The Secret to a Good Business and a Good Life
By Paul Lechner, Esq., CPA — Lechner Law Office, P.C.
Regardless of who you are, or what your product or service, people will be interested — or not — because of how you make them feel. They want to be uplifted, encouraged, and changed in some way. This is a genuinely sound principle that applies everywhere: in your friendships, your marriage, your business. True worth is determined by how much more you give than you receive.
A business cannot survive without positive cash flow. Cash flows from providing services and products others need or want. The secret lies in learning what people want and then helping them get where they would like to be. It’s about giving attention, counsel, education, empathy, services, and products that others value. The word “sell” comes from the Old English word “sellan,” which means “to give.” The incredible secret is that it’s possible to thrive and create a great life by living with generosity. Being a giving person is not just an agreeable idea, it’s also quite practical. Giving creates a rising tide that lifts all ships.
In The Magnificent Obsession (Lloyd C. Douglas, 1929), the practice of doing good deeds quietly and without expectation reaps a spiritual power that allows you to reach your goals. The principle is timeless: give without attachment to the return, and remarkable things begin to happen.
1. Create Value
True worth is determined by how much more you give in value than you take in payment. Value is the relative worth to the user when compared to cost — and price and value are not necessarily the same thing. You create value with excellence, consistency, attention, empathy, and appreciation. By applying consistent effort to all areas of your work, you build a habit of excellence. As Zig Ziglar said: “You will get all you want in life if you help enough other people get what they want.”
2. Giving
Giving actually works. The more you give, the more you have. Classic business keeps score with debits and credits — but there’s more to business than accounting. Human relationships are the fabric of all business, and managing a relationship with a scorecard doesn’t work. In the economics of human interaction, spending does not deplete — it multiplies. What grows when you give it away? Knowledge. Appreciation. Wisdom. Attention. The more you give away, the more you will have.
3. Money Is a Result
Money is an echo. It’s the thunder to value’s lightning. Create value and money follows. The first question should not be “does your business make money?” — it should be “does your business create value?” There is a common misunderstanding between self-interest and altruism. Can you act for another’s benefit and your own at the same time? Not only is it possible — self-interest and altruism are two sides of the same coin. A true giver sees no conflict. It’s a partnership of adding value for others, constantly and consistently.
4. Understand the Paradox
None of us are saints. Self-interest is hard-wired. People sometimes misread this idea as “giving to get.” The point is to put others’ interests first — not as a tactic, but as a strategy. When you serve without an emotional attachment to the return, profitable things will begin to happen. You’ll be amazed.
5. Focus
Especially when times are tough, focus. You are not at the mercy of forces beyond your control. By creating value for others, you will make yourself so valuable that demand for you and your business will rise even when demand everywhere else is falling. You cannot control what others do, but you do control what you do. The condition of your market is largely up to you. Attitudes are contagious.
6. Influence
Your income will be determined by how many people you serve and how well you serve them. Genuine influence flows from your reputation — not from tactics. When Archimedes, the brilliant mathematician of ancient Greece, discovered the principle of leverage, he declared: “Give me a place to stand, and I can move the world.” Reputation is your place to stand. Put others’ interests first.
7. Authenticity
How do you become authentic? The truth is, being authentic is not something you become — it’s something you already are. Simply embrace who you are. Closely related to authenticity is integrity. The word comes from the Latin meaning “untouched” or “whole.” Being whole means your words and actions are not separate things. It means saying what you do and doing what you say.
People conduct business with — and refer business to — those who have demonstrated their value. Build networks. Touch people’s lives. Stay open to new ideas. You’ll never know where your next client will come from.
One More Secret
It’s better to work eighty hours a week at something you love than forty hours at something you hate. Passion is what matters. Your impact on others is in your hands. Wherever you are, you are in the right place to begin. Being proactive is the best way.
Some say the future cannot be predicted — others say the only way to predict the future is to create it. If you’re ready to build the legal and financial structures that support your business and protect your legacy, explore our business law and estate planning services.