Know Your Business' Value

08 Apr Know Your Business’ Value

(AND I’M NOT TALKING $)

Value can be a noun or a verb.

noun

  1. 
the regard that something is held to deserve; the importance, worth, or usefulness of something. “Your support is of great value.”
  2. a person’s principles or standards of behavior; one’s judgment of what is important in life.

“They internalize their parents’ rules and values.”

Verb

  1. estimate the monetary worth of (something).

“His estate was valued at $45,000.”

  1. consider (someone or something) to be important or beneficial; have a high opinion of.

When it comes to your business, “VALUE” is a combination of both. Every business needs a value proposition. A statement that says what you stand for (the noun) and how you provide value (the verb).

For me personally, since my business name is my name, my personal core values must be present in my business. I weigh all business decisions against them. I’d recommend you do the same. After all, if it aligns with your personal values, it feels good for business too.

Ask yourself:
Do I know my core values?
Are these values present in my business?

Then, take stock of your marketing collateral – the messaging you put out into the world. Do they reflect your core values and your mission? Do they portray what you want? Are you getting your value across in them?

Do they convey the benefits of working with you? Do they show the love?

I know, I know: lots of questions! Here’s the thing: knowing your business’ value is, ironically, one of the most valuable necessities of building a successful business. If you cannot articulate your value proposition, what you stand for, and how you provide pain relief to your clients, then pause and get back to the basics, else your foundation may crack.

How to create a value proposition that means something real:

  1. Know you own values.
    What are your top 3-5 most important values? What matters most to you in your personal life? Write them down and look at them: Does your business reflect these values? Are they aligned?
  2. Don’t mix messages.
    Brand integrity is important, so stick to your guns. You and your clients will be confused by mixed messages (I know this from experience). Your brand makes up the backbone of your business. So do what you say you’re gonna do. Without exception.
  3. Know why your clients choose you.
    Why do they choose to pay you and not the competition? Are you relieving a pain point? What do you do for them? Don’t guess, KNOW! If you don’t know, ask. So you can add more value more often to the folks who keep you business in business.

Bottom line when it comes to value: When you really know what you stand for and why your clients value you, your path is set out and you attract people who you want to work with. If you need support in figuring out your business value and your client value proposition reach out to me.

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