Top Ten Secrets to Making your Business Soar – Secret 6.   Last week I revealed Secret 5 to making your business soar of 10 fundamental principles that are typically missed when developing business plans and strategic planning initiatives.  This week I reveal Secret 6.  Continue to rate yourself in each of these fundamental principles.  At the tenth secret, total your score to see if your business strategy is designed for success.

6.    MONEY VS VALUE…. WHICH IS MORE IMPORTANT?

What is the definition of money? Any circulating medium of exchange, including coins, paper money, and demand deposits.  

What is the definition of value? The worth of something in terms of the amount of other things for which it can be exchanged or in terms of some medium of exchange.

If you are a customer purchasing a product or service, which is more important to you: money or value? You would probably answer value. And value does is not always measured by better price in exchange for a product or service.

Your customers may base their purchase on factors other than price. Such factors include: safety, pride in ownership, quality, ease of purchase, ease of use, or many more. Do you really know why your customers are purchasing from your business? Knowing what your customers feel will help you effectively manage your business’ sales and marketing operations.

Answer these questions to rate your understanding of your customer’s emotions when purchasing your product or service. On a scale from 1 to 5: 

·         If your business plan provides metrics on how your customers define value vs. money, rate yourself a 5.

·         If you know how your customers define value vs. money for your product or service, but it is not measured in your business plan, rate yourself a 4.

·         If you think you know how your customers define value vs. money for your product or service, but it is not considered in your daily business operations, rate yourself a 3.

·         If your business operations do not include any consideration on how your customers measure value vs. money, rate yourself a 2.

·         If you never measured your customer’s value, rate yourself a 1.

Check this site next Wednesday for Secret 7.  If you can’t wait, check out my website subscribe for the complete article.  www.entrepreneurssecret.com