In the previous article, we wrote about the importance of business value and why you as a business owner or a top decision-maker should take it seriously.
Now the question is, how can you increase your business value by considering these three metrics?
Before answering this question, let me emphasize an important point here. To successfully increase your business value, you need to implement a business platform that helps you to reduce costs properly, increase revenue (generate more profit), and/or expand your market share (develop a strong brand positioning).
It should also enable you to make these changes stable and constant. The business platform (which you can also consider as a business system) should cover one or more of all of the strategies below in the best way possible:
– Customer Satisfaction (Helping you reduce costs, generate more profit, and develop a strong brand positioning.)
Customers don’t just want to use/buy something, they want a great customer experience that complements the service or product. Therefore, it is important to deliver a level of customer experience that delights your customers and builds an everlasting relationship with them.
The point is that customer loyalty and satisfaction are influenced by a customer’s experiences (and emotions) that they share with your business brand. In fact, studies show that satisfied existing customers spend 33% more than new customers. In other words, by making your existing customers feel valued, they do more business with you and recommend you to others more often.
– Valuable Services (Helping you increase revenue and expand market share.)
In today’s marketplace3, customers have many options when they want to use a service (or even buy a product). Therefore, the ability to add value to your service is not optional anymore: instead, it’s an absolute necessity.
If you do not provide a value-added service, there is no doubt that your service will be driven down to the lowest price. When you are only selling at low prices you’ll never be able to sell any degree of high-margin sales and that is where profitability and long-term growth reside.
– Employee Engagement (Helping you reduce costs and generate more profit)
The employee experience extends the approach to consider engagement at all touchpoints throughout the employee lifecycle. The employee experience refers to everything an employee experiences at work—their interactions with their boss, their software, their teams, and hundreds of other things.
If we look at employee engagement as an end goal that is an essential determinant of performance, then the employee experience is the means to that end.
One of your responsibilities as a business owner or a top manager is to help your team members improve their job performance. Employees who are made to feel valued at their jobs will look after their customers more diligently. It’s that simple.
– Powerful Business Systems (Helping you reduce costs and generate more profit)
Having a strong, resilient and scalable business system is one of the fundamental elements in growing a business. It drives value to your customers, creates a culture of continuous improvement, supersedes behavioural flaws and constantly aligns the company with market needs.
Creating effective business systems is the only way to attain results that are consistent, measurable, and ultimately benefit your customers and employees. It also empowers you to build and run a business that works for you, instead of you working for the business. You should implement these systems in your business to make your customers more satisfied so that they will come back and do more business with you.
During my 20 years of work experience in helping small to large service-based businesses to increase their business value, making customers and employees feel valued is a great time-tested strategy that plays a strong role in growing businesses.
No matter what the size of your business is, creating great experiences for your customers and offering valuable services (or products) that are supported by your high-performance team will have a remarkable impact on your business’s success and sustainability at every level.
We hope you found this article useful.
