It’s interesting being an accountant and business advisor. I encounter many types of people who come to see me, either as clients or just for a consultation.
If I had to teach two lessons to any new business person, it would be these two:
Price is not value
“To know the price of everything and the value of nothing” - Oscar Wilde
I love this quote as it cuts to the heart of the matter. We are always bombarded with prices for things, to the extent that we end up thinking that the price is the value.
So what is the difference between price and value?
For me, the price is what you pay in monetary terms to acquire goods or services. The value is the benefit you get from those purchases.
If you think in those terms, deciding what to spend your money on for yourself or your business becomes very easy.
Prioritise!
“Things which matter most must never be at the mercy of things which matter least.” - Johann Wolfgang von Goethe
It’s very easy to chase after multiple things and go through your to do list systematically. That’s all great if you want to be proficient and complete loads of tasks, but it has very little correlation to success.
Completing a whole list of low value tasks in one day will not take you much closer to your goal.
Making time to prioritise the one key thing that could unlock all the potential in your business or personal life is the key to a successful future.
Often we tend to put off those high value tasks as they can be scary. Calling a potential new client or making a large investment to increase capacity in your business. But through understanding what is valuable and prioritising those tasks, you will find yourself making quick progress towards your goal.
What do you think? Is this something you already do or would you consider it?
Great post. Love this content @kabir88
I need to become better in prioritizing and delegating. Fundamental skills that we sadly have to learn by ourselves.
Your definition of Price vs. Value is the same as mine. So many don't understand or don't correctly apply the formula.