December 5, 2022

Value is Like a Bank Account

I read a post recently about relationships being like bank accounts. We can make “deposits” that enhance and deepen the relationship. Conversely, we can also make “withdrawals” through actions which chip away or destroy a relationship.

The “account balance” varies over time, based on our actions (and those of the other person, too, of course.)

Value is the same way, is it not? We have a “value balance,” you might say, with every client and prospect.

As professional services providers, when we help a client better understand their business, or lessen their anxiety about a coming change they might be dreading, we’re making deposits in the “value account” with that client. When we resist the urge to pitch a prospect and instead ask thoughtful questions and listen, we add to the value balance.

On the other hand, we make withdrawals at those stages in a client relationship where, when an inevitable mistake occurs, we don’t own up to our part of the goof-up. We decrease the value balance with a prospect when we’re taking their business on when we know, down deep, that they aren’t a great fit.

No value balance stays static for long. It rises or falls, based on the value we add or the value we take away.

What part of client service or business development do you excel at when it comes to adding to the value balance? What parts need some work?

The answers to these questions are vital to our businesses, as they determine both ability to price and the tenure of our client relationships.

 

 

Image created using Craiyon (Formerly DALL-E Mini)

(This blog post was also posted on LinkedIn.)

©Ray Business Advisors, LLC and John Ray

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About me: I help solo or small professional services firm owners with the confidence and positioning necessary to improve their pricing and change the trajectory of not only their business but their life.

I have a podcast called The Price and Value Journey, which features interviews with industry leaders and audio versions of my blog posts. You can find the podcast on your favorite podcast app.

I also have a book coming out in 2023:  The Price and Value Journey: Raise Your Confidence, Your Value, and Your Prices to Grow Your Business Using The Generosity Mindset.

For more information, go to PriceValueJourney.com