When you rush the big decisions, when you seek the least expensive solution, when you bypass your due diligence – in anything – you may get lucky. More often than not, you don’t.
Business
I’ve been burned. But not often. I learn my lessons quickly. But when I have been caught unprepared and kicking myself, it’s been when I was focused on the most expedient solution, or recessionary times have forced me to put budget before all else.
The problem? What may be cheaper in the short-run is frequently far more expensive in the long-run.
I know better than to evaluate only the immediate gains; it’s critical to look to the bigger picture and hidden costs, including the loss of good will among customers (or readers) should services fall short of expectations. Yet I’ve seen clients of all sizes turn away from thorough and carefully researched bids, that assure them:
- Expertise in the domain
- Proven record of accomplishments
- Detailed estimates and time lines
- A realistic price associated with service delivery
Why have they turned away? To take the quick bid, the low bid, the “wishful thinking” route to accomplishing their goal. Ultimately, they pay the price – in a failed project, less than acceptable quality, or cost overruns due to oversight and lesser-qualified resources.
Life
For some of us, we are subject to these same behaviors in our personal relationships and everyday transactions. We make the credit card purchase before writing a check, we don’t verify online security before putting private information into an unsecured web site, we do not proceed with proper reference checking when it comes to a real estate agent, an attorney, or even a babysitter.
We know better than to do these things, but we do them anyway. We’re strapped for time and cash, and pushed over our limits.
But in the long run, not paying attention is generally the wrong choice.
Seeking Value
Whether you are considering the choice of an internet dating site, a great deal on a pre-owned car, a new house (for the low, low price of… due to the economy) – or a business partner, vendor, supplier, consultant – look beyond the low bid, the speedy solution that sounds too good to be true.
Value has to do with maintaining
- customer good will
- accomplishing short term and long term goals
- competitive advantage
- stability and security
- customer loyalty
- growth potential
- long term profitability
- long term success as goals evolve
I could apply any of these concepts to one’s personal life as well. Isn’t this what we seek in friendships, in marriages, in any relationship in which we are engaged?
Don’t go for the quick fix unless it is the right fix. Do your homework. Don’t get burned.
© Debra Wolf
