There’s a lot more to business than most people realize. You have to deal with everything the average worker doesn’t have to do. Irritated customers, shortage of inventory and low profit margins are all parameters of the course. Another problem is deciding whether taking cash is bad business under certain circumstances. In other words, maybe you have a potential source of income, but you don’t think that would be the best thing to do.But you also need all the money you can get, so what do you do?
Before you can answer this question, you must first define what constitutes a bad deal. A fair definition would be that a bad deal is any deal that will cost you more in the long run than what you get. It can cost you in terms of customers, time, money or other resources.
According to this definition, it is actually less profitable to engage in bad business, even if you could use the money it makes right now. You need to look at the bigger picture and further into the future to see how deals or deals might ultimately materialize.
The hard part is that you can’t always say for sure. Let’s say a scammer comes along and offers to repave your parking lot at an incredibly low cost.At this point, your gut will be sending you signals, but the scammer is hoping that your desire for a good deal (the scammer will say he’s just taking advantage of your own greed) will overwhelm your gut feelings. Don’t let that happen and follow your instincts.
Of course, scammers aren’t the only source of bad business. Much of what turns into “bad” things is the result of a lack of communication. It can end up costing you a lot more in the long run. he’ll think you’re doing good business, but the misunderstanding will appear when you least expect it.There can be hurt feelings on all sides, and they can last for years if you don’t do something about the problem right away.
The truth is, you won’t be able to avoid “bad deals” 100% of the time. But you can save yourself a lot of hassle by sticking to a few guiding principles when running your business. Once I applied for a loan from a car dealership, which is not a big deal. What happened next really surprised me. The guy in the finance department told me a “secret” for dealing with the credit bureaus.In fact, he was telling me how to cheat the system. He probably thought I would appreciate his “help”, but I didn’t. I was grateful to him though, because he let me know what kind of dealership I would be dealing with. Needless to say I took my business elsewhere.
What’s the moral of the story? Do your best to be honest and truthful and never deliberately do bad business with those who don’t care about being fair or honest.