All business owners aim to add value to their business, but it can be difficult knowing where to start, particularly if you are a small to medium-sized business and feel that you are starting to plateau. However, there are in fact many simple but effective methods to adding value that allow you to increase productivity and profitability.
The first step is to increase the speed at which you deliver your services and products. In 2018, speed of service is everything and people will see value in a business that can deliver faster than their competitors.
The next step is to improve the quality of your service and products and ensure that it is of a better standard than you competitors. The idea of quality can vary but ultimately it is for the customer to decide. For many consumers quality equates to speed of service which is something you will need to be aware of when considering how long your services take.
Another area of your business you will want to look into to add value is how convenient your products and services are for your customers. A perfect example of this is UberEats as people know that within 20-30 minutes they can have the food of their choosing delivered to their door instead of having to get up and travel there and back for groceries.
Finally, one of the simplest ways to add value is to add value to your products and services. If all of your competitors are offering the same product for the same price there is nothing to distinguish your business in the market. In order to stand out you will want to have an addition to what you offer whether it be improved packaging, simplifying your service or product, add an extra service or product or promotional discount.
Once implemented, each of these strategies, although seemingly simplistic will gradually begin to increase profitability, productivity, ultimately adding value to your business.