Standards Vs Values -Why Both Matter-Part-1-Introduction

Standards Vs Values -Why Both Matter-Part 1- Introduction

Running a business is not easy, and sustaining it for years is a hardship. The world has witnessed companies that started in the backyard of a house become household brands, like Amazon. The world has witnessed global giants like Lehman Brothers falling like a pack of cards. During my interactions with a few of my friends, one of the important topics we dwelt upon was standards, how standards play a key role in shaping an organisation, and how they increase the competencies of the people.

We would have come across this famous quote-"Best or nothing"-by Mercedes-Benz, which is a classic example of the standards they set for delivering the highest-quality cars. Imagine the kind of processes, checks, and competency enhancement that would have occurred at Benz to live up to its standards; those companies that live up to their standards are likely to stay in business for many generations.

However, while setting standards, there can be confusion between standards and values. Before setting standards for your business, let us understand the difference between standards and values.

M.L.Narendra Kumar

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