Adding Value

Many people, when they think about adding value to a business think in terms of greater efficiencies, lower expenses, increasing pricing etc.

A way to add significant value to a business is to provide a new product or service that stays within the industry of the business.

As an example, a restaurant might try to increase their value by reducing staffing (less costs), increasing prices (greater revenue) or improving efficiencies. A way to add greater value might be to add a catering business to the restaurant. Or, partner with a local convention center to provide all food and drinks etc.

There are many ways to add value to a business, raising prices or lowering costs is not the only answer

Just something to think about

Have a great day!


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