Good Will!!

[sensei8]

In the business sense...How would you define Good Will?

How would you increase your Good Will?

Is the obtainment of Good Will important?

Do you find value in your Good Will?

Every business, and I include a MA school as a business IF it has any overhead, especially overhead that must be maintained, begins to increase their Good Will each and everyday.

Business goodwill is a key intangible asset that represents the portion of the business value that cannot be attributed to other business assets.

Put differently, business goodwill reflects the synergy among the various assets used by the business to produce income: in a well-run business the whole is greater than the sum of the parts.

Intangible accruements go beyond the net worth of your MA school. There's the building [if owned], the accounts receivable, its inventory, and the number of students.

What else is there?

It's not tangible! It can't be purchased! But, without it, the only thing you can sell is within that said box. Nothing else, and nothing is quite a lot!!

Your Good Will isn't a simple thing to acquire. No. It takes a lot of wining and dinning. To begin to even figure what your Good Will is worth, one has to first agree that Good Will isn't tangible and it's not a guarantee.

Whatever your community thinks about you, that's the core of your Good Will. Here's a small, and I mean it's a start, list to think about...

1) Time in business

2) Benevolence

3) Integrity

These, imho, are things that are at the cutting edge of deciding ones Good Will. However, these elements are only valued if ones even interested in selling own business. Albeit, one should know what ones Good Will value is worth every quarter end. It's better to know now because it truly matters.

Your thoughts, please!!

[sensei8]

Any thoughts, at all, anyone...any MA school owners, at all?? Boo-Hoo!

[JohnASE]

"Goodwill" is important in any business, especially for a business like martial arts instruction where loyalty is so important, and you deal with the same customers over and over again, week after week, year after year.

Earning goodwill within the local community might be as with other businesses, but maintaining the goodwill of students is a whole other thing. Martial arts isn't all about coddling your customers. The customer isn't always right. You yell at them. You make them sweat. You bring them pain! And your job is to make them want more and pay you for the privilege!

Regarding the list, I think trustworthiness is the most important factor in maintaining goodwill in business, and integrity is essential to establishing trust. I think time in business is important mainly as an indicator of trustworthiness. Benevolence? Hmm. Do you need to be good for there to be goodwill? I'm not sure, at least regarding business. Maybe treating people fairly is good enough.

[sensei8]

One will need Benevolence if an interested buyer of said business expects you to have it.

That thin line, blurs often!!

[devil dog]

You can measure Good Will by the way you are treated and if your students and the community respect you.

I would add to the list humility, honesty and respect. If you are humble, honest and respectful these things will be returned to you ten fold both in retention, future students and the respect of the community.

Yes we make them sweat and bring them pain and even sometimes yell at them but what makes them keep coming back is the way you carry yourself and the way you treat them. If your students feel bullied then they wish you no good will but rather disdain and will most likely leave you. But if your students aspire to be like you and show you respect without enforcement then you know that you have done them a service as a teacher. Good will follows kindness. Kindness comes from humilty, honesty and respect for others.

I also think if you are passionate about what you are doing it shows and others become passionate as well.

Just my humble opinion for what it's worth.