It’s the season of giving. As I contemplated what areas I want to be generous in, I had a realization. 

There’s a right way and a wrong way to give in your business.

The wrong way to give in your business may be surprising. When you want to help your customers and clients in need, you tend to give deals and discounts. And hey, it’s kind to create offers so people can afford your product. However, as you give, acquiesce, and relent in hopes to serve better, you ultimately diminish your ability to sustain your business. 

Oftentimes business owners turn to discount pricing to help customers afford something, or market a new product to them, so you create deals. This is ok if it’s a flash deal, but long term deals ultimately devalue your offering and infringes upon your cash flow. And, in the long run, it doesn’t increase acquisition. You may think you can upcharge later, but by discounting, you may already hurt the value of your offering. 

But wait! Before you go full Ebenezer Scrooge, know that it’s good to give, and you should. Just give the right way. Instead of long term discounts or deals, allocate time or a chunk of your offering as a complete, free giveaway. Make it a true charity. 

Say you have a time based business. Perhaps take an hour or two every Friday for your customers in need, and give that time for free. The rest of the week, fill your time with necessary billable rates so you can sustain your business. If you are product based, allocate a small percentage of products as giveaways, and charge your usual rate the rest of the time. 

Follow these guidelines for giving in your business. This way, you can be a true contributor, and not at the expense of your company. 

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