is up to you, as a leader, to ensure they are established across all departments and everyone understands what is expected of them.


Written by Scott Purcell.

Scott Purcell
Scott Purcell is the CEO and Chief Trust Officer of Prime Trust, an innovative API-enabled B2B open-banking financial solutions provider. His firm provides custody, trustee, escrow, AML, KYC, payment processing, accounting, and compliance for numerous OTC desks, exchanges, stable coins, platforms, broker-dealers, investment advisers, portals and others who are building businesses that are changing the world. Before forming Prime Trust, Mr. Purcell founded FundAmerica, a financial technology firm providing software and back-office services to banks, trust companies, broker-dealers, investment advisers, securities exchanges, SEC-registered transfer agents, and large issuers (primarily real estate companies). Scott Purcell is an opinion columnist for the CEOWORLD magazine. Follow him on LinkedIn.
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