Value addition in building your wealth post-Covid-19
Over the past few weeks, we have slowly seen the partial ease of lockdown, with a few sectors not fully operational.
Covid-19 crisis should have triggered various responses from you as a business owner and as an individual.
It has lead to evaluating our business models and caused us to get back to the drawing board re-thinking how we can remain in business or even turn the crisis into an opportunity and still make profit or serve those we are called to.
We have seen the birth of new business ideas, re-inventions and new ways of doing business. This crisis has challenged the conventional way of doing business across the board. It’s only valuethat has leveraged those who are thriving in this period of crisis.
What is value therefore? In economics, value is defined as a measure of benefit provided by a good or service to an economic agent.
It is generally measured with units of currency, you may interpret it as ‘the maximum amount of money a specific actor is willing and able to pay for a good or service’.
Value can also mean the basic belief that guides or motivates attitudes or actions.
Value helps to determine what is important to you so that you take action. Value comes from who you are, your identity and what defines you - business or individual. Value will create your influence on the market place.
You can only influence people who value what you are bringing to the table or in the market. You are paid according to the value you bring in the market.
Business owner or individual, what are you doing to add value to your self or your business? People often pay for what they want, not what they need. You cannot continue doing business the same way and expect different results.
In order to thrive post-Covid, you need to pay attention to value addition in you as a person and your business. The following are suggestions you could work on or adopt in your bid to building your business and personal wealth.
Strive to increase your delivery time of value that you deliver to your clients. You should know that when a client decides to buy your goods or service, they are expecting to get them not today, but yesterday. Offer better quality products or services at a reasonable price compared to your competitors’.
Improve your packaging or designs. The beautiful packaging or design of your products will create additional perceived value in the eyes of your clients. Increase convenience of purchasing of your products or services. We know that fast food stores are the perfect example of convenience. Improve your customer service.
People are predominantly emotional, they are greatly impacted by the warmth, friendliness, cheerfulness and helpfulness of your customer service.
Plan your discounting offers, or find ways to sell more volumes of your products or services to more at lower prices. Provide additional expert advice that will enable smooth installation or use of your product or services. With these value additions, you will go a long way in building your wealth.
Give your clients so much value that they feel you under priced your products or services. Disperse value wherever you go and see how this will cushion your business and personal wealth.
Dr Jeanpo Olowo is the adviser/consultant, Financial & Business operations
