Generally speaking, a standard is a reference point, rule, or model for carrying out practices or procedures and for evaluating results.
A standard normally sets a minimum threshold that outlines what is acceptable and what is not acceptable. They are benchmarks against which actual operations can be measured over time. Thus, standards are usually one of the key inputs in performance evaluation exercises.
If you have personal values, beliefs, and performance measures, your business also has these characteristics which are referred to as company standards.
Perceive standards as your business personality and vision conjoined with the rules you live and work by. Your standards will likely be a reflection of your personal standards, and your clients, customers, team/employees will form an opinion about your brand and business based on these values.
Standards can be rules that describe quality, performance, safety or management systems. They can comply with authoritative firms or professional organisations and be legally enforceable, such as required medical degrees for doctors or credentials for financial planners or they can be voluntary guidelines you establish to create confidence among your clients that your business operates at a stable and high-quality level.
They must align with your mission, business goals, and organisational management, and be executed consistently across your enterprise. Employees must buy into the value of adhering to standards so everyone is pulling in the same direction and reinforcing your brand.