Creating a sustainable business means paying attention to the strategic issues that can either add or subtract value in your company. In this video I go over the 18 value drivers we use to help you understand where value is being added or subtracted in your business.
Watch this video and let me know what you think in the comments below.
Want to learn more about the value drivers in your business? Click on the button below and you’ll get to get your own personalized report on the value drivers in your business.
Hi, today we’re going to talk about what we call the Core Value Process. The Core Value Process is something that we’ve been using for years in our firm to help businesses like you to reach sustainability. Now, what core value does is it allows you to examine 18 value drivers in your business. It’s kind of like doing a mock due diligence exam.
What we look at is nine internal drivers and nine external drivers. And by doing this, you’re going to get a sense, whether your business is the type of business other people would want to own. Now, that doesn’t mean that to other people – you’re going to want to sell the business. All it means is somebody might want to own your business. And if somebody wants to own your business, I can promise you one thing – your business is definitely on the road to sustainability because frankly somebody else is not going to want to own your business unless it is.
So, let’s dive into the process a little bit.
Hi, I’m Josh Patrick. I’m the founder here at Ask Josh Patrick. I’m really glad that we’re spending a few minutes together on this.
What is the discover process?
So, the first thing we want you to do is start with what we call the Discover Process. The Discover Process essentially takes one question on each of the 18 value drivers- nine internal ones and the nine external ones, and helps you see where you’re strong and where you’re not so strong. And from there, you can start making decisions about what you want to do to create a truly sustainable business. Now, after you go through this 10-minute process of Discover, you have a choice – you could either take it off and do what you want with yourself or you can set up a time to have a conversation with me and I’ll be glad to spend a few minutes with you to debrief what you learned in this report.
Let’s learn about internal drivers
Now, you might be curious. What are these internal and external drivers? So, let me give a really fast list of what they are for you. The internal drivers are:
- How’s your company perceived? Is your company perceived well or not so well?
- Do you have the right financial instruments in place to measure the right things?
- Do you have a marketing system in place, so people can find you and find out what you do and who you are?
- Are your operations buttoned down and do you have systems for having a consistent product that you sell to people?
- Are your customers satisfied with what you’re doing?
- Do you have a management team in place where you’re all doing the same thing, going in the same direction?
- Do you have a human resource system in place that allows you to hire the right person and reward your employees in an appropriate manner?
- Do you have the right legal place things done? Do you have contracts and documents in place that will protect you, should something go wrong in your business?
- And finally, do you have an innovation process that can be repeatable and can be done on a regular basis? Because after all, innovation in many businesses, is the lifeblood of what it is. And innovation is not just an external activity about creating new products. Some of the most important innovative things I’ve ever done are making my business run in a more efficient and effective manner.
What about the external drivers?
So, let’s take a fast look at what the external drivers are now.
- We start with growth. Is your business growing properly?
- Is the market size huge? And if it is, do you have a small piece of it? You know, I’d rather have you have a small piece of a big market place than a big piece of a small market and the reason for that is I can be really specific about what niche I serve when I have a small piece of a market. If I have a big piece of a market, it’s much, much more difficult for me to do that.
- Is your market share small or large?
- Is your revenue good and growing?
- Are there barriers to getting into your business? I like big moats and barriers are really important.
- Do you have a way of differentiating your business?
- Is it easy for people to figure out what you do that is different than the other guys that you’re competing with? If you don’t know that, you need to do that.
- Do you have a brand? You know, a brand doesn’t have to be Campbell Soup. A brand can be you. A brand can be your company. And as long as you’re well-recognized within the niche that you serve, you do have the right to develop a brand.
- And finally, do you have the right margin? You know, I find that too many businesses are underpriced and could have a great deal of benefit from raising prices and, a lot of times, are afraid to raise prices and we shouldn’t be.
My invitation to you
So, here’s my invitation to you. Click on the button below. Do the free Discover Program. Have a conversation with me. If you like what you’ve heard and you want to make the next step, well, we have a process for that where you spend four or five hours going through, in detail, on these 18 value drivers. And the detail will give you the information that you need to know about what specifically you can do to make your business better.
So, my goal with this whole Discover Process and the whole Core Value Process is to make sure that you get some great take home value. So if you like what you heard, why don’t you leave a comment below and why don’t you click on the button. Do the Discover process. And if you like what you see or you don’t like what you see and you’re confused, set a time off with me to talk.
And again, this is Josh Patrick. You’re at Ask Josh Patrick. Thanks so much for stopping by today and I hope to see you back here really soon.