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Finance Friday: Adding value

The idea of adding value to something is known to most people. It’s worth thinking about in many contexts and considering what does add value. When we go for a job interview, we might add value to ourselves, by dressing smartly.

When we give someone a gift we might gift wrap it to make it look special. Little touches like adding a card or a a bow to the gift can make all the difference. Similarly, wearing a tie for a job interview and making sure your shoes are clean, can make all the difference.

These minor things are often not as minor as we sometimes think, they can make a big difference. Adding value can enhance the image that something or someone has. Big supermarkets are aware of image and branding. They have high overheads and so extra sales means much higher profits. They add value to the business by adding new things to their stock. They make the stock more diverse. In the UK, supermarkets have added clothes, electrical goods and now they are adding financial services and banking.

A gardener who mows people’s lawns for a living might add value to his business by offering to do other things in the garden. He might even offer his clients plants that he has grown. Acquiring a new skill to add to his business, would be another way of adding value. It might not be directly related to gardening; it could be a DIY related skill, such as fixing things in the home; such as putting up shelves.

We can add value in many ways. If you’re selling your car, just cleaning it inside and out and polishing it, adds value. you are likely to get a better price. When you are selling a house, redecorating it, making it smell nice and making the garden tidy, will add value and make it more desirable. The principle of adding value can be applied to selling anything or the giving of gifts as well as offering services.

Adding value is often taking something ordinary or mundane and making it special. Adding value, is putting the icing on the cake. That small empty space in the corner of a store can be utilised to add value, to sell something new, that adds to profits.

You can also add to the perception of value and this is done with some kind of marketing. The gardener with a business card might be perceived as more professional, for example. We not only have to believe that something is of value, but we have to convince others that is of value. This can be done by communication or by visual means like the ribbon on a gift or the icing on the cake.

Do you have an unusual way of adding value to someone or something? Please share your idea in the comments box. As always you can also follow me on Twitter.

One Response

  1. Pingback: The Review: Appreciating the countryside | Mike10613's Blog

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