Thursday, July 24, 2014

Things That Will Make You Money - Number 11 - Create Value

Really successful people do things that other people will not do.  Really successful people or businesses create value and give it to others.

You have heard "build a better mousetrap, and the world will beat a path to your door."  Really. Where do they really beat down a path to their door. McDonald's, Domino's Pizza, Apple are all examples. Did they really create a better product?  McDonald's and Domino's Pizza are very popular and yet they did not produce a better product and still people figuratively beat down a path to their door.

What they did do was create value. McDonald's provides a tasty product at very convenient locations and you know what you will get at their restaurants. The same with Domino's, you know you will get not a better but a decent pizza but you will get it delivered quickly. These companies created value for their products because of location and easy of getting the product. You typically don't even go to Domino's door.

How does this translate to your business? How can you create value? Consider what you do that no one else does in your market. Or consider what you could do that no one else does well that people will value.

Quite often to create value you need to find out what people value. To find that out you have to listen to and observe people and their behavior. A top investor regularly goes shopping with his kids to see what people are interested in and he invests in those companies. Have you noticed the shopping malls are no longer packed? Have noticed what people are doing? What are those gadgets they keep fidgeting with and how can you provide value for people today?  Find a way to make your product or service available through those devices people are using all the time now. Or create value for people in some way that people will appreciate.

You may even find that you can change the way people do things providing a better way for them to get your product. McDonald's did this as highways and main streets with stoplights sprung up and they acted on these developments and provided value given the changes that were being made. Domino's Pizza took advantage of people being too busy and made it more convenient to buy a pizza. Instead of going out for pizza and a show people are staying home to watch the show so why not have the pizza delivered at home.

Observe and listen and find a way to provide value today and in to the future and instead of beating down a path to your door they will ask you to deliver your product via a portal or have a drone deliver it.  What is next?

The CPA Superhero wants to help you to succeed in business, life, and in retirement.  While my main business is preparing tax returns, I also work with clients to setup accounting systems to start, manage and develop their business(es) and develop and implement a financial plan. Contact me using my information below to schedule a free introductory consultation up to a half hour. 

Jeff Haywood, CPA

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My posts contain general information that does not fit every situation, they are not all inclusive, and as always for your tax situation everything "depends on facts and circumstances."  In addition, the information/IRS requirements are always subject to change.  So call me to talk about your specific facts and circumstances and what you want to accomplish.