The business world is filled with plucky individuals trying to provide value, develop their platforms, and compete with others fairly. It’s also filled with people trying to use shortcuts, make exaggerated promises, and in some cases, relying on lies and scams to further themselves. This becomes even more complex when you realize that not everyone is 100% good or bad either, that even a trustworthy partner can lie by omission, or cause difficulty through a lack of reliability.
As such, it’s important not to be naive in business, to double check everything you plan for, and to make sure your trust and reputation are vital resources you guard jealously. This can also help you avoid being taken advantage of in business, as despite your desire for success, you won’t let anyone make you a fool.
In this post, we’ll discuss some methods you can use to avoid that outcome:
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Be Sure To Check On Outsourced Manufacturing Partners
It’s good to make certain the outfit you’re using to manufacture or supply is actually reliable and can handle the volume at quality and within regulations. You might schedule video calls to see the production floor or request sample batches before full production runs as a baseline starter. Often, a great international freight forwarding company will be able to implement on-site checks in your stead. Some business owners find it worthwhile to visit facilities in person periodically, especially when launching new products.
Just remember that partners who respond quickly and transparently about challenges usually prove more reliable than those who only share good news. So, look for manufacturers willing to flag potential issues and who aren’t afraid to be realistic about deadlines or volume, it’s better than being promised the world.
Nail The Art Of The Contract
Clear contracts protect everyone involved, so don’t get into the habit of agreeing vague agreements that leave too much room for interpretation and often lead to misunderstandings that damage business relationships and bottom lines (that can be considered a good outcome relatively speaking).
Spelling out exactly what constitutes acceptable work, realistic timelines, and specific mitigations or fixes for missed deadlines is absolutely essential, because many business relationships sour not because someone intended harm but because expectations weren’t properly documented from the start. Investing in legal review can save you a pretty penny as far as that’s concerned.
Develop A Healthy Commercial Skepticism
When someone tells you they can deliver exceptional results at surprising speeds for unusually low costs, question how that math works. This is especially true abroad where the regulatory requirements may not be as strict as they are in your nation, or perhaps poor standards and unethical treatment of employees are not only bad to invest in, but could easily reflect on your firm.
You can request documentation that backs up claims about production capacity, market share, or past performance as standard, and you should. Legitimate partners generally welcome due diligence and come prepared with evidence supporting their capabilities, so don’t think it’s unfriendly to ask for this. A healthy commercial skepticism will save you more than anything else.
With this advice, we hope you can more easily ensure you’re not taken advantage of in business life.
