R. Shawn McBride recently spoke about the differences in the cost of quality service. Here is the transcript:
Good morning folks, R. Shawn McBride with you here, live. Talking about how much does it cost? And this is a common question I get. Sometimes from my law firm, sometimes from my strategy firm. People call up and say, “How much does it cost?” And, it’s really tough to answer that. This would be like calling several car dealerships and saying, “What does a new car cost?” Well, if you call a Kia dealership, you’re going to get a really different answer than if you call a Ferrari dealership. And I think we can all agree that the Kia is really a different car than the Ferrari.
So, what are your real considerations? What are you looking for? If cost is your only factor, I mean you could get stuff that would qualify as a car, for a really low number. Maybe you want to go buy a 10 year old, 15 year old Yugo. But that’s going to give you a lot different service than a brand-new Kia, than a Ferrari. What are you looking for? So, this is a conversation that I need to engage in, obviously, with folks. For instance, a partnership agreement can be very complex, can have a lot of moving pieces, and we can either do things simply or we can do it the complex way. It depends on how much protection you want. Depends on how much you want to protect that time and money that you’re investing in there. So we want to be really, really careful when we’re setting things up.
So, very hard for me to ask how much something cost. Now, once I have a relationship with a client and I understand them and their business, and what they’re doing, it’s very easy for me to put numbers on things, and I can say, “Well, this might cost about this much. This is how we can do this.” But, that out of the box question with no relationship, “How much does it cost?” Very tough question, because we don’t understand each other. We need to really discuss and come to an understanding, and I can then understand what the client’s needs, what they want, and then I can give you a price. What bells and whistles do you want?
So, anyway, I just wanted to broaden the thinking here for all of us. When we’re out there talking to other people it’s more than just, “How much does it cost?” What am I getting for what, you know? What is the package? And I think that’s what we all need to be looking for, and what is the total structure? What am I getting, and what am I paying, and how are all the features and benefits working?
I love people who comparison shop. I love people that bump things up to each other, I think, you know, my offerings are somewhat unique and very valuable, and they can really help people and we can save tons of money down the road, if you’re willing to invest a little now. So, I think comparison shopping’s a good thing, and I think we all need to do more of that. But we need to understand what we’re comparing, not just saying, “What is a number?” And then just lining them up by price, top to bottom. Because I can tell you, some low cost things have high secondary costs. Once you start using low cost service providers and low cost products, they break, they have problems, they don’t do what you’re supposed to do, and you end up wishing you had gone with some quality.
So, anyway, love to open some conversation with some folks. Drop me a note, check out the McBride for Business blog. Like this page, and hopefully we’ll be chatting soon. R. Shawn McBride here, signing off.
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity. Each case is unique. Past results do not guarantee future outcomes. Freeimages.com/photographer Lonnie Bradley.
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Posted In: Business ManagementAbout the AuthorR. Shawn McBride — is the Managing Member of The R. Shawn McBride Law Firm, PLLC. Shawn works successful, private business owners in their growth and missions to make a company that stands the test of time. You can email R. Shawn McBride Law Firm or call (214) 418-0258.