“Price is what you pay. Value is what you get”.
—Warren Buffett
People talk about value all the time but what does it really mean and what does it mean in Business?
There is a difference between value and values; both are important in business, but we should always start with
our values in order to create value.
Initially, a business’s values are aligned to those of the owner and founder but evolve over time based on
experiences. The business owner’s values are the things that they believe are important in the way they live and
work.
They should determine your priorities, and deep down, they’re probably the measures you use to tell if your life is turning out the way you want it to.
As a business owner, you need to determine what is important to you, how you want to live your life, and how, or if, you can incorporate your values into your business. I found that my values were influenced by my experiences, both good and bad. I’ve tried to replicate the values I appreciated in others while attempting to not be like those I disliked.
Once you have identified your values, they need to be distilled down to a group of core values. There will initially be a large number of values that may be important to you, but your core values should be the few things that make you unique. That’s why I recommend no more than 3-4 core values. The other values may be secondary, or categorised as a set of traits.
Core values are the fundamental beliefs of a person or organisation. These guiding principles dictate behaviour and can help people understand the difference between right and wrong. Core values also help companies to determine if they are on the right path, and fulfilling their goals, by creating a guideline of how to act and behave.
Too many companies identify a large number of values, and like company mission and vision statements, no one in the business remembers them all. Therefore, they cannot live them. Keep it simple and meaningful—what makes you unique?
Core values can’t just be a series of words. Each of the values needs to have meaning and context. Here are the values of our business at Franchise Ready
Growth
Personal, Professional & Business growth.
Authenticity
Develop deep relationships through honesty and being yourself.
More
Work with business owners that want More—More time, money, balance, sales, profit, whatever their More is.
Excellence
Ensure Excellence in everything what we do and be recognised as a market leader.
I believe that business is like a game; there’s a set of rules, competitiveness, results, and it should be fun.
Value Proposition
Once you have established your core values, which are your guiding principles internally, you need to turn your attention to what that means to the customers you are going to deal with.
A value proposition refers to a business or marketing statement that a company uses, to summarise why a consumer should buy a product or use a service. This statement convinces a potential consumer that one particular product or service will add more value, or better solve a problem, than other similar offerings will. Companies use this statement to target customers who will benefit most from using the company’s products.
The value proposition has to be quantifiable, and needs to talk to the measurable benefits that your product or service delivers. Too often, companies don’t articulate the measurability attached to the value they bring. If you can do that, a customer will have a better idea of exactly what you can do to help solve their problem, rather than just a creative combination of words.
As a business owner, you need to answer a number of questions.
- What is the specific Value you provide?
- How are you differentiated from your competitors?
- Describe your ideal customer.
- What is the problem that you solve?
- What is the customer’s need or current dissatisfaction?
- How is that unlike your competitors?
- Your product or service is?
Franchise Ready —Example
What is the specific value you provide?
Helping growing business grow quicker and more efficiently through the creation of strategy, documentation, implementation, and support. The businesses that I helped launch in 2018 have grown by over 200%.
How are you differentiated from your competitors?
Have operated at every level within franchise and non-franchise businesses. Not just a consultant, I see myself as part of the team for the businesses that I work with. I don’t just want one-off consulting work; I want a long term relationship.
Describe your ideal customer.
A proven and successful business that has the capacity to scale but just doesn’t know how to.
What is the problem you solve?
Create the strategic plan and all the requisite documentation required to start franchising. I make franchising your business easier and quicker.
What is the customers need or current dissatisfaction?
Value for money and a comprehensive solution.
How is that unlike your competitors?
Pricing is more competitive, and materials are superior.
Your product or service is?
The development of a comprehensive strategic plan that enables businesses to scale and grow through franchising and includes the execution of all documentation and ongoing support.
“In 2018, We helped 15 Good Businesses become Great Businesses by helping them grow through
Franchising. We offer a comprehensive solution that includes creation, development, implementation and ongoing support which in 2018 resulted in business growth in excess of 200%”.
