Introduction
How – Why HOW we do anything means everything…. in Business (and in Life)
Author: Dov Seidman
Some books just find your way to you, and this one was staring me in my face when I opened a storage closet at work a few months ago. It was written in 2007, and one of the primary themes is about how information has become so prevalent in today’s society, so much so that there is a shift in how people and businesses need to show up in order to gain trust and credibility. Dov Seidman was definitely ahead of his time with some of the themes he explores in the book and one idea from the book has stuck with me ever since: in today’s world, how we do things often matters more than what we do.
Era of Transparency & Authenticity
At the time this book was written, there was a shift happening in our society. The internet was allowing everyone to connect with each other and start sharing information on social media, forums and articles. People halfway across the world could be communicating and interacting with each other, learning new things about cultures, traditions, etc. the list could go on forever. It was like the dam that held all this information just broke and we all got flooded with an ability to access almost anything in the world.
Because of this new power, it’s changed the way that people have interacted with each other and businesses. Before transparency, people had to trust what people and companies said about their worth. Nowadays it’s easier than ever to look through someone’s bullshit and we have standards about how we expect people to act. These same standards have been applied to our institutions such as governments and schools.
Most people don’t just blindly believe what is told to them anymore, they like to do their own research (as flawed as that can be sometimes) and come to their own conclusions. This brings on it’s own set of problems, but the way that people can avoid any confusion about who they are and what they bring to the table is by being authentic & transparent at their core about their values and what they bring to the table.
This means that people and businesses today can’t just fake their way to the top, because eventually people are going to catch on and the truth will find it’s way out.
Focus on HOW not WHAT
With trust being at the top of everyone’s minds, it only makes sense that how we do something has become just as, if not more important, than what we do. It’s become harder than ever to innovate the what, especially in a services-based economy, where the expected outcomes are more or less the same. That’s why the how becomes so important and supersedes the what.
Take two burger chains as an example. At spot A, they always give you extra sauce, bring the food to your table, and if it takes longer than 5 minutes, they will throw in an extra burger free of charge. At spot B, they never give you any extras unless you specifically ask for it, you have to go pick up the food from the counter once it’s ready, and they don’t provide you with anything if they take forever to bring your food out. Assuming that both of these burgers cost the same amount, are the same distance from your house & taste the same, why would you ever go to spot B? The answer is simple, it’s because spot A excelled in how they provided you the product over spot B.
The experience we get as customers makes a meaningful impact on how we perceive the person/business providing us the business, and it leads to how we choose to interact in the future. Obviously, the product still needs to be good. If spot A in our example had burgers that tasted like garbage, no one would want to eat there, despite having a better experience prior to the end result.
How this works in the world of Financial Planning
I’m not afraid to admit that I’m not the smartest one in the room most of the time, or at least that’s how I like to enter every room I’m in, especially a room with other financial planners like myself. The reason I say this is because I probably won’t have the answer to every question someone asks me at the top of my head, and most of the time, I need to do some sort of research before I give an answer.
That’s fine with me, because I’ve never marketed myself as a human version of a financial planning AI. I’ve always marketed myself as someone who cares about the client experience, and wants to make sure the client feels confident in the decisions we come to together. I’ve seen case studies where different financial planners come to the same conclusion about what the right decision is for a client, but the differentiating factor is why each planner came to that conclusion and how they communicated that to the client.
Noor Financial Services is not a place someone comes to and is just told what they need to do. A client comes to Noor Financial Services because they want someone who takes the time and effort to guide them through the decision making process and helps them understand how we came to the conclusion that we did. We are partners in the financial planning process, and it’s a two way street.
Summary
While it’s true that many things have changed over the last two decades, one thing that hasn’t changed is our interactions with what we expect from the people around us and the businesses we interact with on a day to day basis.
Technology has allowed us to connect like never before, but those connections are not as complete as they could be, so we fill in those gaps with how much trust we have with one another. Humans are biologically hardwired to make snap judgements on whether we trust/distrust people, and in a time where access to information has exploded, the way to build that trust with one another is by being transparent, authentic, and focusing on how we get from point A to point B.
While I believe Dov was a bit off in his timeline, he is absolutely right when he says that this new era of business in the 21st century will be built through trust, reputation & authenticity. While there will always be the people who go for the cheapest option, or the quickest option, we will be seeing more and more people gravitating to the conditions I just mentioned.
Disclosure
This content is provided for informational and educational purposes only and should not be construed as personalized investment, tax, or legal advice. No advisory relationship is created by reading this article. Investment advisory & financial planning services are offered only pursuant to a written agreement through Noor Financial Services, a Registered Investment Adviser. Please consult with a qualified professional regarding your specific financial situation.
