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Issue #54 ~ April 20, 2010 Printer friendly PDF file
The Go-Giver Law of Compensation
By Scott Gillespie
This week is the second of a five-part series based on the bestselling book, The Go-Giver. If you only read three books this year, make this one of them! It is a true paradigm shifter as you will begin to look at business and life in a whole new light. Although I will share with you its five Laws, this will not be a five-week book review. Rather, I will share with you my experiences with them and how I see them relating to business and sales. It is my hope that the book and these articles will create as many A-ha moments for you as it did for me. Enjoy!
Last week we learned the Law of Value as “your worth is determined by how much more you give in value than you take in payment” and that a giving spirit is essential to living this Law to its full potential. However, giving value doesn’t keep the lights on…we all need some compensation!
Bob Burg, author of The Go-Giver, defines the second law, The Law of Compensation, as follows: “Your income is determined by how many people you serve and how well you serve them.”
I learned this lesson the hard way. Actually, I learned this lesson while learning a different lesson the hard way, and I don’t think I’ll ever forget either one!
I landed my first job during my sophomore year in high school washing and detailing cars for $3.35/hour at a local car dealership. By that summer I had worked my way up to a whopping four bucks! Also that summer, I went from detailing cars to lettering the windshields of the cars that were displayed on the lot.
It all started during a tent sale where one of the sales reps tossed me a paint marker and asked me to write on the windshield all of the options a few of the cars had (e.g. air conditioning, power steering, power brakes, etc). I’ve always been fortunate to have good penmanship and when the owner of the dealership saw this, he ordered me out of the wash bay and onto the lot to letter up all of the cars. Also being pretty good in art, the lettering turned from a list of options to eye-catching display ads - still for just $4.00/hour.
Coincidentally, my girlfriend’s Dad was the service manager at a competitor’s dealership down the road in the next city. He put in a good word with their owner who gave me a shot to letter up the front row of his lot - and not for $4.00/hour, but for $3.00 a car! On a Saturday afternoon, I knocked out 17 windshields and made $51.00!! The following Monday I was fired from my $4.00/hour job.
What started out as an opportunity to make a couple extra bucks, turn into a lesson on business ethics. That was the hard lesson. However, with that lesson learned, I told that second dealership’s owner that I was interested in lettering up other dealerships and went on to land three other accounts that kept me busy with all the windshields I could handle. The windshields turned into showroom windows and those turned into referrals for hand-lettered business signs.
The entrepreneurial spirit was born. Coupled with the giving spirit I discovered in the second grade, I was on the road to becoming a Go-Giver. Referring back to the Law of Compensation, my income grew exponentially by serving more people. And the referrals came in as a result of the level to which I served my clients.
Bob also points out in his book that we can determine our income by serving more people and that we have no limitations to our income because we can always find more and more people to serve.
Now, that may sound good on paper, but you may be thinking that you are tied to a certain territory or the product or service you sell is limited in either the number of people in your city or area or is such that it isn’t a consumable product that people need on a regular basis.
While there may be some truth to it, he does not necessarily say that you can determine your income and remove limitations doing what you are currently doing. To accomplish these two things, you may need to broaden your horizons to utilize your passion and expertise to serve more and more people and serve them mightily well!
So let’s get your wheels turning. What can you do with your existing product or service that could expand to serve more people. Are there new ways you can provide these things like utilizing an e-commerce website? And what can you do to increase the level in which you serve your customers? What additional value can you provide that they may not expect or receive from you or your competition? What can you do to ensure that your employees share this mindset with you to increase your reach and service.
Embrace these questions as a challenge, implement the ideas you come up with and watch the Law of Compensation go to work for you!!
Now, Go Get ‘Em!!
(PS: Be sure to come back next week as we look at the third law, the Law of Influence.)
By Scott Gillespie
This week is the second of a five-part series based on the bestselling book, The Go-Giver. If you only read three books this year, make this one of them! It is a true paradigm shifter as you will begin to look at business and life in a whole new light. Although I will share with you its five Laws, this will not be a five-week book review. Rather, I will share with you my experiences with them and how I see them relating to business and sales. It is my hope that the book and these articles will create as many A-ha moments for you as it did for me. Enjoy!
Last week we learned the Law of Value as “your worth is determined by how much more you give in value than you take in payment” and that a giving spirit is essential to living this Law to its full potential. However, giving value doesn’t keep the lights on…we all need some compensation!
Bob Burg, author of The Go-Giver, defines the second law, The Law of Compensation, as follows: “Your income is determined by how many people you serve and how well you serve them.”
I learned this lesson the hard way. Actually, I learned this lesson while learning a different lesson the hard way, and I don’t think I’ll ever forget either one!
I landed my first job during my sophomore year in high school washing and detailing cars for $3.35/hour at a local car dealership. By that summer I had worked my way up to a whopping four bucks! Also that summer, I went from detailing cars to lettering the windshields of the cars that were displayed on the lot.
It all started during a tent sale where one of the sales reps tossed me a paint marker and asked me to write on the windshield all of the options a few of the cars had (e.g. air conditioning, power steering, power brakes, etc). I’ve always been fortunate to have good penmanship and when the owner of the dealership saw this, he ordered me out of the wash bay and onto the lot to letter up all of the cars. Also being pretty good in art, the lettering turned from a list of options to eye-catching display ads - still for just $4.00/hour.
Coincidentally, my girlfriend’s Dad was the service manager at a competitor’s dealership down the road in the next city. He put in a good word with their owner who gave me a shot to letter up the front row of his lot - and not for $4.00/hour, but for $3.00 a car! On a Saturday afternoon, I knocked out 17 windshields and made $51.00!! The following Monday I was fired from my $4.00/hour job.
What started out as an opportunity to make a couple extra bucks, turn into a lesson on business ethics. That was the hard lesson. However, with that lesson learned, I told that second dealership’s owner that I was interested in lettering up other dealerships and went on to land three other accounts that kept me busy with all the windshields I could handle. The windshields turned into showroom windows and those turned into referrals for hand-lettered business signs.
The entrepreneurial spirit was born. Coupled with the giving spirit I discovered in the second grade, I was on the road to becoming a Go-Giver. Referring back to the Law of Compensation, my income grew exponentially by serving more people. And the referrals came in as a result of the level to which I served my clients.
Bob also points out in his book that we can determine our income by serving more people and that we have no limitations to our income because we can always find more and more people to serve.
Now, that may sound good on paper, but you may be thinking that you are tied to a certain territory or the product or service you sell is limited in either the number of people in your city or area or is such that it isn’t a consumable product that people need on a regular basis.
While there may be some truth to it, he does not necessarily say that you can determine your income and remove limitations doing what you are currently doing. To accomplish these two things, you may need to broaden your horizons to utilize your passion and expertise to serve more and more people and serve them mightily well!
So let’s get your wheels turning. What can you do with your existing product or service that could expand to serve more people. Are there new ways you can provide these things like utilizing an e-commerce website? And what can you do to increase the level in which you serve your customers? What additional value can you provide that they may not expect or receive from you or your competition? What can you do to ensure that your employees share this mindset with you to increase your reach and service.
Embrace these questions as a challenge, implement the ideas you come up with and watch the Law of Compensation go to work for you!!
Now, Go Get ‘Em!!
(PS: Be sure to come back next week as we look at the third law, the Law of Influence.)
