Hello SOTGC community,
As I meet and talk with numerous businesses daily, I have to be honest, sometimes I do run into things that make me shake my head. It does seem to me that many costly mistakes could be avoided simply by taking a step back and thinking things through.*
To my thinking, it is so wonderful that we have entered a business era where educating has become such a large part of so many business models. I have been saying for years, “An educated client is a profitable client for years to come.” Teach them what they need to know and do, and help them get the results they seek, and you will both win.
I am ecstatic that my organization is currently producing recorded educational seminars, which will be available for us to share with individuals and organizations. What a value it will be–after all, we’ve been in the same business for 43 years and have learned a couple things along the way.
That said, I have heard some really peculiar things taken as truth lately simply because they have been offered up in an “educational seminar.” In a recent example, someone suggested that if a company or individual owed you money you could not collect, a stellar idea might be to write it off and then report it to the government as income for that person or company so they have to pay taxes on the loss.
I just simply don’t see the value or logic in that thought. First, the abused creditor willingly agrees to a 100% loss and then provides the offender the gift of a 70% discount for their disrespect. Beyond possibly the fleeting emotional high of striking back at an individual or organization that has treated you unfairly, there’s really not much of an upside for the creditor. As far as I can see the only winner here is the deadbeat debtor. Presumably not even the common good will be served because it is doubtful a body unwilling to pay a justly agreed upon debt is going to be overjoyed at the sight of an extra tax bill.
Believe it or not there are better options available. And I would assume virtually all other solutions are researchable online. And that search could tell you a lot. I was looking for an alliance partner recently and ran across a firm with a specialty in one of my markets. The website looked professional and the offerings seemed of value. Unfortunately, I had to work diligently through many other sites to even figure out ownership. Regrettably, what I uncovered was an organization less than a year old with exactly one person affiliated with it. And he turns out to be a registered sex offender with multiple aliases. Yipe.
And on that note, I think it might be fun if you, dear SOTGC readers, might be willing to share some favorite bits of wisdom passed on to you. Have you run into any really valuable ideas and/or resources that have helped you run a more profitable business in a big way? Will you share? Please, I am not so much asking for advertisements of specific products or services but rather ideas offered up that made sense and have worked for you. Of course feel free to offer source credit where appropriate.
To our fiscal health,
* I make that statement at the risk of angering sales professionals with very short sales cycles (my industry included). I am not suggesting in any way, shape, or form that you paralyze yourself from making logical decisions that need to be made. I am suggesting simply pausing just long enough to consider these two things: first and foremost, does your proposed business ally have a reputation that makes it logical they are offering you solid wisdom backed by experience? Second, does the thought from start to finish make sense from every angle? Recommendations from satisfied customers can also prove to be invaluable.