Value is the cornerstone of how entrepreneurs do business with other people. If you want to understand why providing value is important, you’re already putting yourself in a good situation.
Providing value at the highest level helps improve the quality of life for your customers. When they have a problem they can’t figure out, you come into play to provide the best solution for them.
That’s the general basis of doing business: If you have a solution to someone’s problem and you’re always helping people first, you will develop lots of trust in your business.
In this post, I will define what value is and how to apply it in business. Along with that, I will lay out three reasons why it’s important for conducting good business practices.
- What Is Value? What Does It Consist Of?
- How To Apply Value In Business
- Builds Trust Between A Customer And A Business
- Put People First Before Money
- Builds Awareness For Your Brand
- Questions To Ask Yourself
What is value? What does it consist of?
Value includes the things we believe that can help people improve their livelihoods. When it comes to business, we are providing a solution to a common problem.
When someone is encountering a problem they want to find the best solution that they can find. If your business has that solution then that’s going to help someone solve their problem.
These things may include honesty, fairness, respect, and integrity.
As an entrepreneur, value matters because we want to provide the best solutions to potential customers.
If we have the solutions to their problems, they’re more likely to engage with us while building long-term relationships.
How to apply value in business
In my view, the best way to grow a business is to always provide value to others. When you put people first or help them, then you are doing your primary job as an entrepreneur.
When providing value to others you’re helping them in two ways:
You have a solution to a problem they’re trying to overcome
- Problem: Someone’s car is full of scratches. They’re struggling with finding a car wax cleaner that will remove all of the scratches.
- Solution: You have a wax cleaner that clears out all of the scratches on your car quickly. The only question is: Is your cleaner the best one out on the market? If so, you’ve added a lot of value to your customer.
You help someone achieve a goal in a meaningful way
- Example: Someone finds your website through search results: They read an article on a specific topic.
After reading it, they now know more about that topic in general. On a side note, that helps to build brand awareness for your business.
Why providing value is important?
Providing value to others helps to improve their livelihoods as entrepreneurs. If we’re able to provide the best solutions to their problems then that will make them better off.
When we have that solution to their problem, they’re more likely to work with us and build a long-term relationship. Let’s discuss three reasons why that is.
Builds trust between a customer and a business
When we provide value to someone, that helps to build trust in a business relationship. When someone sees something good in that, they’re going to identify the value of what you’re providing.
When they see you as someone who’s helping them- that’s going to build a lot more trust.
If you want to do business with anyone, you have to show yourself as a credible figure.
If you’re someone who’s reliable and seen as an expert in your industry, that’s going to be a lot more trust when you work with customers.
What is value and why does it matter?
Value consists of things we believe can help people improve their livelihoods. If that’s a solution to a common problem, that can help someone make something more simpler and convenient. These things may include honesty, fairness, respect, and integrity.
As an entrepreneur, value matters because we want to provide the best solutions to potential customers. If we have the solutions to their problems, they’re more likely to engage with us while building long-term relationships.
Put people first before money
When people start out in business, the primary objective seems to be to make money first; however, thinking that way is not good if it’s solely about making money
Ye,s making money is important to grow a business. But first and foremost, you have to put people first.
Putting people first puts that value mindset in place. The people who are going to do business with you want to see that they can trust you, and that you’re not just trying to grab their money instantly.
There are a lot of businesses that intend to take people’s money. Whether that’s by sleazy sales techniques or giving out white lies these are considered bad business practices.
Say if you own a dog: You want to get the best food possible to make sure your dog is healthy and happy.
A situation that can come up is you buy dog food.
You realize it’s not the best one for your dog; for example, your dog gets sick or there could be something in the food that’s causing health problems.
When you do further research on the food you may find a lot of negative reviews or complaints about it.
You might come across some reviews that say, “don’t buy” or don’t recommend”. Another thing could be you see a report of maybe the dog food is not the best for certain types of breeds.
In that case, that’s a good sign that a company is not providing value.
Instead, they’re focusing solely on the profit portion over providing the best food for pet owners.
So it’s good to see these patterns and determine whether a business is solely making money instead. It happens a lot but you can avoid going down this situation if you run your own business.
A relevant article from notimekillers.com
Read next on “What Is The Best Way To Grow A Business? My Best Approach“, to learn about what works best to grow a business. Hint: it’s what is mentioned in this current article you’re reading.
Builds awareness for your brand
When you are providing value, your customers could be spreading the good word about your business. If they’re sharing with others about how good your product or services are, that’s going to help with building your own brand.
Especially when it comes to the long-term potential, growing brand awareness can really help. Not only may it help you earn more revenue, but potentially even more customers who want to do business with you.
An article on your website
If you’re in the online space with a niche website, that may apply to any one of the articles you wrote. If someone visits your website and reads an article on a topic, two things are likely to happen:
- The visitor will read it, but they will not find the solution to their problem. So they quickly leave your website.
- The visitor may read your article in its entirety and learn a few things about that topic. When that happens you’ve done an effective job providing value- Someone learned about a topic that they were curious about.
When the second scenario happens, the visitor is more likely to come back to visit your website.
Or if you have social media pages they’ll most likely follow you and want to stay updated on your latest content.
If a person continues to follow you, they may share that information with other people.
When other people read your content and they get the same input, they’re more likely to keep following you as well.
So this is a common example of growing awareness for your brand. The more awareness there is for your business, the better your potential for acquiring more customers.
Questions to ask yourself:
- What’s an example of how you can provide value to someone?
- How can you help your customer solve their problem?
- Will you be engaging and responsive with your target audience?
- Do you have that helping mindset over making dollars only mentality?
We hear the term “value” often. But a lot of people don’t have a deeper understanding of it.
It’s common that we don’t think about it a lot. Even though good businesses will apply it daily.
The reasons mentioned earlier can give you a better understanding of what value is. A specific example really helps when you’re trying to grow a business.
If you can help others while also being engaging and responsive with them that’s really going to build trust and credibility for your business.
So my best word advice is to start practicing it right now the sooner the better.
Your Turn: How can you provide value to others in your business?
I would like to get your thoughts on this topic. Do you have a good understanding of what value entails?
When providing value, are you willing to go that extra mile to grow your business? Can that be providing a free resource?
How much of an impact do you want to have by providing solutions to your customers?
Feel free to share your thoughts by leaving a comment below. I look forward to reading your responses, and I’ll gladly respond promptly.
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Eric is the owner and chief editor of notimekillers.com. He takes great pride in helping people manage their time and grow their businesses. Eric is a firm believer in financial and time freedom, as he believes in financial independence and taking ownership of your time. “Time is your most important asset. It can be your best friend or worst enemy. How you use your time can shape the future you desire to have.” In his leisure time, Eric loves to write and read whenever possible. He enjoys going for long walks outdoors while doing in-home workout videos every week. You can also connect with Eric via LinkedIn.