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Increase Your Value by Thinking of In the free-market world we all get paid based on our value in the marketplace. I wrote a bit about the importance of continually working to increase our value in the marketplace in a past article, How to Choose Your Best Work, Part II. Whether you work for a business or you run a business your success depends on the how well your product or service is valued by the market. When you work for a business your product or service is the results you were hired to produce. Your market consists of all the others in the business that depend on the results you produce so they can perform their jobs well. The better you are at producing your results the more valuable you are to the business. And, interestingly enough, the more valuable you are to the marketplace outside of the business you work for. Those who work continuously to increase their value have an advantage over others in good times and bad. Think of yourself as a business. Continuously work to improve your product and the service to your customers. Start by clearly describing the purpose of what you do as the “Business of You.” Other than making money, what is your purpose? This isn’t necessarily an easy thing to do, but it is very important. It will guide you now and in the future. Now decide what values will guide you in your business. Things like honesty, integrity, promptness, and respect of others are all good. There are many more possibilities. Make a list of values that you can be comfortable living with. These are the reasons that others will want to do business with you rather than with someone else. Be careful with words like “excellent” and “quality.” They are great words but they are subject to the interpretation of the people hearing them. Others may have a different definition of “excellent” than you do. When you use words like these include a definition of what they mean as it relates to what you do. It’s always very good practice for every business, even your “Business of You,” to thoroughly describe your ideal client. Who has the greatest need for what you produce? What attributes do they have that makes them fun to do business with? When you work for a business your customers are assigned to you. This is different than when you own a business and you’re looking for the right people to do business with. It’s still a great exercise though. It often helps you change your assigned customers for the better. Always budget and plan for training and learning. Training and learning are the tools you use to continuously increase in value. If you work for a business, it’s possible that the business will help you with the expense of continuous education and allow you the time to pursue it. Smart businesses want their employees to learn and become more valuable. The return to the business is far greater than the cost. If the business you work for won’t invest in you, invest in yourself. The more knowledgeable you are in your chosen work, the more valuable you are in the marketplace. The more valuable you are in the marketplace, the greater your opportunities. The better you are at recognizing the best opportunities and taking full advantage of them, the greater your success. Change you mind and your outlook. Become a business, the “Business of You.” It will speed and maximize your success. There’s a New Year coming. Make becoming a business one of your most important resolutions. (c) 2006 Brian Silverthorn ABOUT THE AUTHOR |
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