In the book,Think and Grow Rich, Napoleon Hill shares a story about Henry Ford charging a company a large sum of money (for the times) to solve a problem the company had been struggling to untangle. Ford completed the task quickly, received his payment, and then proceeded — immediately — to share his solution. Seeing how fast Ford had worked, the folks who hired him became angry. They felt hoodwinked.
But, Mr. Ford replied, “Whether it took me five minutes or five months, you got the result you were looking for when you hired me. You didn’t hire me for how long it would take. You hired me for the expertise and value I bring to the table and those qualities have taken me my entire life to accumulate.”
In other words, Ford’s unique level of expertise and experience — expertise and experience that the business owners did not have — is what gave his work its value.
As business owners and entrepreneurs, we need to have enough confidence in our goods and services that we can ask for the price they are worth. And we need to know that our customers are comfortable with the value they receive from us. Setting a fair price for both parties will require reflecting on what goes into your goods and services in the first place.
So, what are your knowledge, experience, expertise, and the products and services built from them, really worth?