Profit is the bedrock of every business. If one is not in business to make money, then beckons the question, why are you now in business? In as much as this statement is true, it is only half truth. The essence of setting up structures to pass on value to our immediate environment is not only for the reason of getting paid, but to add to the whole functionality of the universe.
You then wonder why subjects around Corporate Social Responsibilities (CSR), Environment, Social, Governance (ESG) etc, are crucial even in business operations. This is because it's not all about making profits, but taking up certain responsibilities as a business or a business owner to adding value to your space or market on the earth.
Today's write-up should be viewed from the lens of those rendering professional services. The service is tagged with the adjective 'professional' because of the length of time and cost put in to acquire such skill or knowledge to be able to render it eventually. This is basically why a service from a professional is usually not cheap. This is valid.
However, as professionals who render professional services, there are times we must make exceptions to this valid stance. A time when the rules change to achieve something even more than just economic benefit. With over 15 years as a business professional, rendering services through my various skillets, below are some other profits I have experienced that one can get from rendering their services, but this time without their bill of charges;
RELATIONSHIP
Sometimes we serve to build. Relationships are built from a feeling of a personal touch; one that seeks a genuine interest in the other and not for economic benefit alone. People know when their interests are truly looked out for. Sometimes, all we have to offer to build such relationships could be our service. Silver or gold I have not, but what I have I give to you. Life sometimes presents us as professionals with opportunities where our service becomes the currency we use to trade relationships, trusts and loyalty, and only the wise ones utilize this swiftly. Most of my strongest relationships built over the years, which have in turn, turned out to be anchors in my professional career, where built on the platform of offering FOC services.
TEMPLATES
I honestly cannot emphasize enough how advantageous this is to a professional. Starting up as a young professional years ago, both in my legal practice and management consulting service, I utilized this model. Yes it's common practice in this part of the world where when you are a professional in your family, it is believed you are for all as family and friends tend to feel entitled over your service. A very bad notion, but it still happens everyday. In as much as we try to correct this within our circle as professionals - as business is better when friends and family pay - this is still our reality as professionals. So what do we do? My model has always been to make the most out of these situations and pay myself in some certain way. So, for each time I render services either free or very subsidized for friends and family, and also for any other I choose to, it helps me create more templates for that particular service that makes my deliverable timeline shorter in the future for better paying clients. So where same need of which service have been given to friends and family arises from another paying client in the future, I got my templates set already. All I do is tweak to suit the current demand.
MASTER THE ART
Repetition is an effective tool. The more you work at something, the more you become good at it. Just like the old saying goes, 'practice makes perfect'. There are times when as a growing professional, you might not have a strong client base and the most you get are those not having the purchasing power for your service. Then is the time to perfect your skills as the more you work with the not-so-paying clients, the better you get at that service.
DEMONSTRATE CAPACITY
Sometimes to get the high profile jobs, all you need do is first demonstrate capacity with a free service first. Not all services must be paid for. Sometimes we need give out little to get more. Most of my high paying clients were acquired through these model. Your being able to fix a friction without it being demanded for, creates more business opportunities for you.
LIFELINE
Over the years, I have served my bill of charges to budding businesses or business owners with all of my line items costed in the bill and below the bill, include a 100% discount. All I ask from them is to pay it forward. So many young businesses or business owners out there need certain services but cannot afford them. I am usually surrounded with startup founders and I understand the pain and limitations they suffer for not having the capacity to fund certain things. The act of offering your service to them at no cost or very subsidized, could serve as a lifeline for these ones cropping up. It accelerates their growth process and empowers them to push on. It's bad enough to do business in an environment where the system is designed to fail you even from the commencement of your business as we lack the availability of certain structures for ease-of-doing-business. Sometimes, all these up coming ones (especially those in your field) need is a little boost, a little encouragement, a little leverage. Who doesn't need one?
Most of these businesses I helped at their budding stage over the years have turned out to be some of my most paying clients today. Some have retaliated the gesture in the most humbling ways I consider too much as compared to what I offered to them.
Conclusion
In as much as free of charge services are advised, it must be done in a structured manner as a business professional to avoid you running down your business or operating at a loss. Everything must be done in moderation and with wisdom. As long as you are not a charity organization, you are in business primarily to make money. Even charity organizations too must make money to keep the organization afloat. The point being made here is that we adopt the practice once in a while as a way of giving back and becoming better.
Simply put, there is profitability in free of charge services. It all boils down to the definition of profit by each individual. The above points mentioned allows us impact more, become better, add value to our space and build relationships. What could be more profiting than these?
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