Dear Friend,
It is important to note that starting a business alone is a whole of risk, however, to keep that business going and profitable, you must make it a point of duty to calculate and properly analyze your risk in every business transaction before you embark on them.
Let me make it simpler….
You see, some business owners are like a girl who have never been heartbroken before,
While some customers are like a lover boy who has broken the hearts of several girls.
And some business transactions is like when a lover (bad) boy is wooing a girl.
🔵 If the girl is only carried away by the guy’s good looks, premeditated sweet words and future promises, she will end up giving in only to discover later that this same guy has broken the hearts of over a dozen of other girls, including her own.
REPRESENTATION:
🔹You are that girl if you are a CEO, DIRECTOR OR PROPRIETOR of a business
🔹The lover boy is your customer or client
🔹The wooing process represents your different Business Transactions.
Business lessons:
As a business person (especially Startup, Micro, Small & Medium Enterprises), it is your duty to carry out due diligence on every of your customers especially those that you will be extending Credit to (that is investing into, or giving out goods or rendering services for Payment to be made later).
Do not let your only concern be the profits and money you will be making from a particular business transaction.
Of course, no business transaction can be 100% safe, at least do your part to;
🔹Think things through, and
🔹Take only calculated risk
🔵 This will help you avoid unnecessary risk or reduce it to the barest minimum
💰 I can tell you from experience that some business have ended up spending more money to recover debts from a particular customer or customers, than, the entire profits they made from that same transaction
❌ Don’t be like that innocent girl that got carried away with the Casanova’s looks and sweet nonsense!
Look beyond the good looks (money to be made) and pay closer attention to details and the end result.
Being adequately calculative and keen to details beyond making profits only, is one of the great skills you need to build a debt-free business.
Remember, the end always justify the means
This is worth thinking about.
Yours legal,
Precious Toju, Esq.
(Debt Recovery & Credit Risk Coach)
Visit www.asklawyerprecious.com to read more insightful blog post
