How to Grow Your Business – Top Tip #2 – Create Value

Posted by Bennie Groenewald on 27 February 2018.

Bennie Groenewald

LLM Tax Law, B.Proc, HDip Tax

The Tax Shop Head Office

More about Bennie Groenewald

After having qualified and practiced as a Commercial lawyer Bennie worked in the Banking and Financial services industry for 25 years across multiple market segments in South Africa, Sub-Saharan Africa and the UK, the last 14 years of which in senior and executive leadership positions. During this time, he dealt extensively with cross-border banking and finance including project finance, asset finance, debt capital markets and derivatives, including the legal aspects thereof. In recent years, Bennie has played an active leading role in investment, credit and risk management as well as sound corporate governance.

You need to spend your time, energy and resources on something that creates and delivers value. Remember, it’s whether your customers find value in what you offer. Value in this sense is the perception of what a product or service is worth to a customer compared to other alternatives. Worth means whether customers feel that they got benefits and much more than what they expected and for what they’ve paid.

The art of creating added value starts with the ability to see your business through the eyes of your customers

Consider what’s important to your target market and how your product or service will benefit them. What problem does it solve, how will it help them overcome obstacles or do their jobs better? Many businesses miss the boat by focusing on the qualities of their products or services, instead of benefits. By shifting your focus to providing content that focuses on your customers’ needs, you can start helping and stop selling.

Creating value can also be achieved by solving customers’ problems, making things easier for them or by improving the functionality of your services or products to them.

When someone presents you with something new, whether it’s a solution, an idea, a process or a product, learn to say, “So what value does it add to my life?”

You have to determine whether it will generate value to others and will it turn into revenue? Will it enable you to collect valuable customer data? Will it reduce the time wasted on efforts? Will it enhance your product or service offering?

Creating value is the essence of business. Make the effort to determine how you’re going to create your own and at the end of each day ask yourself, have we generated meaningful value today?