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Writing a Great Value Statement Can Bring In Tons of Money for Your Business

Writing a Great Value Statement Can Bring In Tons of Money for Your Business

Stepping into the world of business can be exciting at first, but it’s only a matter of time before you realize that not everything will go according to plan. Regardless of industry, all businesses will have to contend with unexpected challenges. Customers complaining, sales dropping, employee productivity going down – it’s an endless struggle that will push entrepreneurs well beyond their limits.

Amidst all the chaos, what’s important is that your business never loses its identity. If you remain true to a single value statement,[1] everyone – including employees, customers, and competitors – will give your brand the respect and recognition it deserves.

What is a Value Statement?

A value statement, also referred to as “mission statement”, describes an organization’s core beliefs. It often gives potential customers an idea on what to expect, which in turn may impact their purchase decision. Within the organization, value statements are declared to provide motivation and guidance to the staff.

Below are the four most important parts of an effective vision statement:

The problem – What is the specific problem your company is trying to solve?

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The solution – What services or products can you offer to solve this problem?

The audience – Who will benefit mainly from your proposed solution?

The commitment – Lastly, what are the core beliefs that make you different from your competitors?

Examples of Effective Value Statements

Time after time, industry leaders come up with powerful value statements that boost the popularity and authority of their brand.[2] For example, social media giant Twitter has a simple yet inspiring statement:

“To give everyone the power to create and share ideas and information instantly, without barriers.”

L.L. Bean’s statement, on the other hand, revolves around providing value to customers and the importance of business ethics:[3]

“Sell good merchandise at a reasonable profit, treat your customers like human beings, and they will always come back for more.”

Other than businesses, entrepreneurs must have their own personal brand identities that can guide their future ideas into fruition and mold the way they function as business leaders.[4] Of course, powerful value statement messages also work wonders for PR. For example, Bill Gates and his wife Melinda highlights this statement in Gates Foundation:[5]

“…And so we are dedicated to improving the quality of life for individuals around the world. From the education of students in Chicago, to the health of a young mother in Nigeria, we are catalysts of human promise everywhere”.

The Benefits of Having a Value Statement for Your Business

For some companies who overlook the importance of a value statement, it’s just a string of words that hang on the wall. But for others, it’s a method of empowerment for many reasons:

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It Simplifies Decision-Making

By getting your priorities straight from the get-go, future decisions can be based on which option benefits your core values the most. In other words, a value statement creates a template for future decision-making, allowing you to save time and focus more on developing strategies.

It Diminishes the Fear of Failure

The amount of money made is often used as the measure of success in an endeavor. But if every decision you make aligns with your value statement, then every outcome can be just as rewarding – knowing that it brought you closer to fulfilling your company’s purpose.

It Motivates Employees

The low employee engagement rate is a lingering issue in workplaces worldwide. According to statistics, only 29% of the U.S. workforce are fully engaged and committed to their organization.[6] This is mainly because paychecks become their sole motivators in companies that lack a concrete value statement. But if they know they’re contributing to a bigger cause, then not only will they work harder, they’ll also feel more connected with the company culture.

It Fosters Customer Loyalty

Surveys reveal that 34% of consumers will spread the word about a brand that is fair, honest, or pursues ethical actions.[7] 48% says that a company’s ethics is determined by employee treatment. By creating a value statement that resonates with both your employees and your target audience, you will surely win their trust and loyalty.[8]

How to Write a Powerful Value Statement for Your Business

If you can get employees working towards a common goal and customers believing in your cause, then success will surely follow. Here are some additional tips on creating a value statement:

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Get Everyone Involved

If you’re in the early stages of a startup, then there’s still plenty of time to gather everyone’s input and identify a vision that everyone is willing to share. Try asking every member to explain why they think the company exists. As a rule of thumb, prioritize a private meeting with board-level members before consulting everyone else.

Revisit the Identity of Your Brand

In the brainstorming process, try to focus on basic questions that help get to know your brand. For example, what is the story behind the company’s founding team? What do you want the company to look like in 5-10 years? Answering these questions will help you learn what has worked out for your brand so far.

Use the Three-Step Method

In the world of blogging, a core message is often condensed into one editorial mission statement, which can be created using three simple steps: addressing the audience, specifying the deliverables, and describing the desired outcome. For example:

“This article helps business leaders and entrepreneurs (the audience) with practical and actionable advice (the deliverables) on developing a powerful value statement to elevate their business (the outcome).”

Review, Revise, and Clarify

A value statement isn’t something you can easily change in the future. That said, try to come up with several drafts at first and let everyone vote for the best one. Make sure it’s succinct, attention-grabbing, and memorable.

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Remind Everyone

Finally, try to include your value statement in all touchpoints – including your company websites, product packaging, and various forms of branded content that are readily available to potential customers. Employees are typically made aware of your statement during the onboarding process and every day through in-office posters, ID tags, and company computer wallpapers.

Reference

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Vikas Agrawal

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Last Updated on June 19, 2019

8 Life-Changing Skills You Can Learn in Less Than 6 Months

8 Life-Changing Skills You Can Learn in Less Than 6 Months

Everyone has the ability to learn a life-changing skill not just this year, but in the next 6 months.

