Page 64 - Tropic Magazine Issue 20

TROPIC • OPINION

Adam Volcov
Managing director
VBA

Value equation

As human beings we all have an in-built desire to receive value for
money. We work hard to earn a living, so it stands to reason that we
need to spend our money wisely and on things that add value to
our lives. As individuals, we each have different perceptions about Amy Eden
value for money. For some it’s negotiating the lowest possible price, Community Advocate
while for others, they gain satisfaction from something that makes
them feel good or from knowing they are investing in their future.
In business, value is delivered by providing a quality product or
service in a responsive and timely way for a reasonable price. Your What’s your story?
customer will perceive value for money when the balance between Humans are natural storytellers; we can’t help telling stories.
quality, time and cost align with their expectations and internal They are fundamental to our existence. Stories are about
benchmarks for what you are offering. Delivering value to our collaboration and connection. They transcend generations,
customers is what we, as business owners, strive to do each day. engage us through emotions, and connect us to others.
It keeps them coming back and, in the bigger picture, adds value Through stories we share passions, sadness, learnings, culture,
to their lives. In our business, we help our clients create a better hardships and joys. We share meaning and purpose. Stories are
financial future by providing quality advice in a responsive and the common ground that allow us to communicate, overcoming
timely manner for a reasonable price. The quality, time and cost our defences and our differences.
equation to assess value for money applies to all businesses and Stories are shared around the campfire, the office water cooler,
industries. For example, restaurants will be judged on the quality of the local watering hole on Friday afternoon, in the boardroom,
their food and service as well as the ambience or “vibe” of the place. at your pitch, presentation or plea. They are pieces of data
Good quality food, responsive service and a reasonable price will see woven together by emotion.
customers reward you with their loyalty. The language we use embeds itself and becomes action, so it
So, how do you apply this to your business to assess the value you is imperative to employ it strategically. One must say what
are providing your customers? Ask them! Design a simple customer one means. With our words shaping our story and then
feedback system, whether manual or automated and ask them three our story becoming the framework of our behaviours, and
simple questions: on a scale of 1-10, how would you rate the quality our behaviours determining how we live our life, well, we
of our products and services, our responsiveness and our prices? For need to get it right. To be heard, stories need to be original
quality and time-based measures, 1 is poor and 10 is amazing. and compelling. Sharing personal stories may make you
For cost-based measures, 1 is amazing value for money and 10 feel vulnerable, but it’s that vulnerability that resonates and
is expensive. connects you to other people.
If you want to convert this into a number to track and measure your Create ‘sticky’ memories by attaching emotions to data. Who
performance on an ongoing basis, the basic equation is Quality x remembers a bunch of numbers in a column? It holds no
Time ÷ Cost. A higher number indicates your business is providing significance at all until attached to a context, until we have
value for money and a lower number indicates there is more work to the story behind the data. Weaving facts into stories creates
do. It may also mean that not all customers are the right fit for your emotional response triggers that build memories and ensure
business. that lessons learned will be remembered.
Understanding, creating and delivering value for your customers is You are the sum story of all your past actions. So, what’s
the essence of good business practice. Do this well and your business your story?
will continue to grow and flourish.
MORE: facebook.com/manooracommunitygarden
MORE: vbabusiness.com.au facebook.com/3mpride

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PERFECT INVESTMENT
PROPERTY FOR YOU.

CALL ME TODAY! Pauline Kenny

0412 131 627
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64 • Tropic • Issue 19