A few months ago, I was attending the Thrive Business Owners Breakfast meeting organized by Worship Harvest Ministries under the Harvest Institute School of Practical Business where I had many light bulb moments and sparks of idea development.
One of the things that had been keeping me uncomfortable is the question in the title that was asked by one of the facilitators at the breakfast, Dir. Grace Muyiira – the founder of Vine Pharmaceuticals and a franchise coach.
He posed that question while talking about a business’s ‘Source of Superior Performance’ which is value capture (what your services or products are perceived to be by the market) and creation (what you are creating in reaction to the market captured value) advantage.
Where superior means more business innovation, sales and supply channels, and relationships in relation to the value advantage.
By Logic, I understood that Grace was asking us about the services or products that motivate us as owners and our teams to come to work happily and in high spirits to perform and move the business to the next level.
The more I thought about this, the more I found myself drifting to the role of service logic in a sustainable business model.
This model is where companies conduct services for their customers, whether by means of physical products or not.
This means thinking in terms of access over ownership, whether the offered is a sharing service, streaming service, or leasing-like payment model. By building business models based on service logic, companies can contribute to improved capacity utilization and less resource waste.
Also, this can be zeroed down to two distinctions between benefits and features.
Features are characteristics that a product or service does or has. For example in the baking sector, some ovens include features such as self-cleaning, smooth stovetops, warming bins, or convection capabilities.
While benefits are the reasons customers buy the product or service. For example, the benefits of some ovens to buyers include safety, ease of use, affordability, or—in the case of many ovens that feature stainless steel casings—prestige.
In other news, EcoBank Uganda offers some interesting benefits services, and products that you should check out for your own business growth.
According to that, my uncomforting situation was solved by finding Kahill Insights’ logic which is Benefits.
These benefits include:
- Saving time
- Creating cohesion
- Expert knowledge
- Cost efficiency
How I arrive at them by engaging with my remote team with questions like:
- How they tackle every task given to them
- What kind of values guides them?
- Aligning the team’s values to the company ones
- How they viewed our clients
- What they thought our clients viewed us as.
- Who is dependent and independent of us?
The questions helped position our status in the market and the kind of power we have.
Over to you…
What is your logic? Can you and your team identify it? What questions do you think will be helpful to identify your logic?