Is it me or does anyone else go into the supermarket and see the same products for different prices and just pick up the one they see first?
Or are you the type of person who stays in the shop for ages looking at the difference between why one yogurt is two dollars less?
I’m not picking on you, but why do you do it? Wouldn’t it be better to spend your time out of the store so you can go back to making money?
This is what your parents or other loved ones have imbedded into you, that mindset of always looking for the cheaper option or as your parents called it “Looking for bargains”, but we all know that our parents were only looking for the cheapest option.
Another scenario is when your parents argue with the seller on why their price is so expensive, when my mum would argue with the waiter on why the prices were so expensive I would just facepalm and say, “Mum you’re paying for the service”.
It’s a little sad to look back on since you probably wanted something that was a little pricier and you were shut down because “There was a cheaper option”.
I understand that my parents were doing their best for me and generally couldn’t it, but it got a little annoying when my dad would always deny us from having dessert in a restaurant because it was more money.
The great thing is that all of us who read this blog are determined to give a better life, to our parents or to not have to live a life like them.
There is only one problem, from the days of being taught to penny-pinch we may flinch when we have to pay expensive prices for things that benefit us.
What do you mean?
Did you ever question why it was so expensive to run a business? This a financial problem, since you may start to question and judge things based on price.
But as an entrepreneur, this is a risky move, since we may think if we don’t see an instant return on our money, we may overlook things that we should pay a premium for.
A good example is tax planners, like an EA, CPA, Tax Attorney, or accountant, a lot of business owners ignore overpaying for these services since they see them as expensive.
However, if you change your lens to entrepreneurship you will see the huge mistake you’ve just made.
You have to see through the lens of value.
This means instead of looking at everything on the price tag, look at things on how they can put money in your pocket or benefit you back,
For example, if you used the entrepreneurship value lens you would see the huge value your tax advisor can do for you.
He or she, can make sure you don’t overpay in taxes for the rest of your business’s life, which would be a better value for your money.
As you can see using the value lens is a lot wider and further, with this type of financial education, you will understand what will help you in the future and what won’t.
You’ll think about this next time you buy that overpriced car that in the future will not provide you with any value.
I know it’s a big change in using money but as a business owner, you need to see when to spend money on certain things.
And if your biggest decision-maker is price, then you won’t survive in business, and you’ll stay small, a good comparison is McDonald’s and Burger King.
When there were financial troubles McDonald’s’ had the entrepreneurial value lens that could see all the opportunities to expand, on the other hand, Burger King had the mindset of pinching pennies and shrunk.
So, if I see value in it, I can buy it?
WHOA! Slow down, this is the financial education section of my blog, so it would be stupid for me to say that.
Since everyone sees value in different ways, but a good blueprint to follow is to ask yourself this question, would this make or save me money now or in the future? if it doesn’t then don’t pay a premium for it.
I also have to say a disclaimer, don’t be ripped off, you need to do some research to see if you are being overcharged for no reason.
There are a lot of crooks that overcharge for things, and people fall for the thought that if it’s more expensive then it must be better, however, that’s not always true.
Here is a funny video of a woman who explains why she had to go out to the store.
IN CLOSING
All I’m saying is to use your money for things that are going to benefit you in the future, even though the price may not make sense at the moment.
There are many things in your business that you should buy that can save you time, energy, and money down the line.
However, this doesn’t mean that you should throw money at the most expensive person, I’m only saying that your parents have told you to use the price lens way too much, now it’s time to use both in different situations.
MY PENNY-PINCHING MOMENT WAS NOT PAYING FOR A WEBSITE DESIGNER.
CAN YOU SHARE A TIME WHERE YOU PENNY PINCHED IN YOUR BUSINESS?
AND DID IT WORK OR NOT?
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