Hi Reader,

Good, Fast, Cheap, you can only have two is a common expression in consulting, particularly with design and marketing firms.

I bought into this idea years ago because it seemed to have a nugget of truth to it, but recently I've realized it's a bunch of hooey if you're a small business, and maybe if you're a large one, too.

You can't make something good and fast or good and cheap.

While throwing money at a problem may get you farther than you would without it, to make something truly good, you need time to test it and correct it.

Even more importantly, when it comes to price, quality requires investment whether that's in dollars and cents or in time, energy, and/or expertise, which, frankly, all cost money.

There's a reason the word cheap doesn't just mean low cost but low quality, too.

I've certainly worked with businesses looking to offer less expensive options than competitors without sacrificing quality, but they struggle to reach and maintain real profitability because this model requires selling significant quantity to do so.

That's why even larger businesses can struggle if they're trying to win the 'how low can you go' battle. Many don't even bother because they'd rather invest in quality and charge accordingly.

Whether you're a product or service based business, lean into the quality measures your clients really care about.

What is it they're willing to pay more for?

You may be asking: What if that's speed of delivery?

Great question.

• Firstly, make sure that's really true. It may be convenience or something else that outranks speed.
• Next, consider the fastest you can deliver while also guaranteeing consistent quality and educate your audience so they reset their expectations accordingly. By doing this, you're lowering their risk aversion and positioning your business as an expert and partner.
• Finally, if your client insists on an aggressive deadline that threatens your internal quality controls, make sure they're willing to assume the risks and get it in writing...and get paid for prioritizing their job and jeopardizing your reputation.

Remember, if price is the biggest factor in someone's purchase decision, they're either not the right customer for you because they don't care about the quality of what you do, or you've failed to properly educate them on the amazing value you deliver and how it's going to transform their world.

​Reach out to me with questions or for help with pricing and promoting your value.
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Until next time,

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P.S. Last week, I advised Don't Be the Gatekeeper, be the Keymaster, instead.
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The perfect catalyst for transformative growth Lauren's unique blend of insights, motivation, and guidance create an environment primed for transformation. She helped me access new levels of clarity and drive to move my business forward while feeling confident throughout. —Olena Tsiganok, President, Olenka's LLC Explore opportunities to work together

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