Culture not only helps draw the best talent to your company, but as a new study from the Fortune Knowledge Group and ad agency Gyro found, it also helps other companies—say, potential clients being pitched by agencies—decide whether or not they want to work with you.
Sixty percent of the 500 executives surveyed said knowing a company's mission statement, and what it stands for, is one of the most important factors in a business decision. Additionally, 68 percent said they would make short-term financial sacrifices to foster these long-term relationships with a business partner.
"We all know that the strongest companies in the world, they nurture their mission statement and have a strong belief in why they started the business," Christoph Becker, gyro CEO and CCO, told Adweek.
Becker added that any agency, or company for that matter, that doesn't have a firm idea of its own mission statement and why the company exists, will have trouble forging relationships with other companies.
"You need to know, what's your point of difference, and why you do what you do," Becker said.
Check out other key points from the survey in the infographic below.