Pay Peanuts – Get Monkeys

One of my colleague’s favourite sayings is:

“If you pay them peanuts, you will get monkeys.”

How true is that!

It helps me guide my thinking when I make investments either personally or for my business.

From the mundane, like where we go for breakfast, to the critical… where and when should we outsource, and to whom?

For things that are not important and have no effect but need to be done for some reason, monkeys might be perfectly fine.

For example, a service bundles a series of activities – some of which are very annoying – into a monthly package and off my back.

These non-important things can be handled by monkeys.

Even smelly ones…

But if it’s an investment in something critical than other factors besides money come to play.

How much time and energy will this person save me and how can they free me to spend that time and energy on activities that will enhance my business much better?

It’s why I tell my clients bluntly whenever they are about to sell their companies “Don’t be stupid and go cheap. Hire the best transaction team period. They save you tens of thousands or millions (depending on their size) for just a little more money.

It’s how I advise companies to build a better solution and customer experience and be able to stand out.

And not be afraid to charge for it.

Not everyone is price sensitive. In fact, many are happy to pay up if it means you get it done perfectly in one shot.

And customers who do not obsess about prices are the ones you want when you offer high-quality solutions.

Because you don’t have the time to spend it on discount zombies or incessant complainers.

Or dealing with incompetent monkeys – even if they smell fine.