Monday, March 16, 2009

Good Will

What is good will?

How do you earn it? 

Allow me to explain good will this way - it is another person’s desire to see you or your business succeed to the point they are will to take a personal interest in your success! In fact they believe in your so much they are willing to give you their time, money and resources to assist in your success – it is a sign of trust and respect. 

Here is how accounting describes it - Goodwill is an accounting term used to reflect the portion of the book value of a business entity not directly attributable to its assets and liabilities; it normally arises only in case of an acquisition. It reflects the ability of the entity to make a higher profit than would be derived from selling the tangible assets. Goodwill is considered an intangible asset

Truthfully I like my version better because it just makes sense and it does not contradict the other in fact lack of good will typically means you loose business and soon will be out of business. I want you to read this article from the New York Times written in 2005. Notice how the concept itself has even been turned on its ear. This article is about corporate and civic responsibility not good will and yet some how this concept as with many things of late have been turn selfish and self serving in nature but that is just my opinion. 

So, how does one earn respect as a business owner (remember respect = goodwill)? Simply respect is earned by taking our client’s feelings, needs and thoughts into consideration which in turn means we do not have to use as much of our energy and resources trying to get our needs (i.e. getting paid what we earned though our efforts in a timely manner) 

What character traits allow you to earn and retain respect?

  • Integrity
  • Humility
  • Solution Orientation
  • Service Orientation
  • Customer/Client first focus
  • Being Authentic
  • Not walking around with a stupid smile plastered on your face
  • Keeping your commitments 

Of course there are a few others (many in fact) yet I do not want to overload anyone with information. I will end with some food for thought for those having challenges relating to this from a business standpoint allow me to personalize so you can make the associations to your respective business yourself.

No comments:

Add to Technorati Favorites