Adding value to engagements goes beyond simply going through the motions. It involves actively seeking ways to enhance the experience and provide something meaningful.
In the pursuit of organizational success, providing business value stands as one of the most desired and complex outcomes. Recognizing this, Ken Wendle, the founder of Edify ITSM, presents his V*A*L*U*E Formula, which offers a comprehensive framework for delivering value. However, what sets Wendle's approach apart is his emphasis on the execution component as the foundation for achieving true value.
On the 35th Episode of Ticket Volume, our IT podcast, Wendle delved into the distinctions between his book and the widely recognized Business Model Canvas. While both frameworks aim to enhance business value, our gest highlighted the unique aspects of his formula and how it complements BMC.
Wendle has been actively involved with Edify ITSM for more than a decade, serving as the Founder, Instructor, Consultant, and Speaker. His pivotal role has greatly contributed to the company's achievements. Before joining Edify ITSM, Wendle amassed 15 years of valuable experience in Human Resources (HR) and nearly seven years at Anheuser-Busch Companies. He was also honored with the prestigious Ron Muns Lifetime Achievement Award in 2016.
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The 5 elements of the Value Formula
As an accomplished author, Wendle’s book The *V*A*L*U*E Formula showcases his expertise in the field, which focuses on understanding and maximizing value. The word "value" serves as an acrostic for the components of the value formula. This visual representation helps in understanding how these elements work together:
And this is what he means by it:
- Vision comes first to set the purpose and direction.
- Alignment ensures that resources are focused on the vision.
- Leverage involves utilizing tools or strategies to support alignment.
- Uniqueness refers to identifying unique aspects that contribute to value creation.
- Execution forms the foundation for delivering value.
Applying this formula starts with your engagements, such as meetings or customer interactions, Wendle emphasized the importance of adding value. He believes in embodying the principles of Albert Einstein's quote about being a person of significance rather than simply pursuing success.
According to him, being a person of value entails going beyond mere time and effort, and instead bringing forth knowledge, expertise, and genuine care to each engagement.
"Most of the people I've come across who are what I consider people of value are also successful. Maybe not really really hugely financially successful, but they have they stand out in their area of expertise because they do focus on value."
Moreover, Wendle discussed ways of fostering connections during these interactions: such as actively listening, displaying empathy, and being fully present to establish meaningful relationships.
Adding value is also about leaving a positive impact. This can be accomplished by offering innovative solutions, providing unwavering support, and leaving individuals feeling inspired and motivated. Ultimately, he encouraged individuals to make a meaningful difference in engagements by embodying value, cultivating connections, and leaving a lasting positive impression.
Using the value formula for vision alignment
The value formula can serve as a governance model for organizations. Governance is not solely about control but understanding the purpose of the organization. Organizing and executing around the vision supports stakeholders' value, and failing to align everyone wastes resources and dilutes value.
Wendle pointed out different categories within the value formula, such as strengths, weaknesses, opportunities, and threats (SWOT), to help identify areas for improvement or leverage during workshops or marketing discussions.
He made a comparison between the value formula and the business model canvas, with the latter being a hands-on tool for strategic management. But, the value formula can help populate elements of the business model canvas, such as key partners and resources. He sees this as a higher-level approach to drafting canvas and providing a framework.
"When I talk about leverage I talk about who are some organizations that we can leverage and a lot of times those are our providers, our key supplier. They can provide us with training, they can provide us with connections with other organizations that have maybe leveraged their tool. (...) We can use what comes out of the value formula to populate those areas within a business canvas."
Now, his workshop extends beyond the content discussed in the book, creating an environment where participants take accountability for their thoughts and engage in discussions. Each segment, such as vision, alignment, leverage, uniqueness, execution, and integration, interconnects with one another. The facilitators guide participants through steps to identify game-changing actions that align with the organization's vision. Achieving this alignment requires crucial synergy among team members.
What you get out of it it’s teams with a clear vision and alignment who demonstrate their commitment at the beginning of projects by actively listing values, mission, and future vision. In sum:
- A strong vision inspires individuals to work towards a greater purpose beyond financial gain.
- Maintaining relevance in times of change is possible by embracing change, as it helps organizations avoid disadvantages in today's dynamic business landscape.
- The value formula empowers leaders to inspire employees and align them with the organization's vision. It enables employees to understand how their contributions fit into the bigger picture.
Now you know that each interaction should be an opportunity to create value and build stronger relationships. But, this is just a summary of Ticket Volume's episode featuring Ken Wendle. There's a lot more to discover in the recording. Be sure to listen to the full conversation with Matt Beran to learn more about the elements of the VALUE formula.
You can find the full episode on popular platforms like Apple Podcasts, Spotify, YouTube, or any other podcast platform you prefer. Remember to subscribe if you're interested in joining the monthly live recordings!