This is the second article of a five-part series where I provide suggestions that you can start adopting right away to promote excellence within and outside your organization. If you missed Part 1, please click here.
I will build on the content from “The Go-Giver” book series written by Bob Burg and John David Mann, as well as my nearly four decades of international corporate experience, first as an executive and now as a coach.
Today, we will cover the second principle, The Law of Compensation: Your income is determined by how many people you serve and how well you serve them.
The Law of Value, covered in Part 1, describes your potential income—how much you could earn. But it’s the Law of Compensation that determines your impact (i.e., how much you actually earn).
A powerful way to increase your impact is through word of mouth. When people endorse you or your business, it is highly effective. Better yet, aim to take this positive word of mouth one step further in the form of referrals. Strive to add such high levels of value to others that they feel compelled to speak well about you.
Referrals are not restricted to expanding your customer base. Two decades ago, while still a corporate executive, I received the dreadful notice that my job was disappearing and I needed to look for work elsewhere. Has this also happened to you? If so, you can probably relate to how painful this experience can be. An ex-boss of mine offered to help. She referred me to an executive in another company, who, in turn, referred me to an executive whom he knew had a job opening that could fit my profile. After a long interview process, I had a new job. It took me eight long months to find it, and it came from a referral of a referral…
Be proactive in asking for referrals as a key strategy to grow your impact. Just be aware that a key prerequisite for this is to exceed the expectations of both your internal and external customers. And there is no faster or more eﬀective way to elicit those feelings than by placing their interests first, which we will cover in our next article.
Contact me if you wish to learn more and explore how you, your team, or your organization can adopt a culture of excellence The Go-Giver Way and enjoy extraordinary results.
Percy M. Cannon