Hint: It starts with a little something called VMCB.
At Payscout, our mission is “to support the entrepreneurial dream one transaction at a time.”
We love entrepreneurs because we are entrepreneurs. We know that one of the biggest challenges for a business leader is creating a strong corporate culture that serves as a foundation for the business to grow and scale.
But, how does an entrepreneur go about creating culture? Most are adept at their particular area of business - providing their unique product or service in a way that builds customer loyalty - but many entrepreneurs are not experts in corporate culture.What if there was a framework or template that entrepreneurs could use to lay the foundation for a strong corporate culture? A corporate culture blueprint that would serve as a decision-making guideline for the company and also facilitate global scalability.
Well, that framework does exist, and it fits into four simple letters: VMCB.
While delivering a guest lecture at UCLA, Payscout CEO Cleveland Brown discussed this framework when he said: “These are the fundamentals of creating culture. Every entrepreneur should identify a Vision, Mission Statement, Cultural Attributes, and Belief.”
It starts with Vision.
Business leaders are aspirational, but establishing a clearly-defined Vision Statement helps to articulate those aspirations and set a goal for what the leader has set out to achieve. At Payscout, our Vision is “to become the thought leading and fastest growing global payment processing provider in the world.”
The Vision statement sets a course for the company and helps guide employee decision-making. Following on the language in the Vision, every decision can be viewed through this lens. At Payscout, we ask ourselves, "Is this thought leading?" and "Will this help us become the fastest growing?" The Vision not only helps articulate a company’s goals, it helps guide the decision-making that will serve to achieve the goal.
Achieved through our Mission Statement
We opened this blog post with our Mission Statement: “to support the entrepreneurial dream one transaction at a time.” The key terms in the Mission are “support,” “entrepreneurial,” and “one transaction at a time,” which means every potential customer interaction - each individual touchpoint - is an opportunity for the Payscout team to support an entrepreneur in his/her efforts to achieve success.
Supported by our Cultural Attributes
Like the Vision and Mission Statement, every company’s Cultural Attributes will be unique, crafted specifically for their business and their singular approach. Payscout’s eight cultural attributes are: Integrity/Trust, Reliability, Innovation, Feedback Welcomed, Best Idea Wins, Fun, Customer Happiness, and Always Learning.
As a global payment processing provider, our customers trust us with their money and rely on receiving services in exchange. It is essential to earn that trust by acting with integrity in every touch point with the customer. Transactions must be handled in an efficient and expedient manner, creating the need for both reliability and innovation as other parts of our company culture.
Creating a collaborative work environment can bring out the best in employees, which is why feedback is welcomed from every Payscout employee and the best ideas win. Encouraging new ideas, and evaluating them based on merit, helps to foster a spirit of entrepreneurialism among our people; which is exactly how we want them to approach supporting the business: as if it is their own.
A fun working environment creates a healthy atmosphere that encourages staff to excel. By celebrating what brings your company's vision forward, employee morale can be boosted. Success is there to be enjoyed.
Customer happiness is vital to the health of a small business. In order for a customer to be satisfied with services received, they must have a clear understanding of what services the company provides. For that reason, education is essential, and an entrepreneur must be always learning. It is easy to rest on one's laurels once a certain level of success is achieved, but in order for a business to truly grow beyond that point, the entrepreneur must grow with it.
Inspired by our Belief
Payscout's Vision, Mission Statement, and Cultural Attributes are all rooted in the Belief, “every individual has a social responsibility to make the world a better place.”
Taken together, the Vision, Mission Statement, Cultural Attributes, and Belief (VMCB) are the foundation of the Payscout culture. By establishing their own VMCB, entrepreneurs can create a foundation for a strong corporate culture that will pay significant dividends in the long run.
What’s the payoff of creating strong corporate culture?
Here are two examples: In a recent employee climate survey at Payscout, 97.3% of employees agreed or strongly agreed with the statement: “I would recommend this as a good place to work to my friends and family.” There is perhaps, no better measure of employee satisfaction, but that’s just one measure of great culture. Payscout was recognized as one of America’s fastest-growing privately-held companies by Inc. Magazine in 2014, 2015, and 2016. The company ranked #2,416 in 2014, #434 in 2015, and #383 in 2016 on the Inc. 500/5000 list. That is a direct benefit of the strong corporate culture that was established at Payscout - and establishing the VMCB and utilizing it for decision making is the secret.So, now that you have the secret to creating strong corporate culture, get out there and achieve your entrepreneurial dream.