The Real Cost of Doing Business
Both Business Leaders and Small Business Owners alike are asking that same question.
I’ve been in business a long time, maybe longer than some of my readers have been on the planet.
In that time, as you can probably imagine, I’ve been asked many times about the cost of doing business. It seems that people want to know because they want to know if they can afford it.
It’s a good question: What does it cost to be in business?
Obviously, there is the cost of the property you operate out of, (although many folks do business from home these days). There’s the obvious cost of staffing, although with remote workers many of those costs can be reduced. Then there are fixed costs such as electricity, phone line, internet connection and rent, (even if you operate out of home).
But those aren’t the real costs. Bear with me, because I’m going to share with you the real cost of doing business in this new economy in a moment.
“Those who go into business to make money, rarely get anything else” ~ Dov Baron…
In a few weeks, I will be with a great group of teachers sharing our knowledge, insights and strategies so that you can create Quantum Wealthy Mastery in your life. I’m not going to go into details about the event here; there’s no sales job in this article. (In fact it may even put some people off the idea of going into business.)
What I will tell you is that an hour after I went to bed for my night’s sleep, I was awakened with inspiration to write this article.
As you would imagine, many of the people attending this event with either be in business or looking to start some kind of business. As I step on the stage to speak (maybe to you!), I want to make sure that I am in full integrity about what it takes to create success, in this case, financial success.
That being said, let’s assume you do want to be in business and you’ve got enough money to start. Let’s also assume you are even willing to put in the hours, which will, without doubt, far exceed the hours you ever put in working a job. So let’s get into the real meat and spuds of it.
There is another cost that you will want to consider seriously before going into business. It’s a cost that will become more and more evident in the new economy.
Let me warn you: It’s a cost you must seriously weigh before you make a commitment.
As you can no doubt tell, there are still signs of the old-guard cut-throat, massively competitive business model around. It may even have legs for a little while longer, nonetheless, those legs are getting more and more wobbly by the moment.
The great news is, there is a new model for doing business that is emerging. It is a model that I believe will challenge the hell out of the old guard.
The new model is one rooted in The Three Cs of the new economy:
Cooperation, Collaboration, and Contribution.
And at the center of this new model is a theme that today’s generation will come to expect, the central and very necessary cog for doing business in the new economy, another very important C–Caring!
This isn’t the old corporate rhetoric of saying “We care.” No, what I’m talking about here is actually giving a shit about the people you do business with.
Social media, Facebook, Twitter, YouTube and the hundreds of other social media sites have changed the distance between people. They have allowed people who were vague icons off in the distance to become people you can reach out to in as little as 140 characters and surprisingly they will, and most often do reach back.
Today’s rock, pop, and movie stars are made through the relationships they build online. Tomorrow’s business will be built in just the same way. (It’s already happening!)
So when you ask me: “What is the cost of doing business?” I’ll tell you…
“It’s 1:43a.m. right now, on a work day, and I’m writing this to YOU, yes YOU! Why? Because I genuinely give a shit!
The real cost of doing business today is that you must genuinely give a shit about your customers, you must treat them with the respect of being people rather than ‘buying units.’”
“If you don’t want to be relational, then you, my friend, no matter how much money you have, cannot afford the cost of doing business today!”
Does this make sense to you?
Keep this in mind.
You have to be willing to do what it takes to show someone you genuinely care, even if there is nothing in it for you.
Make no mistake, I’ve had 25+ years in business, and I’ve seen a lot of changes. Some of those changes have been in my inner world. For instance, in 1990 I fell off a mountain and got smashed to pieces. Then about five years ago, something else changed that was indefinable to me. However, I knew both myself and my industry had changed forever.
Hang on, I’ll explain… At that time I was working with a consultant who was always trying to get me to be distant from my students, clients and customers. I would regularly piss him off because I am all about relationships and so I would make myself available.
Needless to say, that chap and I parted ways. It was then when I re-emerged with a clean commitment:
Show people we care; always give them more than they expect while providing them with tons of value. Simply put–we will always let our customers, clients and students experience that we genuinely give a shit about them.
And that’s what it’s all about. In the new economy, the real cost of doing business is that you must be willing to be in relationship with your customers. You must be willing to genuinely give a shit.
My question to you, dear reader, and everyone you know who has in some way interacted with us is this: Do you get it that I (Dov Baron) and my company Baron Mastery Institute genuinely care about you… that we genuinely give a shit?
I’d love to hear your feedback about whether you see this as a genuine factor in the new economy. And I would love to hear from you with regards to the question I asked you about me and my company.
I look forward to your feedback and comments
My Authentic Leadership Matrix is free this link! Why? Because one of the questions I’m most often asked is; What authentic leadership is and how do we define it? As a result, with years of experience and extensive requests, I created Authentic Leadership Matrix. It’s designed to give you a clear process of how to perform in each of the five main areas that are required for you to become a world class authentic leader. Start your yes and no evaluation to discover your leadership traits here: https://matrix.fullmontyleadership.com
Want to retain your top talent? Then my “Fiercely Loyal” book is for you! Plus get your free: “How to instantly bond any team” infographic.