This is the third entry into the tools we like series. We have looked at a tool for the framework of our business operations. We have explored a tool for setting up the finances so that we start with profit in mind. Today, we can look at a simple tool for creating value in what we offer. The tool also helps us make some simple decisions about purchases and tools we use in the business.
I introduce to you the V-REEL framework. This tool and process is a product of Dr. David Flint of Texas A&M University’s Mays Business School and the best part about it, is that it is so simple and Aggie can understand it, even me.
How does V-REEL work? What does it provide?
In the simplest form, it provides a method for companies to evaluate if they do provide value to their customers and a method to see how they can maintain that value to their customers. A broad overview of the framework is provided below:
- Value – How might you create value in the marketplace?
- Rareness –How rare is your potential value creation?
- Erosion – What factors might chip away at your rareness and your ability to create value
- Enablers – What necessary activities and aptitudes do you need to establish and maintain in order to continue creating value?
- Longevity – How long do you have before the situation changes and what can you do about it?
For us at Deitz Consulting, the most powerful components of the V-REEL framework are to look at things from the perspective of erosion or eroding factors and enabling factors. It helps us as a team look at what could come into the market and cause us to falter or fail. What things might chip away at our customer base and hurt them and us.
This framework also allowed us to step back and look at what we provide that is unique or allows us to create value. This thinking played a part in how we discovered our core values. This focus is especially true when we utilize a term and mindset focus on being detail-attentive.
The ability to look at how we create value for our company and the companies we support is one of the most valuable services we are able to offer. We are thankful for the tool that is the V-REEL framework and how it helps us to see things in a simple, concise, and presentable manner.