Some small business owners are going through their business growth stages singing the song “The Best things in Life are free”. They spend too much time looking for the least expensive “anything” that is needed to run a business. If it is available for free, it’s even better.
Let’s turn the “free” around. Would you as a small business person give your products/services away for free? The more someone pays for something the better care that “something” is given or the more attention it receives or the more it is listened to in the case of advice.
Why do “kids” pay several hundred dollars to buy a pair of “gym” shoes? Why do people pay hundreds of dollars to attend a Broadway play or attend a concert? Certain cars have branded themselves as “luxury” and charge many more times than a car that serves the same purpose, transportation from one place to the next. The argument given is that it costs more because it’s worth more. It may be better made, the advice is better, etc. etc. etc.
Purchasing a product or service solely on the basis of price is, in most cases, a mistake. When a need is identified in a small business, the main search criteria should be for the product or service that can best fill that need. Once it is identified, then the cost (how to pay for it) is addressed.
Using this approach, a small business owner is forced to prioritize needs and then select the best service or product that can best satisfy the needs. By satisfying that most important need, the results are usually much greater than if a lot of business needs were compromised with less effective products or services.
The message I am conveying is the importance of growing your business with the best and most effective products or services. This practice will shine through to your clients. You deliver the best product or service just as you would want for your own business growth.
This practice of selecting quality instead of price also applies to your employees. Hiring a new staff person based only on the fact that they are willing to settle for a lower salary, usually means that you are accepting a lesser performance than your business needs.
Brand your business as a “first class operation”. Provide a quality product or service and make a quality profit for the business.
If you think education is expensive, wait till you see what ignorance costs you.
Nick J. Petra CFP when you want the best business support e-mail nick at email@example.com
The “launch” of the best business support product will happen in May.