Building Your Balance… of Goodwill

May 12, 2017 by Jay Maxwell

There are two bank accounts in any business. One account is measured in dollars and the other is measured in goodwill. Both of these have deposits and withdrawals, and a healthy account in each case must have more deposits than withdrawals. If a company neglects to keep an eye on either of these accounts, trouble will follow. However, while it is easy to confirm the balance in a checking account, a company’s goodwill account is often more difficult to measure.

A friend of mine recently told me he knew of a disc jockey company in our area that only catered to high-end clientele. He said this company works almost exclusively in the resort areas, and the owner would never lower his standards to risk being seen DJing someone’s event at a county park or church reception hall. I replied to my friend with just two words, “How sad.” It is easy to forget that the main purpose of a disc jockey’s job is to serve others. The reward a disc jockey receives for his services is not just pecuniary. Of course his work helps him make a living and keep a healthy balance in his checking account, but the focus must ultimately be on why he chose this particular career, regardless if it is a full-time or part-time occupation. The reward of bringing enjoyment to people—the excitement of seeing people having a fantastic time dancing to the music he is playing—that is the real reason for spinning tunes. The reward received is one that extends far beyond padding the DJ’s financial bank account. The reward of goodwill can be gladly offered to the DJ by people regardless of whether they took a taxi to the event or had a chauffeur drive them to the party in a limousine. Often, it is the less well off financially who pay the DJ more by offering their gratitude. In turn, this payment builds up the company’s goodwill account.

Read the rest of this article and check out the full issue at http://www.mobilebeat.com/emagscurrent/179

Jay Maxwell Jay Maxwell (32 Posts)


Filed Under: 2017, Business