{"id":33246,"date":"2020-05-14T13:25:13","date_gmt":"2020-05-14T17:25:13","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=33246"},"modified":"2020-05-14T13:25:32","modified_gmt":"2020-05-14T17:25:32","slug":"got-value","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/05\/got-value\/","title":{"rendered":"Business Report: Got Value?"},"content":{"rendered":"<figure id=\"attachment_31183\" aria-describedby=\"caption-attachment-31183\" style=\"width: 200px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-31183\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2018\/09\/cruz-column-c-200x300.jpg\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2018\/09\/cruz-column-c-200x300.jpg 200w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2018\/09\/cruz-column-c.jpg 444w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><figcaption id=\"caption-attachment-31183\" class=\"wp-caption-text\">Michael Cruz, president of Lighthouse Advisors LLC in Queensbury.<\/figcaption><\/figure>\n<p class=\"p1\">By Michael Cruz<\/p>\n<p class=\"p2\"><span class=\"s1\">As we get ready to re-emerge, it is important for you to re-assess your business. The entrepreneur\u2019s mindset is to set to succeed. As the world throws you obstacles, you always find ways to overcome them.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Well, we have been thrown a big obstacle. What will you do? If you have not already, reach out to your best customers. Check in. See how they are doing. Even if they are shut down, this will be appreciated.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">This will also help with your relationship when everyone is ready to fully engage. It is important to re-examine all aspects of your business. What you were doing before COVID-19 is not necessarily what you should do next. Examine your business plan. I often say that a plan is like a road map.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">The only time you don\u2019t need a map is when you are going where you have already been. Or \u2013 when you don\u2019t care where you are going. Things are not going to be the same for quite a while. Your customers are having the same challenges you are. Everyone will be a little more cautious as to where they spend their money.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\"><!--more-->Each of us needs to make our own reassessment of priorities. We need to figure out which expenditures are required. And, which purchases we can delay until we are more sure of the recovery. If you want to make their priority list, the secret is in value creation. Value creation is having your product or service provide more to the business than what it cost your customer. Understanding value forces us to have customer empathy.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">You need to know what keeps your customer awake at night. To the extent, that you help solve that problem, you will have more success. As much as you can, you want to be assessing your customers\u2019 needs before your own. By doing that you create value for your customers.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">You don\u2019t have to \u2018sell\u2019 anything, if what you offer is needed by your customers. Helping them know that you have what they need is much easier. I assume you have more than one type of customer. Focus on listing out all of the different categories of people who buy from you.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Figure out what they want. Examine which of your offerings offer the most value<span class=\"Apple-converted-space\">\u00a0 <\/span>and to which customer segment they apply. Now we have the basics of how to re-engage your business.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Focus on the best ways for you and (if you have) your sales team to let them know you are open again. What e-mail will you send? Advertising? What personal connections and sales calls? Prepare to let them know how you can create value for their business.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Show then how your offering will grow their business. In turn, yours will grow too.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Michael Cruz As we get ready to re-emerge, it is important for you to re-assess your business. The entrepreneur\u2019s mindset is to set to succeed. As the world throws you obstacles, you always find ways to overcome them. Well, we have been thrown a big obstacle. What will you do? If you have not [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":31183,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-33246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-reports"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Business Report: Got Value? - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2020\/05\/got-value\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Got Value? - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Michael Cruz As we get ready to re-emerge, it is important for you to re-assess your business. 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