04.07.09 The 5th Key for Adding Value to Your Business

5. Monitor the Changes you Make

When we increased our product range, we had to closely monitor sales and discontinue new products if the demand was lower than what we had anticipated. We would change the brands of beauty products by importing a few items first, monitor sales then import more of those that showed a higher demand.

Also, although the bible is silent about it, Lydia’s team may have monitored her business diligently and made changes as and when appropriate.

A value-adding businesswoman must always monitor the changes she introduces in her business and make the necessary adjustments or fine-tunings as and when necessary. Proverbs 27:23-27 advises us to keep our finger on the state of our businesses says. That scripture reads (TLB): ^23-24Riches can disappear fast. And the king’s crown doesn’t stay in his family forever—so watch your business interests closely. Know the state of your flocks and your herds; ^25-27then there will be lambs’ wool enough for clothing and goats’ milk enough for food for all your household after the hay is harvested, and the new crop appears, and the mountain grasses are gathered in.

Therefore, in order to sustainably add value to your business, you must diligently monitor any adjustments made. If you are manufacturing a product, try out the changes before the customer starts using the new version. In the case of services, start small before rolling out fully, so that you fine-tune where necessary or expand as you go.

When you introduce a new process, train members to ensure that they are familiar with the ‘additions’. In our case, for example, we had to train our salesperson about the attributes of whichever brand in our product range.

If an ‘added activity’ is not performing as expected, consider dropping it. The same applies to additions that are too costly, challenging or difficult to use.