Page 33 - Creating Value 2020
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CREATING VALUE
HOW THE WAY WE THINK Many businesses embrace this, adapting to
ABOUT VALUES IMPACTS KEY accommodate the technology required to
AREAS OF LIFE win and retain custom. This area is forecast
to grow significantly, and business owners
The Business World must stay up-to-date and be creative with
‘Unprecedented Times’ is a phrase you their customer acquisition.
will have heard many times over past
weeks. Never has this meant more Paradoxically, there is an unexpected area
than when applied to the months of forecast to change business strategies going
change that lie ahead for the business forward.
community.
Harvard Business School (HBS) suggest
The experience-based wisdom of past that there will be an increase in ‘bricks and
pioneers should never be scoffed at. mortar’ business going forward. Small
Henry Ford developed a sound businesses on the nations’ High Streets
philosophy: were forced out of business by the large
superstores and out of town developments.
“The purpose of money is to provide
more opportunity to perform more Corona has re-ignited customer loyalty to
service. Short-sighted businessmen local businesses and HBS forecast this will
think first of money, but service is continue on the other side of crisis.
what really makes or breaks a
business; without it, customers soon Small businesses are more flexible to
go elsewhere. True happiness comes capitalise on these changes and business
from the joy of accomplishment. owners should ensure they focus on the
Wealth, like happiness, is never area where larger corporate organisations
attained when sought after directly. It are often weak… That is Creating Real
comes as a by-product of providing a Added Value Eagerly, or using an acronym
useful service” C.R.A.V.E. which seems appropriate given
that the new world of the consumer craves
Post Corona, businesses that survive and deserves value.
will have to decide what is no longer
working for them. Many will vacate The larger corporate organisations are
expensive city offices or at least look often the slower to react ‘Oil Tanker’ and
to downsize in cheaper areas. not always effective at adding value, due to
their focus being inward and financial.
Many others will have realised benefit
from home workers and adjust their Smaller companies will in future have
strategy accordingly going forward. more opportunity to become the faster
‘Entrepreneurial Speedboat, with chances
One of the consequences of social to create value for customers, winning
distancing is the increase in online their trust and loyalty.
trading.
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