One of the first rules of business I teach is people do business with people they like. There are many companies that offer similar services, but not all do so with excellence. If you do not know who is out there you may make a decision to use a company that has an over inflated view of themselves. Once you see their product, you realize the mistake you made in using them.
If your business has value, not only will people like you, they will want you. We invest in what we value. We buy certain brands because of their perceived value. We drive certain vehicles because of their value. We enroll our children in certain schools because of the educational value. We shop, dine, and play at venues that provide us a certain value. Our businesses operate by the same paradigm. If people value the products and services you provide, your relationship increases in value and will last during the most challenging economic times.
What value does your business provide? Are your products and services unique to your market? Do your products and services represent excellence? Do they represent the gold standard of your industry? If you do not demonstrate excellence, who will value your business enough to pay for it? Greatness costs and many people have no problem paying for greatness once they see it.
Warren Buffett said, "Price is what you pay. Value is what you get." A business that knows its value will not compromise cost to satisfy its purchasers. Homes in good neighborhoods do not depreciate. Private school tuition does not decrease and may increase no matter who can pay it. Mercedes Benz, BMW, and other luxury brands remain consistent is their price points. They know their value and expect people to pay for it. Your business, and the people who work with you, must know their value to the community and refuse to compromise their value due to uncertain times.
I learned years ago that if you have to ask how much something costs you can't afford it. You don't walk into a Gucci store looking for a sales rack or a half off table. We must treat our brand the same way. Know your industry. Know your market. Know your buyers. Know what you bring to the table and be confident it will provide you the correct return on your investment.
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