Exchange in Abundance

Have you ever heard the term “fair exchange” in the business world? It simply means you bought an item or paid for a service from a company and they delivered what you paid for. You buy a loaf of bread from a baker and he gives you a loaf of bread at a fair price. This is a “fair exchange” and you would most likely be satisfied with the transaction.

Now what if the baker had, instead of just giving you the loaf of bread you asked for, gave you the largest and most fresh baked loaf, packaged it in a special box that would keep it warm until you got home, informed you of the time of day that the bread would be the freshest for a future visit, and remembered your name and order the next time you came in? I’m sure you would be very pleased with this baker and would come back to do more business with him. We call this type of business transaction “exchange in abundance” because instead of getting only what you asked for, the baker went above and beyond what was expected.

Here are the 4 different types of exchange that can occur in the business world:

1. No exchange – A company takes in money for a service or item but does not end up delivering anything. You would feel ripped off and never do business with this company again.

2. Partial exchange – A company takes in money for a service or item but only delivers part of what was paid for or delivers an item or service that is inferior to what was agreed upon. Most people would not do business again with this company.

3. Fair exchange – A company takes in money and delivers exactly what has been ordered. Most successful businesses strive to operate on the basis of “fair exchange.” Most people will do business again with this kind of company.

4. Exchange in abundance – A company takes in money for a service or item and gives back more than was expected. This does not mean to give away something for free. Instead, give something of more value than what was bargained for. The value could be in materials but it could also be in time or service or attention. Most people are amazed and thrilled to find a company that gives exchange in abundance and will go out of their way to give this company their future business.

It is imperative to our company’s continuing success to operate on this idea of “exchange in abundance.” Believe it or not, an employee’s pay can depend upon which of the four types of exchange the company is practicing. Obviously with the first two conditions, a company will not last long and pay would not be great for an employee. With “fair exchange,” a company and its employees would have a level progress but probably not much expansion. They would just be “getting by.”

Exchange in abundance is the only way to ensure professional and financial success for all of us personally and for this company. It is what I have always strived to operate from, not just in my business, but in everyday life. Produce in abundance and always try to give more than expected.

I have had many assistants over the years, and the ones that did more than was expected of them have also had success in whatever else they have gone on to do. I once asked an assistant to set up a lunch date for me. She made the appointment, told me the day & time and handed me the address of where to go. That was really the bare minimum. What if I forgot or had no idea how to find this place? An exceptional assistant would also have set a reminder on my computer, come to find me and make sure that I left on time, handed me the address with printed directions and a map and also sent the directions to the person I was meeting. You see how it can make an incredible difference by putting in a little extra effort?

So, how can we use this idea of exchange in abundance with our customers? There are countless things we can do and many of them we are already doing. Let’s just step it up another notch. It’s great that we clean and polish our customers’ jewelry, but next time instead of handing it back to a customer in tissue, bring it back wrapped neatly in one of our logo pouches. Or when a customer asks for a recommendation of where to go for dinner, instead of just telling them about a good restaurant, call and make a reservation for them and print out directions. I have done this before and even asked the restaurant to bill me for their dessert. You don’t have to go that far but you get the idea.

You can do small things like give an extra big smile when they arrive, a even bigger smile when they leave, and a thank you note for coming in even when they didn’t buy something. You can make an effort to remember their names or the names of their kids and pets. How about walking them to the door or to their car or offering to carry a big package? All these little things add extra value to the transaction and relationship.

At work, you can do exactly what is asked of you and you will just get by, but most likely, you will not get the raise or promotion you would like. Or you can be exceptional, always do more than is asked of you, and be wildly successful. The idea cannot just always come from me or the managers of this company. It is essential that we all keep each other inspired and encouraged to “exchange in abundance” with our customers and with our fellow employees.

Let’s all work together to keep this policy in place so we can reap the fruits of our labor!