How to Add Value

What Does it Mean to Add Value?

When we say a person, team, or company has added value, we usually mean that they’ve gone above and beyond what was asked or expected of them. Going beyond mere compliance with a task or meeting a minimum standard is what sets high performers apart from the rest.

Examples of Adding Value

* Imagine your manager asks you to source three vendors who can deliver a needed service. You provide a list of three vendors, their respective pros and cons, and a potential solution where you can solve for the needed service in-house instead.

* A prospective client comes to you looking for off-the-shelf feedback training, which your company can provide. After a few interviews with their leaders, however, you’re able to deduce their problem—it’s not that people aren’t good at giving feedback, it’s that they don’t want to. You propose working with them to instead design a set of interventions aimed at incentivizing and normalizing feedback.

The Key Elements of Adding Value

Understanding the Problem

When you’re asked to perform a task, it’s easy to get stuck on the surface level and provide a superficial solution. True value is adding is about taking the time to understand the underlying issues and challenges, and coming up with creative solutions that address them.

Thinking Outside the Box

It’s not about delivering on the exact requirements, but about going beyond and providing something of greater value. This could be a novel solution, a unique perspective, or an innovative approach.

Building Relationships

Adding value often requires building strong relationships with others, whether it’s with colleagues, clients, or stakeholders. This involves being proactive, responsive, and communicative, and being willing to listen and adapt to changing circumstances.

Conclusion

Adding value is about going above and beyond the minimum requirements, and it requires a combination of understanding, creativity, and relationship-building. By adopting this mindset, you can set yourself apart from others and make a real impact in your personal and professional life.

FAQs

What is Adding Value?

Adding value is about delivering more than what was expected or asked of you. It involves going beyond the minimum requirements and providing something of greater value.

How Can I Add Value?

You can add value by taking the time to understand the underlying issues and challenges, thinking outside the box, and building strong relationships with others.

Why is Adding Value Important?

Adding value is important because it sets you apart from others, builds trust and credibility, and can lead to new opportunities and growth.

Innovative Projects: Balancing Outsourcing with Intellectual Property Protection

The Dilemma of Partnering with Outside Experts

Innovative projects are a team effort, but bringing in outside experts can feel like walking a tightrope: how do you harness their skills without handing over your best ideas? The nightmare scenario is partnering with a consultancy or agency to help launch an exciting innovation, only to see a suspiciously similar concept pop up in their work for another client. It’s a common fear—and a growing one.

Data-Backed Concerns

A European Commission study found that 20% of businesses faced attempted theft of confidential information, with nearly 40% believing the risk is on the rise. Our own survey of 230 construction firms showed that 79% feared their proprietary knowledge could be acquired and reused by a partner without their consent. This concern isn’t unique to construction—our follow-up survey across five different industries, including advertising, consulting, engineering, event management, and film making, found that nearly 75% of respondents were somewhat to extremely concerned about leakage risk.

Why is Intellectual Property Protection So Crucial?

Intellectual property (IP) is the lifeblood of any innovative project. It’s what sets a company apart from its competitors and gives it a competitive edge. When you partner with outside experts, you’re putting that IP at risk. A stolen idea can be devastating, causing years of hard work and investment to be lost. Moreover, it can damage the reputation of your company and erode trust among your employees, customers, and partners.

Strategies for Safeguarding Your IP

So, how can you protect your IP while still reaping the benefits of partnering with outside experts? Here are a few strategies to consider:

• Non-Disclosure Agreements (NDAs): Require partners to sign NDAs before sharing confidential information. Make sure the NDA is comprehensive and outlines the scope of protection.
• IP Assignment: Clearly define the ownership and assignment of IP rights in the partnership agreement.
• Confidentiality Statements: Include confidentiality statements in contracts to ensure partners keep information confidential.
• Regular Audits and Monitoring: Regularly review and audit partner activities to detect and prevent IP theft.
• Open Communication: Encourage open communication and transparency throughout the partnership to reduce the risk of IP theft.

Conclusion

Partnerships with outside experts can be a valuable way to bring in new skills and expertise, but they require careful consideration of IP protection. By understanding the risks and taking proactive steps to safeguard your IP, you can harness the benefits of collaboration while minimizing the risks. Remember, IP is what sets you apart – protect it, and you’ll be well on your way to success.

