Back in my college years, I earned a degree in Natural Resource Economics. That specialized field of economics allows its practitioners to calculate measurable values for intangibles such as environmental and social impacts. For example, the costs of nuclear power far exceed the mere costs of uranium and plant operation and must include a long list of associated impacts, not the least of which are the long-term costs of waste disposal. Conversely, the benefits of organic farming far exceed the wages earned by farm workers and the income generated from the sale of their produce. Those benefits include improvements to soil structure, fewer chemicals entering the soil and surrounding environment, and healthier lifestyles that are accompanied by a probable reduction in a wide range of illnesses.

As a small business owner, I often challenge myself to attach values (both costs and benefits) to day-to-day business decisions. Most often, there is not a need to painstakingly calculate the specifics of those values, instead simply recognizing that they exist and are an integral part of the equation. For example, there is something inherently intuitive that tells me that – whenever possible – I should choose to work with local small businesses rather than large, distant corporations. (In the world of virtual business, where transportation costs do not enter into the equation, distance may not be as much of a factor, and the best decision may be to work with the smallest possible business that can meet our needs and that shares our business philosophy and objectives.) My business purchases a significant volume of printing services on behalf of our clients, and we favor vendors who have made an ongoing commitment to green printing standards – everything from the highest practical recycled content in paper to the use of non-petroleum based inks to the lowest possible VOC (volatile organic compound) atmospheric emissions. Generally speaking, green printing standards also represent efficiencies in production and highly competitive pricing.

When a supplier consistently meets or exceeds our expectations with respect to quality standards, and provides us with personalized service at a fair price, another factor comes into play. That factor is perhaps the most important of all, and that factor is loyalty. Loyalty inherently works in two directions and is based upon mutual respect between both parties. It also operates through what is essentially a chain of custody. If I am loyal to one of my suppliers when purchasing goods or services on behalf of one of our clients, that loyalty is indirectly extended to the client. Loyalty has its rewards, typically in the form of preferential pricing, and the result is that everyone even indirectly involved benefits from its presence. It may seem odd that loyalty tends to take pricing out of the equation; however, the accompanying respect and trust ensure that the best possible pricing will always come into play.

When a business is fortunate enough to enjoy this type of arrangement, it is essential that it be consistently maintained and its fragility protected. Just as an instance of marital infidelity may be forgiven, the offense will remain unforgotten and it will forever change the dynamics and purity of the relationship. If you are fortunate enough to have built this type of relationship in your business dealings – and I like to believe that this is the only type of relationship in which my own business seeks to engage – do everything possible to see that it is protected and preserved.

It is the routine practice of my business to do everything possible to help our clients’ businesses to succeed. We try to proactively develop new ideas that will benefit our clients, we make ourselves readily accessible far in excess of what others might consider to be normal business hours, and we do our best to treat even the smallest client as our single most important account, with every project our latest opportunity to creatively excel. When a client needs us, we drop whatever we are doing to focus on that new top priority. We also make an ongoing effort to routinely provide services that have a significant and measurable value – without charge – to each client. Our business is not obsessed with billing at the expense of doing what is right.

As I have alluded right from the start, a tangible price can be attached to business loyalty. That price equates to the incremental business income that is generated as a result of the loyalty factor, compounded by the financial savings that result from this same special business relationship. We all like our efforts to be both appreciated and acknowledged, and loyalty is the perfect means of expression. Not surprisingly, we go far out of our way to do our best work for our most loyal clients, and that “best work” has a positive impact upon the bottom line of the clients’ businesses.

In summary, yes you can calculate and attach a price to business loyalty, but the value of the loyalty itself is totally immeasurable.