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Be Different: Think Different

20th August 2013

I recently read a thought provoking book by Michael E. Raynor and Mumtaz Ahmed called “The Three Rules: How Exceptional Companies Think”. The authors propose the following three rules, which should guide business leaders to make decisions in order to deliver sustainable exceptional performance:

 

1. Better Before Cheaper

2. Revenue Before Cost

3. There Are No Other Rules

 

I found the book very informative and it resonated with my views in earlier articles particularly with regard to small and medium businesses providing conveyancing services (traditionally or famously referred to as ‘high street firms’). The predictions on the likely demise of the high street provider of legal services are well rehearsed and the constant noise about the imminent consolidation in the legal services market seems to suggest that the only conceivable way for such firms to survive is to fight back through price-based competition.

However, the rules proposed by this book underpinned by sound research offer another option. High street firms that choose to position themselves to compete in the brutal conveyancing market by focusing on delivering better value rather than cheaper prices are more likely to create a defensible and sustainable competitive position.

So at the next meeting of partners or directors when there is a long and heated debate about reducing prices (possibly by as much as £10.00) to match aggressive low prices of competitors. Perhaps someone should have the courage to change the conversation and ask instead ‘How can we deliver better value in ways that are meaningful to our target customers and align our prices to that value?’

 

Victor Olowe

Winzest Consulting

To see the full article please click here

 

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