How to Ensure Value Keeps Flowing to Your Business, No Matter the Circumstances

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Entrepreneurship Section | 2

How to Ensure Value Keeps Flowing to Your Business, No Matter the Circumstances

By Jarrett Preston | Edited by Chelse Brown | June 12, 2024

Extractive Summary of the Article | Listen

To grow your business, you need to keep value flowing towards you. Value represents many things, including the solutions your product or service offers the marketplace, building relationships and getting paid. The problem is, many factors can limit your ability to continue to receive that value. It’s common, for example, for political climates, environmental disasters and changes in the economy to limit the flow of value to your company.  To develop a stronger flow of value to you, implement these strategies.

Develop and incorporate a value-first mindset.  The most obvious way of gaining value from others is to be paid. You are selling something from your company, sharing your wisdom, liquidating investments or even gaining an inheritance. People are paying you, and there is an exchange of value for your offer.  However, instead of focusing your mindset on receiving value, turn that around. Focus on having a value-first mindset. This means that you lead with the value you offer rather than the value you receive. It’s a game-changer.  What’s different is that you’re investing genuinely in how you’re benefiting other people. Instead of pulling every dollar from them, you’re focused on how you can support and help. By proving your value in this simple way, you can become irreplaceable to those who are paying you.

Build your social currency.  You’ve heard it many times before. Who you know matters. If you lack a social network for any reason, or your social network isn’t helping you to pull in value in some form, it’s time to make some changes. You need to build your social currency.  Relationships matter in many forms. Ask these questions:  Who is in your network right now?  Who will go to bat for you?  Who could those individuals introduce you to that could be valuable to you or them?  Who within your network knows someone who might be interested in the latest asset, product or service that you’re selling?  There’s immense value in genuine connections. When you build these strong relationships, those people will move mountains to deliver value to the people they care about — and that could be you.  To increase the flow of value to you, then, you need to work consistently at building and nurturing these relationships. Take steps to reach out to people, ask for introductions, research who your current network knows, and then go further.

Consider the value of asset trading.  Your goal is to build value with others through the products and services or assets that you hold; to do that, you need to minimize leverage and increase the value and benefit of the assets you possess. By trading away those assets that are no longer meeting your goals and expectations, it’s possible to move directly into other assets that offer the objectives and value that you do need.  Shift your mindset instead to always consider the trade of currently owned high-value assets for those you desire, and you will very often end up preserving value in ways the traditional sale process may not. This vital and often overlooked skill could be the key differentiator in your business growth and long-term success.

2 key takeaways from the article

1. To grow your business, you need to keep value flowing towards you. Value represents many things, including the solutions your product or service offers the marketplace, building relationships and getting paid. The problem is, many factors can limit your ability to continue to receive that value. It’s common, for example, for political climates, environmental disasters and changes in the economy to limit the flow of value to your company.  
2. To develop a stronger flow of value to you, implement these strategies.  Develop and incorporate a value-first mindset. Build your social currency.  And consider the value of asset trading.

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Topics:  Entrepreneurship, Customer Relationship Management, Value