The value of an idea lies in the using of it.
- Thomas A. Edison
Driving Value
Over the years, numerous companies have claimed their business challenges are one-of-a-kind in their industry. Yet, our extensive education, experience, and research, drawing from reputable sources like Harvard Business Journal, Forbes, and the Small Business Administration, reveal otherwise. We've identified 10 universal markers across industries that define success or failure. To ensure consistency and measurability, we've streamlined all business value drivers into categories, assessing your overall business health through our 10 Key Value Points™.
10 Key Value Points™ defined:
1. Product: Examines product usage, suitability, capacity, quality, and sustainability.
2. Future state: Examines financial initiatives, economic changes, contingencies, socioeconomic involvement, industry evolution, and exit planning.
3. People: Examines the relational impact of internal & external individuals, and the impacts on financial and operational success.
4. Customer Experience: Examines customer offerings, communications, success, and engagement.
5. Systems: Examines technology platforms, innovations, supply chains, and delivery methods.
6. Legal: Examines client contracts, non-disclosure agreements, non-competes, liabilities, regulatory compliance, and intellectual property.
7. Retention: Examines strategic collaborations, initiatives, and attrition.
8. Marketing: Examines social media, brand, reputation, community impact, campaigns, and industry awareness.
9. Safety & Regulatory: Examines quality assurance, internal & external audits, mandates, certificates, security, and credentials.
10. Competitive Components: Examines geographic competitors, products, consumer choice, services, and differentiators.
Bureau of Labor Statistics studies shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.