Do Business Well

This one really bugs me. It’s a philosophical thing. You’ll be pleased to see a lot of stores encouraging you in the same thing: SAVE BIG! SAVE MORE! But they’re talking about something else.

The only way to save money is . . . well, to save it. That means, Don’t spend it. When a store announces that you’ll “save money,” what they really mean is that you’ll spend less of it than if you shopped somewhere else. (And as we saw with that discount trick, that claim may not even be true.)

But whether you spend $145 for something, or “save” by spending just $125, you’re still spending it. Of course, retailers don’t want you to think that way. They know that if you focus on what you’re spending, you may have second thoughts. So they try to focus on the positive side. There’s nothing wrong with that. And if you truly are going to spend money anyway, then look for ways to spend less of it.

But remember, every dollar you spend is a dollar you’re not saving. When you see a big SAVE! sign, think of it as a reminder to make a savings deposit. That’s the only way you’ll really be doing what the sign says. Okay, I’m done venting. Let’s move on.

 

Buy Now!

This is an emotional trick stores use to create a sense of urgency. They know that the moment you walk out of the store, they lose their best chance of making a sale. You’ll find a better deal elsewhere or blow your money on a pizza party or have second thoughts and stick the money in your savings account. They don’t want you and your money to walk away, so they use all sorts of ploys to prevent it.

They’ll tell you that “time is limited”—if you come back later, the sale will be over and you’ll have to pay full price. But chances are, that’s not quite true. Many stores will honor the sale price even after the sale is over.

They’ll tell you that “quantity is limited”—if you walk away, the item may sell out. True enough, but for all you know, they have a truckload of the stuff parked out back or can order more from the manufacturer or another store. And even if they run out, is that such a shame? Do you really want this stuff? If you didn’t get it, would it be a big problem in your life? Walkingaway to think about it can be the best way to answer those questions.

They’ll tell you that the “price can’t be beat”—so why even bother to shop around? Maybe they do have the lowest price. But you won’t know that until you shop around. When someone tells you that a deal is “too good to be true,” or “a chance of a lifetime,” or “you can’t afford to walk away,” just smile and walk away. These expressions apply to things like faith, family, friendships—seldom do they accurately describe the act of buying stuff I’ve been buying stuff for a few decades, and I’ve yet to find something that could be bought with money that was worthy of these terms.

If you walk away from “buy now” ploys, you will occasionally miss out on a good deal. But the law of averages is in your favor. You’ll save far more money by resisting urgent buying decisions than you ever will by succumbing to them. The rare great deal will be offset by the countless bogus or unnecessary deals you turn down.

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Save Big!

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• Serious Selling Your Business part 2
• Serious Selling Your Business part 3
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• Sole Trader/Partnership
• Teenage Investment Strategy
• Internet Banking Strategies
• Mobile commerce & Internal communications
• The Managed Business
• E-commerce Branding as part of Integrated Marketing Communication Strategy
• Business Financial Thumb Up rules, don’t Break the Bank

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