You Get What You Pay For
We know deep down that one cannot pay a little and get a lot.
But when it comes to running a business, too many business owners fall into the pricing trap…
They either forget about the value they are providing or are simply so busy working hand to mouth that in their desperation for that next sale they deal with the ‘lowest-bidders’.
It’s a race to the bottom, cut-throat, and you become dependent on the market – it OWNS you. It’s a horrible place to be.
If pricing is an issue for you right now, or it’s on your to-do list to review but you’ve been putting it off, then remember the Common Law of Business Balance, by John Ruskin:
“There is hardly anything in the world that someone cannot make a little worse and sell a little cheaper, and the people who consider price alone are that person’s lawful prey. It’s unwise to pay too much, but it’s worse to pay too little. When you pay too much, you lose a little money — that is all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot — it can’t be done. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.”
Something to think about this week.
(If you need to talk it through, you know where are).
Investor | Business Mentor at Advocate | Author of I don’t work Fridays
Image by Gerd Altmann from Pixabay