What defines how work is accomplished and outlines the principles that guide business conduct?

Value statements are fundamental elements that articulate the core principles and beliefs that guide an organization's behavior and decision-making processes. They reflect the organization's culture and set the standard for how employees and stakeholders are expected to act in various situations. By outlining what is deemed important, value statements influence the conduct of business operations and help in maintaining a consistent approach to ethical standards, customer interactions, and overall workplace behavior.

While mission statements articulate the overarching purpose and vision of the organization, they do not inherently define the specific principles that govern conduct. Business objectives are focused on specific goals and measurable outcomes, rather than the guiding principles for behavior. Corporate policies provide specific guidelines and rules regarding operational procedures, but they are shaped by the underlying values of the organization. Thus, value statements are integral in shaping how work is accomplished and in defining the ethical framework within which all business activities occur.