The business of adding value is the only business. Have you wondered why the cost of PMS and other petroleum products and even by-products are more expensive than crude oil? How many times have you stopped to wonder why 0.5cl of bottled water is more expensive than the same volume of water in sachet water? It is not just the packaging, but the fact that the packaging adds value to the water – it makes it safer and healthier for consumption, even as it is easier to hold compared to sachet water.
If you have a business and you are looking to get ahead of the competition, the solution to your challenge is adding value to whatever service or product you make. The size or nature of business does not matter here, as there is always something you can add to attract more customers, survive the competition, and grow your business.
Learn from Nigeria that sells crude oil and imports PMS, diesel, and kerosene. Don’t just plant cassava, think of processing your harvest into gari, fufu, or any other product.
In addition to making more money from your processed goods, adding value can also serve as a form of preserving your produce especially for agribusinesses and farmers.