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Value has little or nothing to do with money. Simple as that.

Value. This is one of my favorite topics and it comes up in coaching all the time, especially when people are pricing their services. Products seem easier, because we can figure out cost to produce, but even that isn’t perfect. It used to be “add on x percent” but now it’s “add on whatever it takes to make what I want or need to keep my business afloat”.

So, what, exactly, is value, and how is it determined?

In simplest terms, value is on the receiving end of the transaction. Cost is factual and physical: this meal is $20. Value is personal and psychological: I enjoy this meal and am willing to part with $20 to experience this meal.

Value includes the product or service, and the feeling it leaves. Because the price of joy is subjective, we each place a different value on everything.

Which leads to a bigger point about business and life in general. When we connect ourselves with people who find that same joy and value, we have stronger, more effective outcomes. Value is the mustard seed of everything that grows in our lives.

If you want your business to succeed, give yourself value by providing the absolute best experience you can. If you want your life to succeed – to give you joy – surround yourself with those who perceive the same values as you.

Value is the sum total of what we receive in exchange for the asking price, which isn’t necessarily money, remember. Thoreau said it best: “The price of anything is the amount of life you exchange for it.”

Value is what you feel you get in return.