Business-Do

3The Value of Relationships

As the famous expression goes: keep your friends close and your enemies closer. And when I say enemies, I don't mean true outside antagonists. I'm talking about rivals—perhaps those within your own company. How well do you relate to others? How well do you understand the theory of relationships? Friend or foe, understanding what makes a relationship productive is essential.

27 Offer value‐added services. Anything less is meaningless

In everything from your products to your work effort, always offer value.

Understanding value is the key to success in business. Imagine two watches in a glass case before you. One is a $50 watch, the other is a $10,000 watch. As you gaze through the glass, can you tell the difference?

After quartz watches were invented, the price of a watch ceased to bear any relation to its ability to accurately keep time. A $50 watch tells the same time as a $10,000 watch. So why would someone pay a premium price for a watch? The only reason is the additional value that you would perceive in wearing the more expensive watch.

Every product or service faces the same test when offered to the consumer, not just watches. Everyone in business must constantly be asking whether what they provide, in terms of products or services, has an added value above and beyond the price. Creating a product that a consumer can substitute with another ...