In management, business value is an informal term that includes all forms of value that determine the health and well-being of the firm in the long run. ... Business value often embraces intangible assets not necessarily attributable to any stakeholder group.
I recently came across a old friend and we got talking about a lot of things from business to family and a whole chain of issues that meant so much to us. After a while I asked him how his business was doing and he shook his head to my greatest surprise which I immediately interpreted to mean business was not going well for him . I asked him if we were still in the same industry or if he had deviated and he emphatically told me he was still practicing the same trade. That’s wonderful! I told him but I have moved beyond that single trade.
I reminded him about the visions of diversifying into other trade while operation the very business he started. The question is what’s new on board that you are bringing to your customers? People won’t call you if your service is obsolete.
Are you bringing innovation into the business or are you just stucked doing the old thing over and over again. A vivid example Is Nokia, while other smart phones went touchscreen ,Nokia remained with the old experience of using keypads on mobile devices while some other companies were busy bringing more value to the technology space. Friends, it’s a pity that we are loosing our very good customers to other’s who are thinking ahead of the competition and that is the beginning of fall for most businesses today around the world.
Please take a little time to audit your partner list and ask yourself and your sales team why most of them don’t call again for our product and services?
Is it that they are not buying again or are they out of capital to buy? If they are still in business ,it means they are buying a better brand giving more value to their own customers .This is just the bare truth No one is telling you!
My friend later checked his product list and found out he needed to partner with other technology companies that sell better value to bring value to his own customers. His usual product was already failing him ,yet he got stucked to it.
Change is very important in business and the change am talking about is asking you to create value for you to stay relevant or invariably, sooner or later you will be out of the market .
NB: You cannot be the buyer and seller and that means you need to work in the direction of the niche you belong to.
For example, Sooner or later, many companies will be out of the business because they have refused to move in the direction of technology while others are investing a whole lot of money to secure the space for their companies in the future .Any company that will be ahead must think ahead and that relates to the quote by Toyota ; Good thinking, Good product. Think ahead and keep adding value to you world!
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