This is the seventh in the discussion of the eight growth drivers that generate value.

There are many ways to create loyal customers such as providing a valuable product/service and excellent customer service.

There’s another way that you can extend this value that will increase your customer loyalty - creating a model or offering, that solves your customer’s need so they buy what you have consistently.

Recurring revenue makes your company more predictable, extends the lifetime value of your customer, and ultimately makes your business more valuable. Valuable to you now and in the future.

I wrote a couple of weeks ago about how cash moving through your business is its lifeforce. It allows you to fulfill your mission, strengthen the business so it, your employees, and customers thrive.

Creating a recurring revenue stream is another way to bring cash flow into your business to create these automatic sales.

While there are many ways to do this, I’ll share how a simple service contract could be the place to start for many…

A few months ago I was searching dog breeders and their websites….yes, it’s happening. Something the kids have been wanting for years is finally going to happen :). We are now on a list to receive our puppy in the Fall.

The point of my sharing this is that as I was looking at breeders’ websites, they started to sound very similar - they all offer puppies of a particular breed, they all guarantee the pedigree, most offered first shots, and so on. But a couple of websites stood out. Some offered more resources than others after you received the puppy. And this got my attention.

We will be first-time dog owners and this was very reassuring to me. Having shopping lists and resources for new pet owners was right up my alley. One breeder offered support through a community page.

The point I’m making here is about differentiation. They all really offered the same or similar ‘offering’ (a cute little puppy of the breed I was looking for) and yet a couple really stood out to me as a buyer.

People start a business for all types of reasons. Some start looking for more freedom and flexibility or financial freedom. Some start because they have a great idea that they haven’t seen in the marketplace. Some want to create a legacy or make a positive change in their industry. Your reasons could be all, some, or other reasons for starting your business.

But whatever your reason is, this question is relevant to consider:

Do you want to create a valuable business?

What does valuable mean?