10 Steps For Adding Value To A Business (With Benefits)
By Indeed Editorial Team
Published 20 September 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Adding value to a business involves completing extra work than normal to increase the chances of business success. Each organisation might have different goals and the way employees add value might differ depending on the business and its requirement. If you have an interest in growing your employer's business, knowing everything about adding value can help in increasing sales, providing better quality products, growing the customer base and enhancing profit margins. In this article, we discuss the steps to add value to a business and explore the various benefits a company might encounter when it adds value.
10 Steps For Adding Value To A Business
For adding value to your business, follow these steps:
1. Learn about the industry
Learning about the industry in which a company works can help better understand the needs and goals of potential and existing customers. Research the factors that might affect the company and its success. Business owners and employees can become customers within their industry to better understand customers' expectations. Being up-to-date with industry trends can help understand the latest technologies and changing customer requirements.
Business owners and employees can keep current with the latest news by reading industry publications, studying industry websites, reading books and networking with other professionals in the same industry. For example, if you work in the digital marketing industry, you might learn everything about the industry to better manage the employer's business. When learning about the industry, you can explore ways to manage and operate the business. You might attend industry conferences to attract new customers and increase profits.
2. Become a customer
Becoming a customer within the industry can help to ensure how organisations and projects might succeed. For example, experiencing the same process as the customers might help you identify areas of improvement to streamline the process. You can become competitors' customers to learn more about processes and how your products compare with others.
For instance, when your employer launches a gaming application, you can try it out to better understand the product. You can even interact with other users of the gaming application to get feedback and make the desired changes. Based on the feedback and reviews from other users, you can improve the mobile or web app and add value to the product.
3. Get ready for customer interactions
The next step is getting ready for interaction with customers. It helps in providing a viable solution and answer to customers' questions. When preparing for the interaction session, focus on increasing the industry knowledge, researching different products and learning about customers within the industry. Before meeting clients or customers, knowing about your competitors and company performance is essential. For example, a retail employee works at a store selling different music systems.
To prepare for their job, the employee learns about the features, differentiation factors and pricing of every music system available in the store. They also try to understand customers' expectations and requirements. Based on their interaction, these employees might better assist other customers in the future.
4. Ask the right questions
Asking the right questions might help you gather additional information from customers and colleagues. Start by asking open-ended questions, encouraging customers to share their requirements and expressing their viewpoints. Open-ended questions require customers to answer the questions by giving relevant details. For example, if an engineer wants to understand what the customer requires in the new manufacturing equipment, they prepare a list of questions to ask.
During their interaction, the engineer might ask follow-up questions to understand their requirement better. This might help in revealing the unique requirements before the project begins. Having information about the customer's requirements encourages an engineer to incorporate appropriate changes in the equipment.
5. Submit high-quality work
One of the leading ways to add value to your employer's product or services is by ensuring high-quality work. This applies to every type of job, as the quality of work affects the final deliverables. Employees can submit high-quality work, such as creating a high-quality blog post or advertising copy and ensuring fewer mistakes in the product or equipment developed. This might require extra effort as you complete the job.
Also, to ensure high quality, it is essential to know the potential errors you might make and learn how to prevent them. This ensures companies can meet clients' expectations and increase the reputation of their employer's products or services.
6. Convey why your product or service is unique
The next step involves communicating how your products and services differentiate you from competitors. Explaining the products and service's unique selling features can help attract customers to a brand instead of encouraging them to buy from a competitor. You can create a unique product by conducting market research to understand the area of opportunity.
7. Ensure faster production
Ideally, faster production is not synonymous with lower quality work, but it ensures you can produce work more quickly. It helps add value to any business. As you become more skilled, you might complete tasks efficiently and discover alternative methods that streamline production. If you are required to complete work in six hours and you finish the work in three hours, your company can sell products or services at a reduced cost, ensuring higher profits.
8. Improve the product's design and packaging
Companies can add more value to products by improving the design and packaging of products they offer. Improved and enhanced design of your products can create additional perceived value and help build relationships with each other. Customers might perceive a brand based on the packaging and design of products, so improving the design can help you generate higher profits. When customers have the choice to choose from different products, the packaging might be a differentiator. Ensure your product's design and package is attractive and informative enough to help customers make a purchase decision.
9. Focus on your skills
When looking for ways to add value to a business, focus on what you can achieve instead of what you cannot. Approach every process with a positive mindset. For instance, spend lesser hours on customers who are unlikely to make a purchase or reduce time on creating products rarely used by customers. For instance, a pharmaceutical sales representative might schedule meetings with clients throughout the country to grow the business. When setting meetings, they might struggle to connect or talk with clients.
Even after repeated calls and messages, they understand the client does not want to work with the company. Instead of wasting their time and energy on contacting the client, these professionals research other clients and email them about scheduling a meeting.
10. Become an expert
As you advance in your career, try to become a subject expert to answer every question a customer or colleague might have. Any additional knowledge you acquire can add value to your career and encourage you to apply that knowledge in your workplace. It might increase your efficiency and reduce your time spent researching and consulting with others.
This gives colleagues and customers a faster resolution to their problems and queries. It might help discover faster solutions to problems and new ways to resolve issues. Becoming an expert helps you provide tips to address customers' concerns and provide a viable solution.
Benefits Of Value Addition To A Business
Here are some potential benefits when an employee adds value to a business:
Shows initiative: Showing initiative to add value might require you to perform additional work duties outside your normal job responsibilities. This helps show commitment toward the organisation and achieving business success rather than individual success.
Builds skills: Your initiatives and efforts to add value can help you build your skills. For instance, you can enhance your problem-solving skills by searching for potential solutions.
Reveals opportunities for improvements: Bringing value to an organisation involves analysing existing processes and looking for different ways to improve them. It might help a company achieve greater success and workplace efficiency.
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