Value engineering is a methodology developed based on cost reduction and product functionality increase and it has become a competitive factor which allows micro and small businesses owners to improve their performance. This paper proposes a method to identify some techniques of value engineering for improvement and redesigning of products, cost reduction, and component substitution. The proposed method uses the factors in value management of the micro and small businesses of the clothing textiles sector in the region of Arequipa. The results of the research provide some evidences that there is a direct positive correlation between the aforementioned techniques and value management and the results yield significant values, in all cases. A regression analysis is used in product redesigning and cost reduction.