How Entrepreneurs and Freelancers Can Add Value to Grow Their Business

Everything changes. Change is the only constant in this Universe, as Heraclitus of Ephesus famously stated over 2,500 years ago. It’s intriguing how a concept so ancient still eludes many today. In the realm of business, whether as a freelancer or an entrepreneur, your primary goal should always be growth.

You can grow your business from the ground up by harnessing change to work for you, rather than against you. In navigating the dynamic business landscape, understanding the concept of Minimum Expected Value (MEV) is vital. Everyone you meet has an MEV – the minimum value they expect to derive from their interactions with you.

Even if individuals are not consciously aware of this expectation, the MEV factor is always at play. Recognizing and responding to each person’s MEV can significantly influence your success. Here’s why it’s essential.

Job Security Is a Myth

Having a job does not guarantee security – you’re at risk of losing it every day. Regardless of how well you get along with your boss, or how valued you are by your team, or even how long you’ve been at the company. Your past contributions, how much value, money, or clients you’ve brought in – it doesn’t secure your position. Don’t buy into the myth of job security.

In the past, job security might have been a reality. Today? It’s a different story. You are only as valuable as what your current contributions are to the company.

If you deliver more than what’s expected by your role’s Minimum Expected Value (MEV), you’re in a safer position. If you’re exceeding these expectations, your boss will likely advocate for you during tough times – as long as the company itself remains afloat. Thus, securing your job involves enhancing the quality and effort beyond your job description’s MEV.

Always aim to exceed expectations. This proactive approach is how you leverage change in your favor, instead of letting it work against you.

Otherwise, it might be time to look for new opportunities elsewhere.

Client Loyalty Is Not Guaranteed

Your client will look elsewhere if you fail to meet their expectations. Yes, you heard right. In today’s competitive world, there’s no such thing as a guaranteed loyal client – and there shouldn’t be.

Whether you’re a freelancer or running your own business, remember: the moment your work just meets the client’s Minimum Expected Value (MEV), you risk losing them.

Imagine you’re a mobile developer, freelancing with a client for whom you’ve successfully developed several apps. While they’ve been satisfied so far, complacency can be costly.

Tables Can Turn Quickly

If your next app is poorly coded and starts crashing on certain devices, that could cost you your client. It might not happen after the first issue, but a second one can prompt them to seek alternatives.

Consistency is key: once you set a high standard, there’s no going back. Ever. In business, your future hinges on your current performance. Your client base can dwindle quickly if you fail to continually exceed their expectations.

The key to success is consistently adding value to your clients’ experiences by delivering beyond expectations. Push yourself harder than expected by your clients, your boss, or your colleagues. That’s how you become unstoppable.

The Shark Story:

In the fierce realm of business, it’s a shark-eat-shark world. Take the Great White Shark, a well-known obligate ram breather, which must continually move through the water to breathe and survive. Similarly, as a freelancer or entrepreneur, stagnation spells the end – constant movement and growth are essential for survival.

Your business requires continuous growth; merely maintaining your current metrics demands effort. Growth must become your instinct; adding value to your clients is the result. Interestingly, you’re statistically more likely to be bitten by another person than a shark, illustrating the competitive nature of the business world where only the proactive survive.

Note that not all sharks thrive by constant movement. Some species live inactive lifestyles at the ocean’s bottom, surviving through buccal pumping. They can afford to stay still because they’re already at the lowest point. Don’t let your business mirror this ‘sad shark’s life’ – always aim for upward mobility.

Becoming a Great White

Convinced about the need to add more value? Let’s continue with our mobile developer example to illustrate essential growth principles.

Constant Improvement

Immerse yourself in learning. From mobile design tutorials to mastering mobile JQuery, acquiring new knowledge daily secures your position with clients.

Constant Research

Your work is never perfect. Always seek to optimize, much like refining an algorithm. Don’t shy away from critique; consult with peers and experts, asking as many questions as needed to enhance your skills. Even a single improvement from these interactions signifies growth.

Constant Feedback

Client interaction is crucial. Understand their evolving needs by encouraging them to complete surveys. Strive to improve consistently, allowing your services to enhance like fine wine over time.

Wrap Up

The above steps are vital for any professional, whether you’re an entrepreneur, a freelancer, or simply a determined individual in any field. Do you believe these principles and the concept of Minimum Expected Value (MEV) are applicable only to the business world, or could they also enhance other areas of your life?