• Phone: +256 703 000 289
  • business@humphreytugume.com
7 ways to increase value of your business

7 ways to increase value of your business

It does not matter the kind of business you are into, the pursuit of growth is always on. I have quickly come to learn that business is war, you either win, or you die, especially in this day and age of the internet, the world has become a global village, access to information is very easy. So someone out there is working all night, coming up with ideas that have the potential to throw you out of business.

So the question I am answering today is How can you increase the value of your business in other words, how can you keep and grow your current customer base?

Here are 7 (but not limited to) ways you can increase value in your business.

1# Make noise about what you do
Perception today is the reality. How your target market perceives you or your business is in direct proportion to how much they are willing to pay for your goods or services.
Take an example of Jim a fictional Photographer who would like to be known as a celebrity photographer.

If Jim decided to go out there and get small odd jobs of photography, in your own judgment, how long would he take to achieve his dream, He will take a very very long time
So how can Jim go about it? I would advise him to look for one of the biggest celebrities in his area and offer to do a photo shoot for free, request for a recommendation in case the work is excellent, do EXCELLENT work, get the recommendation and make noise everywhere.

With this kind of approach, how long will Jim take to achieve his dream? It will take a short while, right?
Question, how can you use this approach in your own business?

2# Exceptional customer care
My wife is a very good example here, she can never come back to your business once you treat her bad.
I remember a few years back when she was pregnant with our son, she walked in one of the Pharmacies in Kampala, Uganda to look at different options of maternity pads and she was not treated well, she made sure the manager was involved and told the poor man in a loud voice that you have lost one of your biggest customers due to your poor customer care, walked out, went the opposite pharmacy and came out with good shopping.
Up to this day, she discourages with a passion whoever is planning to go to a branch of that pharmacy.
Imagine they have 100 unsatisfied customers, how much business are they losing?

3# Quality work
Nothing can beat quality work, especially if it is done in an agreed time span. This gives assurance to your existing customers that if they refer you to their colleagues, you will do a great job. Sometimes, they don't even have to start a conversation, that quality work will speak for its self.

4# Go an extra mile
Next time you get a client, Under promise and over-deliver. by under-promise I mean, agree on the work to be done, then do the work exceptionally well PLUS, awesome incentives like a certificate of Authenticity, this will leave a good emotion in your customer's mind that will bring them back in case they need the same or related service.

5# Leverage on systems
Systems simplify things, eliminate people's errors and inconsistencies. Some of the areas you can leverage systems no matter the business type are, Customer support, finance, and marketing.

6# Get a great team
A great team guarantees great output. With a great team, you can move mountains.

7# Focus
Many entrepreneurs, especially in the start-up world, think by doing more, you are actually doing better, I am 300% against this school of thought. I actually believe by doing less really really very well, you have a huge edge against your competition.

I was privileged to be one of the Judges for the Startup weekend for Ujamaa Tribe, a Kafeero Foundation Uganda initiative, earlier this year as seen here and during my address, I gave an example of a milling company that is trying to enter this heavily saturated market.

If they came whit this tag lines I see every day where companies say Our product is superior in quality, milled with Germany made machinery and so on so forth, they would soon be in business, however, if they cam as introduced a porridge for the diabetic.

Now, this would capture people's attention, once they have grabbed a good market share, then and only then, should they introduce other products building on the reputation already built.

So those are my 7 ways to increase value, what do you think, how have you benefitted, let me know in the comments below and as always, see you in my next one.

Shalom

Comments