WHAT DOES “VALUE” MEANS TO YOUR SMALL BUSINESS

#VALUE

Creating value is what building businesses is all about. Developing products, offering services and finding solutions to people’s problems and needs. In simple words; providing satisfaction. Businesses would not be set up if people do not have needs and if the world do not have problems.
The word #value in business means more in monetary terms than human satisfaction. Businesses measure value in cash and satisfaction as supplementary returns. The reasons for most business failures today is because businesses are not giving value to its customers – which is meeting needs as the core aim for their establishments.

The primary aim of a business is not to make money but to solve human needs. In this age of business creativity and solving problems; businesses focus now is making more money than providing value to meet customer’s needs. If businesses actually solved problems and needs, the world would have less needs to meet. They are here to make money and more of it.
Today, 80% of businesses globally make money more than they are solving problems or satisfying needs to problems they’re set up to solve. We know businesses run on cash and grow on profitability but the hard truth is, some businesses would not exist today if all they had focused on and built was how much they can make in cash.
For instance, if all businesses’ primary aim is to make sure whatever they create as services or products would meet the basic necessities of the purpose of which it were created, profitability would not have to be the focus. Because, whatever they were to create would be giving #value for maximum profits. Let’s look at it in this simple formula; Business (products and services) + value added = Cash + Loyalty (Satisfied Customers) and; Business (products and services) – value added = Loss + dissatisfaction (Unsatisfied customers).

What does value mean to your business?
What is the value of your business?
What is the value of your brand?
What value are your customers getting?

#A BUSINESS PLUS VALUE.

What products and services are you creating?
Who would they matter to?
What needs would they serve?
What would value add to the business you are building?
What value would it give to the end user ?
Does the target end users (customers) need the products and services you intend to offer or already offering?
What is the big value?

Value added products and services are not just key to business survival, it’s a gradual process towards business growth and customer retention.

#VALUE TO THE BRAND

Adding Value to derive value?
What efforts and activities have gone and is into what you’re building or creating?
Ultimately, something extraordinary has got to produce something special.
What is the input, how unique is it?
What is the mode of brand communication, importantly, what is the brand communicating?
Are they craftily designed?
Are they thoroughly thought through?
What measures were they tailored to?
To add value to your business brand, you must put in much “value” – maximum considerations in order to anticipate great returns.
Create something unique. Design a brand that speaks volume for itself. Add value that communicates to customers needs.

#VALUE TO THE BUSINESS

What does value mean to your business?
Value comes in many forms. It is defined by importance and its scarcity; what it means to your business and how much of it you have to offer.
The following are some of the “value” that gives business all there is to grow and succeed.
a. Money
b. time
c. labor
d. creativity
e. consistency
f. expertise
g. team
h. customers
i. competition etc

These values are not always in abundance. How much of these values is your business offering? How much of it are you willing to invest into the business? How much of it can your business have?

#VALUE TO THE CUSTOMER

What does the business mean to the customer?
What do the customer mean to your business?
What input do they add to the business?
What is the business’s value to the customer?

Most often customers are considered cash value. – What total profit value they can bring in through products and services purchase.
How many new customers can they refer to make more purchase to increase profits.

The secrets to getting value from the customer is not how much they can bring but how much you can offer them. The big question should be ; What is the business value to the customer and never what is the customer’s value to the business. The customer’ value is also a necessary question. But, when what value is the business to the customer is the business’ focus, what the customer’s value is to the business would indirectly be answered or achieved.
What if businesses consider the customer as its most valuable asset?
Without the customer, there would be no business, hence the value of the business to the customer is of utmost importance.

Importance Of Value To The Three (3) Business Assets

#Brand
a. Makes brand prestigious
b. Easy to associate and connect with
c. Recommendable
d. Attracts loyalty
e. Influencer

#Business
a. Gives business profitability
b. Social standing (through social responsibility)
c. Growth, success and sustainability
d. Increase in cash flows
e. Attracts investors and customers,

#Customer
a. Customer retention
b. Respect and loyalty
c. Solution to problems and needs
d. Brand influencers

Occasionally, we can add the forth which is the
#The Team
a. Dedication and Commitment
b. Value input
c. Creates employee-customer relationship
d. Trust

The perception of value offering differs from business to business but businesses can not achieve their ultimate success and growth without it. A business without value serves no purpose to the customer and to the business itself.

 

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Author: STARTUPRENEURS

The Startupreneurs is an exclusive startup and small business subsidiary of Commec Ghana Ltd - A Business Development Company. All articles are originally written and owned by the Startupreneurs. Want to start a business, or already in business? Find the inspiration with us, access membership only deals, business packages and discover the enormous supports to help you grow and sustain your business. We are your best solution !

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