The Law of Compensation
Last week, we talked about the first Law of Stratospheric Success from the Go-Giver by Bob Burg and John David Mann. In this week’s training topic, we dive into the second law, The Law of Compensation. This law is critical to your success in professional networking, in gaining more referrals or introductions and ultimately earning greater income.
The Law of Compensation states, “Your income is determined by how many people you serve and how well you serve them.”
If you like math equations like I do, this might help…
Compensation = How Many You Serve X How Well You Serve Them
If you’d like more compensation there are really only two things you can do.
- You can serve more people; and,
- You can serve them better.
This is the principle that allows athletes, entertainers, and brain surgeons to be so highly compensated. The athlete or rockstar makes so much money because they usually entertain millions or perhaps hundreds of millions of people and add a little value to a ton of peoples lives. On the contrary, it isn’t likely that a brain surgeon could perform surgery on millions or hundreds of millions of people, though they definitely add life-giving value to the few they can actually operate on. It really is that simple. So, if your compensation isn’t where you’d like it to be or you’d like to do some amazing things with an increase think about what you can do to serve more people. And, serve the clients you have better.
What can you do to serve more people? Captain Obvious, salesperson, would suggest to prospect and gain more customers. What about the not so obvious? Like…author a book, make a movie, generate an online training program, provide workshops, training events, and provide public talks. What else can you do to serve more people?
What can you do to improve how well you serve them? Captain Obvious here again…provide more in value. And, what else? Solve bigger problems, stay up on current trends in your industry, the latest advances, and greatest technology. Identify problems earlier through innovation and experience. What else can you do to serve them better?
In The Go-Giver by Bob Burg and John David Mann, Joe goes on a journey learning that giving is the key to success and becoming a Go-Giver transforms not just his business…it transformed his life.
This is one of my most recommended books and a very easy read. If you haven’t read the book yet or if you’d like to pick up a copy for a friend, you can pick it up for as little as $7 plus shipping, on Audible for $11.95, or sexy hardback for $16.96 on Amazon.
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