Defining your project's value proposition is a key part of your business strategy. What's a value proposition? Quite simply, your company's value proposition is a clear and concise statement of what your business does (product or service) and what problem that solves for the customer. Stated another way, you are telling your audience: 1) what benefit you provide; 2) to whom you provide that benefit and 3) how you provide the benefit in a unique way that differentiates you from your competition.
Yesterday, I read a great article about the importance of emphasizing the social impact of your business. Social impact can be defined as the impact a business has on the quality of life - or possible quality of environment in a community, without an overt profit motive.
State governments like Pennsylvania are giving startup businesses more tools than ever to legally organize themselves into Public Benefit Companies, which I wrote about over on my law practice blog at tuklaw.com here:
Social impact can benefit your business in three ways:
- Attracting the best talent (particularly as millennials assume a larger role in your workforce);
- Marking a larger impact in emerging markets; AND
- Winning customer loyalty.
It's worth a read, and you should check that article out here.