It is important for companies to form collective values that can be shared and communicated to their employees and customers. Many companies do this, they have core values, but many companies fall short. Many companies identify core values that very often become part of their vision statement, but unless these values are really lived, they are worthless. They also must be lived and lead by example-from the top of the organization. Core values are what support the vision, shape the culture and drive the essence of a company's identity. They are the principles, beliefs and philosophies that the leaders and employees must live by. Companies that focus only on competencies fall short because they forget the underlying values that make their companies run smoothly. Establishing strong core values can provide both an internal and external advantage to any company. In this episode, we look at why core values are so important in today's global and competitive market.