Here is Tony: “Both my Dad and Michael Eisner have full time jobs. However, my Dad makes $11/hour as a car park attendant and Michael Eisner makes $50 million/year as the head of Disney. Why the difference?” This is a very dramatic example but does lend credibility to the idea that we make more money, we become more enriched when we bring value to the market. And the more value we bring, the more enriched we will become.
This is a good lesson for all of us business owners. We get caught in the daily grind of working in our business: fixing problems, dealing with staff, managing cash flow. When was the last time you asked this question: “What can I do to add more value to my customer’s business?” “How can I make my customer’s life better?”
I believe these two questions are game changers. First, they are generally easy questions to answer. We know what our customers want. Once we have the answer, we can create calls to action that will bring more value to our customer’s business or life. And that means more sales and more profits for us. As a partner with B2B CFO®, I have to constantly justify my existence with my clients. I never enter into a long term contract which means I don’t have a client if I don’t add value. But when I listen to you, my clients, the owners of small and medium sized businesses, you do not talk about bringing value to your clients, it’s more about running your business and dealing with problems. This is holding you back.
Here is my recommendation. Add an agenda item to your monthly management meeting: How can we add value to our customers? This is a free form discussions with your key staff. Depending on your company and the make-up of your customer, you may want to address each of your customers, the top 10% revenue producers or your customers in general. If you generate 5-10 ideas and implement 1-2 of them per month, your company will experience substantial growth over the next 12 months.