FAQs

Q: What is intellectual property (IP) in the context of innovative projects?
A: IP refers to the unique ideas, creations, and innovations that set a company apart from its competitors.

Q: What is a non-disclosure agreement (NDA)?
A: An NDA is a contract that requires a partner to keep confidential information confidential.

Q: How can I ensure my partner is not stealing my IP?
A: Regularly review and audit partner activities, and include IP protection clauses in contracts.

Q: Can I still partner with outside experts if I’m concerned about IP theft?
A: Yes, but it’s crucial to take proactive steps to safeguard your IP by requiring NDAs, IP assignment, and confidentiality statements, and by encouraging open communication and transparency throughout the partnership.

Top Line

Target’s online traffic dropped during The People’s Union USA Economic Blackout on Feb. 28, according to data from website analytics platform Similarweb. And while the boycott was not explicitly targeting brands that rolled back diversity, equity and inclusion policies, Costco’s uptick in online traffic on the same day brings the conversation back to the forefront.

Key Facts

On blackout day, Target website visitors dropped 9% compared to Friday, Feb. 14, from 5.2 million to 4.7 million.

Target app user traffic, representing the most loyal Target customers, was off even more, down 14%, from 4.2 million to 3.5 million.

By comparison, Costco experienced a 22% rise in Feb. 28 web traffic, from 2.4 million to 2.9 million and Costco app user visits rose 3%, from 1.3 million to 1.34 million.

On blackout day, the nation’s number one retailer, Walmart, experienced a 5% slump in web traffic, down from 11.7 million on Feb. 14 to 11.2 million and number two Amazon dropped by 2%, from 67.1 million to 65.9 million.

However, Amazon app traffic rose 1% to 51.4 million visitors while Walmart’s dropped 2% to 13.6 million.

Background

Ever since Target announced at the end of January that it had concluded its three-year diversity, equity and inclusion goals, calls for boycotts against Target have been growing, most recently with Black faith and civil rights leaders advocating for a 40-day “Target Fast” over Lent starting this Ash Wednesday.

What We Don’t Know

Target reports full-year 2024 earnings tomorrow at 9 a.m. ET and its fourth quarter will only include results covering a week or so after the DEI pushback began. So we’ll have to wait for next quarter to see impact from the boycott calls. However, Target gave a sneak peek at holiday results and reported a 2.8% net sales increase over November and December, including a nearly 9% increase in digital sales compared to prior year.

Tangent

Blackrock, the world’s largest investment firm and one of the leading advocates for strong DEI and environmental, social and governance policies, has been “walking back” its ESG/DEI positions, the Wall Street Journal reported. Last Friday, it told employees it was ending “aspirational workforce representation goals” as a result of “significant changes to the U.S. legal and policy environment.”

Crucial Quote

“In recent days, we have witnessed a disturbing retreat from Diversity, Equity, and Inclusion (DEI) initiatives by major corporations—companies that once pledged to stand for justice but have since chosen the path of compromise. These rollbacks represent more than just corporate decisions; they reflect a deeper erosion of the moral and ethical commitments necessary to build a just society. As people of faith, we cannot be silent. We are called to resist systems that perpetuate exclusion and inequity,” states the TargetFast.org website.

Further Reading

BlackRock’s ‘Woke’ Era Is Over (Wall Street Journal, 2/2/2025)

Conclusion

The data suggests that Target may be facing a backlash from its decision to roll back its diversity, equity, and inclusion initiatives, while Costco, on the other hand, has seen an increase in online traffic. The future impact of these boycotts will depend on how well companies like Target respond to the concerns of their customers and stakeholders.

FAQs

Q: What happened during the People’s Union USA Economic Blackout?
A: Target’s online traffic dropped 9% compared to the previous Friday.

Q: What is the purpose of the Target Fast?
A: It is a 40-day boycott of Target stores and online platforms, starting this Ash Wednesday, called by Black faith and civil rights leaders.

Q: What is the impact of the boycott on Target’s business?
A: It is difficult to estimate the impact, but Target’s online traffic has dropped, and its app user traffic is also down.

Q: How does Costco’s online traffic compare to Target’s?
A: Costco’s online traffic has increased 22% compared to the previous day, while Target’s has dropped 9%.