I had someone ask me the other day about why their business wasn’t succeeding. It was a business in the service industry, not unlike the business of a Managed Services Provider in the technology world. Trying to give some useful advice, I began asking about the services being offered. What struck me during the entire conversation is that I didn’t recognize, see or otherwise understand what the ‘value add’ was. In other words, what made this person or this business better than any other offering the same thing. Why should I choose him over Billy Bob Joe down the street ? It’s very important to ask yourself this and consider this when you begin building your business. It becomes part of the overall design and strategy of your business.
Your ‘value add’ can be anything really, as long as it’s something that your customers and clients can relate to. Maybe it’s the fact that you’re cheaper than everyone else. Maybe it’s the fact that you present yourself as being the most knowledgeable. Maybe it’s the fact that your turnaround time on your service is quicker than anyone else. Maybe it’s the fact that you offer your services 24/7. The list goes on and on, but the important thing to remember is that you need to identify what your value add is and you need to understand and develop a strategy on how to communicate it.
Contrary to popular belief, most small businesses don’t fail because the idea was bad, they fail because the execution of the idea was not thought through and acted upon properly.