Sometimes, in relationships, whether professional or personal, you trust the wrong people. You leave yourself wide open for exploitation. This isn’t something you can afford when you start a business. You need to be on high alert! There are a lot of people out there who aren’t too fussed about business ethics or working hard. These people can drag you down or lose you a lot of money if you’re not careful. (Image by Nguyen Hung Vu)
The fact is that it’s easier than you think to be taken advantage of in the world of business. (Others may refer to this as being “screwed over!”) And the effects of this sort of behavior can be devastating if you’re running a new business. So here’s a quick article that will teach you in the ways of not getting taken advantage of!
Do your research
Let’s say you’ve got someone you’re looking to do business with. Before you enter into any kind of partnership, you need to know precisely who you’re dealing with. Make sure you do your research on the other party. This applies to business partners, outsourcing companies, and potential employees. See how they’ve done business in the past. Check their background. Googling their name may bring up more info than you might think!
Be confident and prepared
If you don’t look that prepared or confident, then people will want to take advantage of you. They’ll think you look a bit weak. They’ll find out that you get confused when they use business and financial jargon. The fact is that you make it easier for yourself to get tricked when you haven’t got your head in the game. You need to have a strong head for business negotiations and sales tactics. You can actually get help from people in the know, such as Nate Holzapfel.
Don’t give people too many chances
Do you know who is most likely to take advantage of you? Your employees. Smart businesspeople know that being a magnanimous leader really pays off. But kind employers are often taken advantage of by employees who don’t pull their weight enough. That’s not really behavior you can let slide. I’m not saying you should fire an employee as soon as they show themselves to be taking advantage of your kindness! But you definitely need to have a stern word with them. Ensure they’re willing to work hard for you. Otherwise? Well, then you fire them.
Get everything in writing
So many business misadventures are the result of a lack of legal contracts. If you’re entering an agreement with someone, either inside the business or outside of it, you need to make sure you get the terms in writing. If you don’t, then the other party can take liberties when it comes to interpretation of those terms!
If something goes wrong, take action
Another reason you need to get things in writing: contracts work as evidence in your favor. Let’s say that, despite all your precautions, someone has tried to screw you over. They haven’t paid you, or they haven’t done the work as promised, or they left you in the lurch some other way. You should consider taking legal action. Otherwise, you just make yourself look like a pushover!