Core values are the deeply ingrained principles that guide all of a company's actions; they serve as its cultural cornerstones. Creating core values is akin to sculpting the essence of a company's identity. It's a vitally important step in defining who your company is.

Your company's core values should be authentic and unique to your company — not something you'd find on a Hallmark card. No cookie-cutter values like trust or integrity (of course, you must be those things, but they don't differentiate your company).

As one of the most powerful parts of your business and the engine that drives it, taking the time to get core values right is critical.

Here are a few examples of core values done right:

And, some that could use some work:

Follow this step-by-step guide to help you create your company's core values.

Related: How to Build Unstoppable Collaboration in Your Team By Prioritizing Balance and Values

During these exercises, it is important to think in a broad sense, reaching beyond what you might traditionally think of as a personal value such as trust or respect. Values can be statements like, "We find the creative solution." So, think larger in scope as you answer the two sets of questions.

Start by forming an ad hoc core values committee of four to eight people. Include the top leaders and maybe a rep from each primary level or department. Choose people you think would represent the company culture if they were asked to travel on a delegation to Mars. Meet offsite for half a day to brainstorm a set of possible core value choices.

Each person gets a stack of Post-Its to jot down answers and post on the wall. Working individually, answer each of the following questions with as many good ideas as you can:

Now that the wall is covered with good ideas, combine the concepts that are very similar in meaning. You don't have to pick one over the other — just put all related ideas on one Post-It.

Divide 100 total votes among you (so if there are five of you, 20 votes each), and hashmark your votes for the values you see as most important to the company. You can use all of your votes on one value or spread them around. Tally the votes to find the top 10 choices.

Related: How to Design a Company Culture That Will Attract Better Employees

Next, take a look at the company's tenets in previously created documents. These may include your vision or mission statement, strategic plan, core purpose or focus, "big hairy audacious goal" and brand promise.

Keeping the company's tenets top-of-mind, ask these questions:

Once again, group similar answers on one Post-It, vote and winnow down to the 10 best ideas.

You have arrived at a list of 20. Create a document with the list that the committee can access. Ask them to continue pondering which ones are the priority, plus next steps for defining each value and making them actionable.

Wait two weeks, then hold another half-day offsite where you will define, refine and select.

Related: Investing in Company Culture Is Your Strongest Asset — Here's Why.

In this second session, put the list of 20 ideas up on the dry-erase board or wall. Follow these steps:

Congratulations: You've done it. The next step is deploying these dynamic core values into every part of your business.