By life-changing, I mean something that can have a positive impact in your life moving forward, even if it’s something you can’t envision today. Certain skills we can immediately reap the benefits of, while others will be life-changing when we least expect it.

In this article, we’ll share 8 life-changing skills you can learn in 6 months, where you can learn them, and how you can get started today.

1. Speed reading

Bill Gates has been known to state that if he had one superpower, it would be the ability to read faster. What Bill and the rest of the mega-successful understand is that knowledge is power. The ability to process information faster from books, articles, and reports is what will help us learn faster, and therefore improve each aspect of our life faster as well.

Where you can start learning: Speed reading courses are becoming more popular, as more people realize how important it is with the limited time we have. You can check out free courses like Read Speeder or you can start learning how to use Spritzlet, which allows you to speed read articles online with a browser extension.

2. Public speaking

Research shows that people fear public speaking more than death itself. There’s something terrifying about being in front of dozens or hundreds of people, and exposing yourself completely. It’s when you’re most vulnerable, but learning how to public speak is a life-changer.

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Warren Buffett has given advice to recent graduates that the number one skill you can have to succeed is public speaking skills. Everything from communication, confidence, and sales is developed when you develop your public speaking skills.

Where you can start learning: Luckily, there are great communities out there like Toastmasters that organize local meetups all around the world. You’ll find amazing public speakers that are looking to get to the next level to beginners that are just getting started. Check out Toastmasters’ website here.

3. Spanish

As the third most spoken language in the world, the ability to speak Spanish will allow you to reach over 500M people around the world. No matter where you live, knowing how to speak Spanish is becoming increasingly more important, with the Hispanic population and economy spreading quickly worldwide. If you’re living in the US, this is even more important, with over 30% of the population being Hispanic.

Spanish is also on this list, because it’s one of the easiest languages to learn. Sure, Mandarin is an important language to learn, but it’s an incredibly difficult one to learn. If we were to measure the level of importance and the time to learn for all the languages available, Spanish would make it to the top of the list.

One of the biggest reasons why people never reach fluency in any foreign language is: using the wrong method, and lack of time.

It turns out that humans retain only 5% of what we learn from lectures, 20% of what we learn from apps (visual cues), and 90% of what we learn from immediate immersion. Yet, how do 90% of learn a new foreign language? Language schools (lectures), books, Duolingo (apps), etc that don’t provide the real-life immersion required for our brains to learn faster.

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Where to get started: If you want the most effective way to learn a language, learning from real-life interactions is the best way to do it. There are great websites like Rype, which offers Spanish coaching for busy people, solving the issue of lack of time and bringing real-life immersion to your screen. With Rype, you can book as many lessons as you want, at any time of the day, any day of the week, allowing you to fit it into your schedule, no matter how busy you are.

4. Accounting

If you’re looking to get into business, accounting is one of the core fundamentals you’ll need to succeed. While you don’t need to be an expert, you definitely should understand the basics.

This skill can also be used to manage your personal finances, to meet your financial goals, and having more control over your life.

Where to get started learning: If you didn’t learn accounting in school, no worries. You can either teach yourself using books, or check out free accounting courses online.

5. Microsoft Excel

Most people reading this probably have a basic understanding of Microsoft Excel Spreadsheet. While this is a good start, there are so many powerful functionalities that are hidden, which could make your life a lot easier.

Excel is also a great asset to have whenever you’re looking for a job, as many corporations rely on Excel to organize and manage multiple parts of the business.

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Where to get started learning: With the popularity of Excel, you can find tons of free resources and videos online to learn. Check out Excel Exposure, Lynda, and Excel with Business.

6. Blogging/Vlogging

Blogging is a powerful tool if you want to spread your ideas, build your brand, or grow your business. Since it was introduced, blogging has taken on a life of its own, and today there are ~2M blog posts being written on a daily basis.

Where to get started learning: Anyone can start blogging today. All you need is a content-management system like WordPress, which is completely free. Personally, I think the best way to start learning how to blog is to just start writing. There are techniques you can learn on how to promote your blog, but the best way to grow your blog is to write great content.

7. Weight training

Yes, weight training is a skill. It’s not as advanced as learning how to code, nor will it take as long as learning a new language, if you just want to learn the basics.

We’re not promising that you’ll get a body like Arnold Schwarzenegger, but you will see much faster results for whatever goal you have, just by understanding how to workout properly. And of course, when you’re dealing with an activity that involves physical strain, you’ll always want to caution yourself.

Where to get started learning: There are amazing body builders that are sharing all of their secrets for free on Youtube. You can check out Bodybuilding.com’s Youtube channel to get started.

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8. Photo and video editing

In the digital world that we live in, from Youtube, Instagram, and Facebook, there is no avoiding photos and videos. In fact, social media has increasingly gone away from text sharing and almost everything to photo and video editing.

Where to get started learning: For photo editing, you can use Photoshop. For video editing, you can use iMovie or Final Cut Pro. Keep in mind, there are dozens of editing software tools for video and photo editing, but what’s more important are your editing skills, not the tool itself.

Check out education websites like CreativeLIVE or Skillshare, where you can learn from experts themselves on how to best use design and software tools.

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