Tuesday, April 29, 2014

Adding Value

Adding value is a term commonly used in business. A company may set itself apart from its competitors by boasting that they have intentionally added value to their product or service that cannot be gotten elsewhere. BMW is a value added car manufacturer.  Sure you could drive a non-luxury car and still get to grandmother’s house on time, however, BMW boasts that it is “the ultimate driving machine.” They have in essence, added value to the quality of the ride to grandmother’s home when they equipped their vehicles with smooth suspension, high-grade leather, and features not normally found in the basic car.

More importantly, adding value has much less to do with earning profits or increasing sales and much more to do with providing benefits that are intrinsically in sync with the values.  The result, however, of adding value, often times does lead to an increase in profits. So what do you value? Is it an essential part of the product or service you provide?

If you believe in customer service, does that value consistently show up in how you and your employees treat patrons? If you like believe that work should be fun, is that reflected in your company culture? If you value family first, does your company have a policy that encourages employees to take annual vacations with their family? These are only examples.  Whatever the case, lead with your values in mind and those with similar values will follow.

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