February 26, 2020
What do these words mean to you?
- Market Rate.
These economic definitions of value communicate a quantitative, financial perspective that is measured by accountants and shareholders – the monetary value of one product or service between competitors in the eyes of the customer. But is this the only measure of value an organisation can provide?
The truest indicators of customer satisfaction and trust are great sales and repeat business. At Law 365 we naturally measure our success and our client’s success by these benchmarks. While financial management and profit margins will never be eclipsed as the bedrock of any successful business, we at Law 365 look beyond the numbers. We want to measure the value of our organisation differently.
We want to communicate value in every measurable way. We set this goal across every aspect of our practice. We execute it through every interaction we take that disrupts fixed the mentality approach to success in business and in life.
Is there a better way to measure value?
There are facts, which control financials. There are feelings, which subconsciously influence the business choice. The truth is that the perception of value is vast as the ways it is presented.
Simplicable elaborates on the 11 ways a business can be valued, such as capital; assets; talent; social capital, know-how, organisational culture; intellectual property, brand value; competitive advantage; products and service and quality of life.
That is how organisations measure value, however, we do know that most people and certainly clients will evaluate the value in the following ways:
- Efficacity: “Will it do/achieve exactly what is required?”.
- Speed: “Will it happen in the required timeframe?”.
- Reliability: “Will this be a nightmare to manage/use?”.
- Ease of use: “Will this be a simple process to implement/use?”.
- Flexibility: “Will changes/alterations are possible to ensure the desired outcome?”.
- Status: “Will this positively enhance or maintain a reputation?”.
- Aesthetic appeal: “Will this conveys the image that needs to be projected?”.
- Cost: “Will the expense justify the benefit gained?”.
- Emotion: “Will the experience enhance wellbeing and can I work with them?”.
Accurate assessment of value in these ways creates profitable revenues and positive outcomes. Law 365, as true progressions, champion a closer examination of value.
Real values for real life
Throughout the commercial world, we are slowly becoming aware that the concept of value in business carries more interpersonal and far-reaching facets than previously identified.
In an increasingly “woke” society, the cold hard bankable cash model of value is being depreciated, while “softer” values such as ethical considerations, ecological impact, work-life balance, greater diversity and acceptance of our fellow human beings now feature more prominently in the core values of many companies.
Marc Benioff – CEO of Salesforce and sometime fedora-wearing billionaire, expounded his moral guidelines of social justice, decent wages and diversity to the tech industry at a luncheon hosted by the Economic Club of Washington DC. The Politico article “ Tech’s woke CEO takes the stage” clearly states these values were the driving force of Salesforce.
Microsoft Group – as a relevant example for Microsoft Partners – states on their website their mission is “to help every person and organization achieve more” via their core values of respect, integrity and accountability. Not a financial value in sight – but still manages to have a monetary value of $251.24 billion.
It’s fair to say they are clearly onto something. So – as tech players, and commercial technology legal specialists (us – not you!) in the tech space, it is time to sit up and take note. The movement away from traditional perceptions of how work is done (in an office, in a booth or desk, with a hefty computer – Mon – Friday 9-5 grind) is well underway.
Can the value of legal services and tech specialists be redefined and enhanced?
We firmly believe the answer is yes. It can. In fact, we dedicated our time and effort to discover what values and working practices 50 Microsoft CEOs would value in a modern, agile legal practice. You can read their feedback in a concise format here.
Could it be that the definition of our customer’s success, and our own of course, has more flexibility than first thought?
The answer again is yes, it can. Sociological terms which describe the attribution of value qualities to an object, organization, product or service include; cherished, treasured, well respected, well thought of, favourite, esteemed, appreciated, admired and prized.
These personal, emotive and familiar words give us clues as service providers that building intuitive, measurable client relationships that deliver trust and teamwork is the key turning point to consider.
Closing sales cycles effectively is admirable. Translating those partnerships into being viewed as team-mates, aligned with the same goals and ambitions as our clients is exceptional, and that is the place we strive to be with our clients. We also believe it becomes a value transfer exercise, as our efforts to enhance business performance for our clients are inherently passed down to the beneficiaries of their projects. Directly and indirectly, we create an industry that is faster, streamlined, inclusive, and benefits society.
Building trust – the best value
We are not alone in this thinking. Many brands use terms such as “disruptive” and “innovative” to communicate to prospective clients they can expect a fresh experience – a break from the norm.
At Law 365, as proud “disruptors” ourselves, we have happily discovered that our greatest successes are inextricably linked with our client’s success.
We view success as a collaborative effort, a synergy of understanding intricate details of each client’s methodology, their products and services, and most importantly their organization’s core values and objectives. These values and requirements are more than just the flow down terms in a contract or a back to back agreement with a subcontractor.
A measurable indicator of our success is the number of our clients who have gone on to win prestigious Microsoft Partnership Awards, listed their companies and progressed as thought leaders of organizations with real commercial value.
It is not enough to be awarded a contract. You should be valued highly enough to be a trusted ally.
See our testimonials to hear more about what our clients have to say and how we can add value.