On his site The Vital Edge, Gideon Rosenblatt has spoken about how to create value in business, and of how it is the essence of every organisation – and yet, somehow, we often lose sight of what value really is. Value is such an important concept but defining it is not always easy. Perhaps recognising value is an effective way of appreciating what it represents.
In our role as an agency serving corporate clients with event management solutions, we deal with live situations, so nothing is completely predictable! The value we add is in planning every event detail but also in preparing for the unexpected. Sometimes, the real value you get from an event organiser is only evident when they have to switch to their contingency plan, to save your event!
What does value look like?
When planning any programme or project, setting a target in terms of “added value” will help to define your objectives and determine how you will meet them. It adds another degree of precision to the planning process and describes the desired outcomes more accurately. We never forget the importance of a healthy return on investment when planning and managing conferences, product launches, corporate hospitality events or overseas incentive travel programmes. Event ROI methodology helps us to ensure that live events add value to the client’s business.
The old sales formula of listing features and benefits could be applied to how you recognise value too. The question “So what?” against each feature demands a reply which described a specific benefit which the product or service offered. That was the real value which the customer was being invited to gain from making a purchase.
Creating value in a business can be achieved in many ways, for both products and services. Improvements along the value chain that leads to product or service delivery occur both internally and externally. Examples may include:
- Saving costs through competitive tendering and better stock control
- Reducing process time and operating costs with improved technology and systems
- Increasing productivity with training and better equipment
- Improving efficiency through better logistical planning
- Growing margins and profit with superior design and quality
- Winning and retaining market share with outstanding customer service
People create value
People are the vital ingredient in every business process and personal initiatives, although sometimes small, can make a dramatic difference to results. It is really beneficial to celebrate the quality that individual employees and channel partners add to your business. The idea that value is within their control empowers employees. People create value and deserve to be rewarded for exceptional performance.
Once performance standards have been agreed then it is possible to identify when people are creating extra value through their own efforts. Examples can include:
- An employee working 8-6 to meet a deadline when they are only contracted 9-5
- An operations team working together to overcome a problem
- Sales people supporting each other to exceed the overall group target
- Team members doing extra tasks for the improvement of the workplace
- Employees taking ownership of problems outside their direct remit
- Taking initiatives to resolve problems without always referring them up the chain
- Going the extra mile without it being stated or asked of them
These contributions to value and quality are not always covered in the job description or SOP (standard operating procedures). That is why celebrating when people create value is important. Giving recognition and reward for outstanding personal performance is in an investment in the future of your organisation.
Create value, be rewarded
When we are designing and planning an incentive programme, with live events and group travel awards as the ultimate prizes, we also understand the need to add events value. The impact of these high-profile activities is significant. They are aspirational and exclusive, but also have a serious commercial function.
Maintaining quality and value are key factors in sustaining reputations and building business relationships. Retaining top performers and inviting them to prestigious events shows the rest of the team that if you create value, you will receive your very own exceptional rewards. It sets the bar high and sends a clear signal that quality and value are essential for every successful business.