Lori, a partner at Fourlane, a tech and business consulting firm, recently had an epiphany while working with a client who was distracted by a free service offered by another firm. The client was facing challenges and delays when trying to get assistance from the free service, ultimately leading her to work longer hours to catch up on her daily tasks. This experience made Lori realize that cost isn’t always a dollar sign, and there can be a cost associated with even a free service in terms of time and energy.
Lori emphasizes the importance of looking beyond the price tag when considering the value of products or services. Companies need to consider the improvement and value provided by the solution or service. Time and effort of team members have value, and leaders should understand the cost of waiting on hold or explaining the same things multiple times before getting the right help. This value rate goes beyond just an hourly bill rate and includes the impact on the team’s productivity and efficiency.
Understanding the value of services provided and the value of one’s time is crucial when deciding between free or paid services. Companies should ask how the services will impact their business or team and at what level. If the service has a major impact on high-risk areas such as financial or system data, it may be necessary to work with an expert and be willing to pay for that specialization. On the other hand, for simpler or lower-risk services like testing new software, businesses can consider trying it out for free, considering the potential impact if it doesn’t work.
Lori’s experience with her client highlights the importance of not making decisions solely based on the cost of a service being free. Companies should assess the level of business impact a service or solution will have if it doesn’t work and make decisions accordingly. Forbes Business Council, a growth and networking organization for business owners and leaders, stresses the need to understand the value of services beyond just the monetary cost and the importance of considering the impact on productivity, efficiency, and overall success.
