You will learn a new way to think of “compensation” today, this concept I picked up from a Bob Burg success and influence seminar. The second law of the 5 laws of stratospheric success is the Law Of Compensation. This law says, your income and compensation will equal the number you serve and how well you serve them.
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This law is really interesting, because we could be in a situation where we serve one big client and the majority of our income is coming from that one or two clients and we’re doing well financially….that person would argue, I only serve one person well, and my compensation is great!
How can you say my income is determined by the number you serve? I would say that’s true, but consider that one client goes out of business and can no longer pay you for your services, you’d be in trouble. What if they decide to go with another provider, again, not something any of us plan, but it could be a reality. Take responsibility for putting on your own ‘golden parachute’ to your long term success. Strive for excellence.
This law helps us to consider our long term success, which is what I like most about it. If you serve many clients, and serve them very well and one of them goes out of business and you lose them you don’t get affected. Just like the leverage that McDonald’s has with their franchise model, they have over 28,000 McDonald’s franchises world wide.
As hesitant as I am to use McDonalds in this example, they have has stratospheric success, being a billion dollar empire so it works well for this topic. When thinking of a company that serves the masses, McDonalds can’t help but be on the radar. Notice it’s 99 Billion served, not “we sold 99 billion a burger”. Stop selling and start serving.
“Stop selling and start serving.” –click to tweet
Each franchise served customers with safe consistent meals and the franchise corporation serves their franchises with a business system they can use…what’s the result of that? Billions of people served with food every time of day, all around the world. Maybe you don’t see that as the end goal for you, but it’s a good idea to “begin with the end in mind” for you, what are You shooting for?
Now, I’m not saying that they have the best service, or the best food…but they do have a great leveraging system and they are extremely successful. They don’t have the healthiest food, but it’s safe and people trust their brand. They serve an enormous number or people what they want, a safe consistent meal. My point here is NOT to be like McDonalds, but Don’t strive for perfection, strive for Excellence in everything you do.
“Don’t strive for perfection, strive for Excellence in everything you do.” –click to tweet
People like consistency, I’m going to challenge you to have standards and little things you consistently do to show your clients you care and add value all along the way.