In business, we cannot let clients keep on installing the payment of their availed products. We can do this if they are clients who have been loyal to us. Even in our family members or relatives, we need to impose no credits to them. If we let them do a lot of credits, the business will suffer financially. That is the reason why some businesses suffered and went to bankruptcy. This principle can serve as a reminder for the people who are in business. We need to do the real business and not to give in to certain bad things in business.
Principle: "Business is a business"
- Thread starter Shavkat
- Start date
The most important thing is for you to have a payment structure which is going to favour your business to make sure that all your funds are available for you to use and run your business whenever you want to make use of them.
Business is not a community project that can be done anyhow and no one cares about results. Business is a serious thing that involves commitment of resources which must be ploughed back and interest made.
Business is business has a broad meaning, and we don't have to define it strictly, we have to be wise and prudent, we don't only have to give credit to loyal customers, but also families who need up to a certain number of platforms we can give credit. If you hire your family too they should be paid like everyone else.
This is very sound. That you own the business doesn't mean that you should be taking goods from the business without payment, you would see that business would be run down.
That is why I don't handle the finances and sales in my business. My sales person is very professional and independent. She won't release any product even to me as the boss if she doesn't receive payment.
I talk with my sub ordinates politely in business and sometime when I see the customer is my relative then I give him some extra favor, but these all things remain up to some level there are certain boundaries and after then I say as business is business.
Yeah, once that opportunity has been given to them as soon as you establish your business, it won't be easy to correct that and when you do they would see you as being hard and feel it's because you are now making more and want to cut them off.
The nature of every business is making profit which is why whenever you are dealing with other businesses you people should find a mutual working set of that is going to benefit both parties.