Sow Value, Reap Value
This is a business model worth pursuing. If your main thrust is to add value to your customers, in the long run, these will create more value to your business.
Add Value
The main reason why you are or you will be in business is to create wealth not only for yourself, but to other people too– (would be) employees, suppliers and customers included. To achieve this, you must add value to your product. When customers purchase your product or services, what else do they get?
Illustration: Every school year, we are securing the services of a school bus. The expected end result is to just bring our kids to school and back home. However, our school bus operator does more than that. He sometimes act as nanny in extreme situations, does errand jobs and generally takes care of the welfare of our kids. That’s value for money. So when he requests for increase in payment, we do not grumble and look for other other service provider.
Sustainability
A good entrepreneur will not trade a one time big deal to earn a lump sum of money, then leave the customer in the air as soon as he collects from them. It still happen, though, but I bet the trader will soon be out of business. Repeat business is the objective, Sustainability or long term partnership is the name of the game. A short term loss can be covered by the long term and sustainable business partnership. Of course, this is a calculated risk.
Value Relationships
More than the money involve, entrepreneurs must genuinely value relationship over profit. Money can be earned again, but lost relationship is hard to rebuild and there is a multiplier effect. While I recognize that at times, the extent of attention and service we give to people is commensurate to the value they give to us, due respect should be accorded to everyone whether they can afford to give you cash tip or not, or they are capable of spending more money to do business with you. Relationship is priceless.
What do you think?
Recent Comments