Establishing values for your company can have a lasting positive effect. It's easiest to do early on, when the team is small, but doing it later in the company's life can still be useful. Follow a process that allows everyone to contribute. Ask people to reflect individually on what's important to them and what the company values now. Then come together, put everyone's ideas on the table (or whiteboard), and create a short list of options. Discuss and decide on a group of company values that everyone can commit to. Talk about what each value means, what it looks like in action, and how you'll evaluate whether people are adhering to it. Lastly, develop a plan for integrating the values into everyday work. It should include the changes you'll need to make and the practices you'll need to introduce so that everyone can live the values you've jointly identified.
Adapted from "How to Establish Values on a Small Team," by Amelia Friedman
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