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Why Cheapest Is NOT Always Best

Monday, September 22, 2014   By Mike Reddy

 



Let’s face it; consumers (businesses and individuals) always seek out the best bargain. It’s no secret; everyone wants to spend as little as possible to get exactly what they want. Typically this applies to virtually every person or entity regardless of their economic position.

The problem with this is that cheapest is NOT always best.

And this is a point I labour on during my business coaching and consulting engagements.

And it’s especially true when considering the purchases of goods and services for your business.

Consider a couple of scenarios.

First, for your business you want to create a unique brand image for your company. Your initial inclination might be to run to the store, grab the latest design-it-yourself software and hurry back to the office to begin creating your brand image.

Well, this certainly may be the cheapest way to get a logo, set of business cards and so on.  But in reality have you ever compared a professional logo design to an amateur? Once you do, you’ll quickly discern the professional design is creative, eye-catching and expert – setting your brand apart from the competition. Isn’t that the brand image you really want to possess in order to market your best to your customers and to your potential new customers?

How can you tell your prospects about the high quality of your products and services and then present them with cheap-looking marketing collateral?  It just doesn’t seem right.  Something is wrong with this picture.

Second, you realise that your company needs an accountant, or at least someone who can do your books and file your tax returns. It shouldn’t be that hard to find a competent bookkeeper or even an accountant, right?

While surfing the web for accountants, you find a great deal, an unbeatable price, cheapest in your area; claiming expertise in every area that your business requires from taxes to other company filings and everything in between and you hire them.

The deal was too great to pass up and was only for a limited time; do you sincerely think that, should financial issues arise, this too good to be true financial expert will be standing by your side, supporting your business? Or will you need to find a true professional to get your financials in order?

When it comes to your business, cheapest is NOT always best.  In fact cheapest is RARELY best. 

Your business and your livelihood are at stake; you want to focus on the value you are receiving with every bit of expenditure that you make for your business.

Often the cheapest product or service costs more in both time and money before you get the quality and expertise that you require to grow a successful business. When you take a moment to compare products and services, you will be able to select the best value for your business every time and in doing so you will in turn deliver only the best to your customers every single time.


Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.