Patience Builds Value

As we’ve been discussing the key differences between virtues and values, as well as determining that being virtuous automatically instills those values most businesses seek, it is sometimes difficult to avoid becoming too high-minded and esoteric. So let’s bring this down to a practical level with a well-known example: Patience is a virtue.

We’ve all heard this phrase, no doubt from our grey-haired grandmothers as we sat by the tree, impatiently waiting for Christmas morning. What people really mean when they say this is that waiting brings good things your way. And we can see that, by its very nature, patience breeds perseverance. Perseverance breeds endurance. Endurance in turn breeds strength. All are good qualities to have, especially in tough times.

What does this have to do with your business? As we muddle through this extended economic downturn, what becomes clear is that the patient companies are the ones that will still be standing and making money when the recessionary dust clears. Don’t misunderstand this key point: Patience is not standing around doing nothing, passively waiting for events to play themselves out.

The patient company is busy examining its strengths, reinforcing its weaknesses, refining its products, analyzing its markets, examining its marketing and planning for the future. Doing this requires them to be in touch with customers on a daily basis, explore new technologies to enhance customer service and deploy marketing strategies, and look to innovations for refinements and new product development that will drive business. Every one of these tasks requires patience.

We all know that the best customer relationships are those that are built over time. Why? Because in business, familiarity does not breed contempt; instead, it breeds more business. Consumers know that if they wait long enough, they will find a good deal. But you know that people prefer to buy from someone they trust. Companies that attempt to rush consumers into immediate buying decisions are being incredibly shortsighted. These companies will not benefit from the patient approach of building strong relationships over time. Remember- today’s patient company succeeds because its focus is not on making a sale today but on earning consumer trust over time and helping them make the right buying decisions when the consumers are ready to buy - not before.