It doesn’t matter in what type of industry we are. One of the questions that we should constantly ask ourselves, is how do we add value to our biz. As we discussed before, differentiation is important, but how do we really stand out so we can sustain profitable growth? Here is a 12 point list given by venture capitalist Christopher Howard, CEO of Northstar Investors.
- Quality: The first of the list is always quality. You should always have in mind to offer high quality over anything else.
- Product Differentiation: Is my product different of what is out there?
- Flexibility: We have to be able to be flexible, as companies grow bigger, they lose their flexibility turning into slow responsive entities. We need to be able to keep the flexibility and our capacity to react fast to the changes on the environment.
- Brand: Brand is the perception of the world about us, it reflects everything we do.
- Efficiency: Efficient operations will create resources.
- Customers: Our client base is indispensable, hence we need to take care of them.
- Reputation: “Takes a lifetime to build and only seconds to destroy.” Do not do anything stupid.
- Relationships: Create relationships, with your customers, providers, partners and with your employees. People is more likely to do things for people, than for a company.
- Creativity: That is what can make your company stand out.
- Expertise: Being the best at something is never a bad thing.
- Channels of Distribution: Secure the channels of distribution and providers. Seal the deal.
- Economy of scale: Handling more orders can give you leverage to negotiate for more biz.
These are few things that you can consider to add value to your biz. It doesn’t matter the type of industry, or the size of your company, make sure you consider this things and I am sure your biz will stand out.
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