Adding value to your business is something that many companies struggle with, but it doesn't have to be hard!

There are various ways you could add or offer value, improve your performance, and ultimately the profitability of the business. It's important for any business owner or manager to understand what strategies there are in order to stay ahead in today's industry.

In this article, we will discuss the best ways you can add value to your company and how we can get you started whether you're a new business owner, looking to invest in or sell an existing business that has been in the market for years.

What does it mean to add value?

It's helpful to think of adding value as anything that will improve your business structure and capabilities within the industry, whether that's increasing sales, providing better quality products or services to customers to expand your potential customer reach, or being prepared for any situation that may arise.

As an employee in the workplace, doing that little extra to make your actions and contributions seen to your employer as well as customers.

The Faster The Better

Firstly, it's simple, to increase the value you will need to increase the speed you deliver. In other words, people want to get their money's worth.

Every successful person knows people are impatient. A person that has recently come across your product or service today now wants it yesterday. It's a way that they perceive the value you are offering with the speed you are delivering.

Employees that are hardworking and can do the job faster are considered a more competent person for that specific job which in return offers a higher quality of service to the customer, rather than a person who would take their time to get around to do it, leading for the poor quality of service.

Creating an online presence for the business will be an invaluable asset to your business structure. Whether it's a new business or a business you have just purchased that does not have a website, it can be a good idea to create a modern website depending on the type of business that will defy the website content you would need.

E.g., A service-based business will most likely just need a basic brochure website whilst a retail shop would need an e-commerce website that can process transactions online.

Quality Wins

To get ahead of your competitors in the industry you want to be offering better quality products or services at the same price if not better. The saying goes "the customer is always right" that said quality is whatever the customer says it is and expects.

Total quality management can be defined as; "listening to and finding out what your customer wants and expects from your business and giving it to them in a faster more efficient way compared to your competitors.

Quality does not just mean greater durability or excellence in design. Quality refers, first of all, to utility. It's the customer’s specific need or the benefit that the customer seeks, that defines quality in his or her mind.

Value Adding

Looking for ways to add value to everything you do. If everyone is offering the same thing, the product or service then becomes a basic minimum or becomes the norm in the market.

You need to stand out as a person and producer of the product or service that defines your business. Doubling whatever you are doing now so that your customers perceive you and you’re offering as being superior to that of your competitors.

It can be something as simple as improving your packaging or design, simplifying its method, and increasing the convenience of purchasing and using your product or service.

Fast food stores by the thousands are a simple example of how much more people are willing to pay for convenience than they are if they have to drive across town to a major shopping centre or a major grocery store.

Marketing your business through various platforms is important to reach and gain new potential customers while building the reputation of your business as well.

By creating social media accounts across various platforms, would be beneficial for your business type.

For businesses selling a product:

Instagram or Pinterest, as we are all buying more things online through seeing it on various platforms. Finding ways to demonstrate how the product is used as well as creating a good tag and influencers to create or share posts including your product.

For businesses selling a service:

It takes time to gain a following and see an increase in your business progression whether it is a personal brand or a company.

For a service-based industry, it's best to leverage your own personal brand to create a following which reflects back onto your products or services for the company.

e.g. using your own personal social media, your face to advertise and market your knowledge about the product or service, this in effect makes your business appear more knowledgeable and appealing to potential customers.

Lifestyle Changes

The way the world is now, everyone is finding a new way of normal, and with that comes a lifestyle change and the impact it's having on customers and their purchasing patterns and behaviours throughout the country and around the world.

There are various trends being created, such as staying at home more or making the home environment more enjoyable. We all have different tastes and it's ever-changing especially from generations prior.

More people were starting to travel, which created a boom in the travel, leisure, and cruise industries. Now that we are staying home more, we are finding ways to enjoy what our own states have to offer.

A change in lifestyles and demographics can create opportunities that will enable you to offer a product or service to a clearly identifiable market, which in return will expand your target market, adding value to the business.

Just add these strategies we have described to best suit your business structure so you can develop and implement them over time while growing a strong foundation to build and increase the products or services you are offering.

A business is an investment, so whether you're starting a new business, purchasing an existing one or maybe you've decided it's time to sell, you want your business to be valuable for the next person who may come along. Learn more about how you can get started on your journey and stay ahead of your competitors from the get-go

Author Bio

Jennifer Anderson - LinkedIn Profile

Jennifer Anderson is a Senior Valuer at Valuations QLD and an Associate of the Australian Property Institute. With over 20 years’ experience, Jennifer is dedicated to providing specialised valuation services across residential, commercial and industrial real estate to her ever-growing client base. Academically, Jennifer holds a Bachelor of Property and has had a hand in designing training programs for onboarding valuers and often speaks at her local TAFE as a guest lecturer.