Value is created from finding an opportunity, assessing its risk, assessing its potential, and taking advantage of it. Traditional markets typically assess value of a business based on its scalability or replicability – but times have changed! Markets and consumers are now looking at finding value in business in deeper ways. This value can exist in your business, no matter the size or scale.
As an entrepreneur, you are already creating direct value from operating your business: financial value from the good or service that you’re providing, and value from the jobs that you are creating in our local economy.
But what value are you bringing to your community, over and above the direct value that you’re already creating with your product or service? Let’s look at ways to uncover additional value that you as an entrepreneur can create.
1. Social Value
Social values such as diversity and job preservation are no longer seen as passing trends in business but are now seen as a way of telling your customers why your business makes the choices it does. Research shows that people are more likely to engage with a brand or a company if it is doing something good for society.
2. Environmental Value
Environmental performance of a business directly affects its financial performance. An environmental program that is integrated into the core of your business can impact profitability by reducing waste, improving relationships with your suppliers and consumers, enhancing your employees’ productivity and morale, and identifying new product or service opportunities.
3. Community Value
Connect with and support the community where you are living and working. Take the time to form relationships with community members – these are the moments when relationships form and will lead to something larger, even if it’s not obvious in that encounter. Remember, for businesses to thrive, the communities in which they operate must thrive.
4. Measure and Track Your Successes
Your business can show your customers that you equate company success with social, environmental, and community progress. The optimal way of showing this is through transparent metrics and reporting on same.
5. Tell Stories of Your Value
Storytelling is truly the most powerful and impactful way of communicating the value that you provide to your customers and the achievements that have come as a result of that.
Consider this last (and perhaps most important) way of uncovering the value in your business: you, as an entrepreneur, have the ability to do what’s within your power to find the value in what you’re doing, no matter the size or scale. As long as you’re honouring your vision by doing what you love in an honest way, the value will follow!