Lori, a partner at Fourlane, a tech and business consulting firm, was assisting a client who was distracted because her leadership team believed they could get the same service from another firm for free. The client had a negative experience with the free service, which resulted in wasted time and extra work. This situation led Lori to realize that cost isn’t always just a dollar sign, and there can be hidden costs associated with free services in terms of time and energy.
When valuing products or services, companies should consider more than just the price. Factors such as the improvement and value provided, unique expertise, and additional knowledge that can make a business successful should also be taken into account. Leaders often fail to consider the value of their team members’ time, such as sitting on hold for extended periods or having to explain things multiple times. Quality collaboration and trusted relationships with service providers are important, and the value isn’t just in an hourly bill rate, but in the overall impact on the business.
Understanding the value of the services provided and the importance of one’s time is crucial. Companies need to consider how services will impact their business or team and at what level. If a service has a major impact on a high-risk area such as financial or system data, it may be worth paying for an expert. However, for simple or lower-risk services, such as testing new software, trying out free options may be acceptable. The level of business impact should be the key factor in decision-making, rather than just choosing a service because it is free.
The article emphasizes the importance of asking questions internally and externally to determine whether a free or paid service is the best option for a business. Companies need to consider the level of business impact that a service or solution will have if it doesn’t work, to avoid making decisions solely based on the fact that it is free. Seeking out experts in high-risk areas and being open to testing free services in low-risk situations can help companies make informed decisions about the value of the services they choose to engage with.
Forbes Business Council is highlighted as the foremost growth and networking organization for business owners and leaders, indicating that staying informed and connected with industry leaders can help businesses make better decisions when it comes to choosing services that provide value and success for their organization. In conclusion, the article stresses the importance of considering the true costs and benefits of services beyond just the price, to make informed decisions that contribute to the success and growth of a business.
