Value and Price by Jim Stovall

Photo by Fabian Blank on Unsplash

People who succeed at the highest level over a long period of time create value in the lives of others. Warren Buffett said, “People know the price of everything and the value of nothing.” Among the people and organizations with whom I consult, I always caution everyone about the risks of getting in a price war. If the main selling point of your product or service is that it is cheaper than anything else, you will either have short-term success or always be struggling to keep your costs down.  

Here in the global economy of the 21st century, it is not hard to find a multitude of people who are willing to work for less money than you may be. I would rather justify my price with value than apologize for low quality. In my personal and professional life, I have found that when I pay for quality products or services, it may be uncomfortable at first, but I am always grateful I looked at quality versus price in the long term. Any time I settle for cheaper services or products, I generally come to suffer the consequences in the long run. Just because something’s more expensive, doesn’t make it higher quality, but when something is significantly cheaper, it is invariably of low quality. 

As an author, speaker, TV and movie producer, or columnist, I strive to never be the least expensive alternative for those I serve. Instead, I strive to be a valuable asset in their lives and careers. When we seek out a surgeon, airline pilot, or babysitter, we invariably think of quality before price. A lower-quality alternative in these areas can be disastrous. However, anything worth doing is worth doing with excellence.  

Any component of your life that does not function with quality will eventually impact every area of your life. It’s important to make sure that when you pay for quality, you get it. If you’re not willing to make an investment in quality, you may want to wait until you can. My wife Crystal and I had a 15-year-old Pontiac that we paid a few hundred dollars for. We drove that car, known as “The Green Dog”—now famously immortalized in several of my books—until we were able to trade it in for a Mercedes. 

I’m not advocating a Mercedes over a Pontiac for you. All of us have to individually determine the things that are valuable in our lives and be prepared to invest accordingly. I know people who like to eat out five nights per week, so they can generally be found at a fast-food location. I also know people who appreciate an elite, fine dining experience, and they would rather stay home for several weeks in order to be able to have one memorable night out.  

There is no right or wrong answer; we just need to make sure that we receive all that we pay for. Hopefully we are all giving high-quality value for the money we receive, and we must be diligent to make sure that our hard-earned dollars bring us the quality we want in our lives. 

As you go through your day today, evaluate worth as opposed to cost. 

Today’s the day!  

Jim Stovall is the president of Narrative Television Network as well as a published author of many books, including most recently Will to Win. He is also a columnist and motivational speaker. Follow him on Twitter (@stovallauthor) or Facebook (@jimstovallauthor).