It is interesting how we rank value in our business. People, process, product, tech. They all vie for our attention. We in turn, prioritize these items and their functions based on our education, experience and exposure. It’s unfortunate that many businesses place their tech at the bottom of their value list.
There are many justifications we make in our lives. One of those areas is price. Yep, the P word. As business owners we are trained to always get the best price. To most people this means… Pay as little as possible for the product or service you are purchasing. But getting the best price does not mean getting the lowest price. They are not the same thing. Best price does not equal lowest price.
I was talking to a CEO the other day that pays $3,000 a month for a business coach. It’s a fair rate for a business coach. What’s interesting is that this same CEO balks at the idea of paying $3,000 a month to have the tech in his business managed. It’s a fair rate to. Please don’t misunderstand. I’m not complaining about business coaches and how much they charge. I am merely highlighting how business owners prioritize value.
Utilization Bonus = Rewarding employees for how many hours they bill. Many managed service providers offer their employees an incentive called a utilization bonus. This basically means that as an employee you need to work at a certain capacity, typically measured in hours. Then, if you exceed the base minimum for hours you receive monetary bonus.
Throughout your life people will try to put you in boxes.
When you're filling out a form or an application they ask you to check boxes to know who you are.
Are you white? Black Latino or Asian? Check here.
Do you speak more than one language? Check here.
Have you traveled outside the country in the past 30 days? Check here.
We are constantly being characterized and reduced to a checkbox.
When you break this down people just want to know whether you’re a yes or a no.
Do I need you or not?
Will you make me money or cost me money?
As a service provider in any capacity and you need to provide value.
And like I've said in the past - Show Up, Provide Value, Repeat.
But there's a little more to value than meets the eye.
To provide value we need to actively perform and actively promote.
You see simply just being in a given service business doesn't get you very far.
In fact it just doesn’t cut it anymore.
It's how you do what you do.
It's who you are and it’s your presentation.
At the end of the day providing value pays better when you do it proactively.
Don’t just sit back and take things as they come.
Don't be a checkbox on somebody's payroll.
And don't be a checkbox on some clients P&L.
Be the value they know and trust.