As you enter 2023, you have to re-evaluate your strategy for business, to meet up with the changing times.
Excelling in business requires a high level of circumspection and care! Here are some tips, gleaned from real-life scenarios, that will come in handy when doing business:
- It is better to have everything in a Written Agreement, if there was a future obligation to be fulfilled, a Contract or Agreement is more likely to be fulfilled when it is written in black and white and evidence of business terms is better put in writing. No matter how close your business partners are to you, just put the business terms in writing. It is for interest and for your good.
- Do not ever use sentiments to conduct business. Play by the Rules! Business is Business, never say it does not matter if he is my friend or relative. Fraud or betrayal is family and friendship neutral.
- When you have an obligation that can be fulfilled as you are making payments, do not for any reason make payments and allow the other party latitude to deliver later, if he can do it as you making payment, apart from the fact that some persons may never deliver, some others might become evasive and elusive, knowing they have your money in their kitty.
4. In most parts of the World, You cannot charge interest on a Loan, without acquiring a Money Lender’s License from a Court. Aside from the fact that it is a criminal offense for one to charge interest on a Loan without a Money Lender’s License, one will lose both the Principal and the Interest, if the case got to Court. To circumvent this make the loan part of the money borrowed and that will be paid back. Be careful how you borrow to people, you can go sorrowing.
- Always request for a Post – Dated Cheque, when someone makes a promise of making a huge payment in the future, for the following reasons:a)A postdated cheque can be used by you as a joker, if the money is not paid as issuance of a dud cheque is a serious criminal offence in most parts of the world, that could land the culprit in Prison. b) Issuance of a cheque is evidence of a Business Transaction between parties c)You can pay in the cheque into your current account (after making a photocopy), and the Issuer’s Account will be in debt and yours can be in credit, whenever any amount is paid into Debtor’s Account.
- Demand for Account Details in Complex
Business Transactions,and make payments through the account. A person’s Account is the easiest way to track him! With the identification Platform, you can ascertain all the Accounts of a person, through just one of his Accounts and put a hold on all, if the need arises.
- Never introduce a person to another , if you are not sure of his business pedigree and character , you may have your hands burnt or even be taken as a Co-Conspirator if the whole episode turns criminal.
8. In Business, promises are meant to be kept, as the biggest players in the business, thrive on keeping promises and faithfulness to their business partners.
- Do not borrow from a friend, a sum you can not give him freely, because when the push comes to a shove, you will lose the money and the friendship.
- When someone negotiates a Business Deal with you, with the intention of calling you back, do not be the party to call the person back, it makes you look cheap and desperate.
11. When you are to meet up an obligation to a party, do not ignore the person’s calls for any reason, doing so will suggest you have duped him or that you are unreliable and may result in a Police Case! No matter how long the issue has taken, always take the person’s calls and explain the situation to him. Deliver on time, the biggest jobs or businesses, you will mostly do, come through referrals, sometimes, you may not even need to see your client or business partner, but millions could be paid into your Account, everything about Business is built on trust.
- Do not give time for fulfilling an obligation you can not meet up with. Always make an additional week’s allowance for exigencies.
13. Always use official Emails for Official Business or work, which should preferably comprise your first name and your surname for easy identification. Avoid using Emails that will stand you out as unserious like “[email protected],blacknigger@ yahoo.com”.
14. Always photocopy your documents before giving them out, or snap same and put them online or in the Cloud. Real Evidence is what you see and not what you say
15. Register your Business name as soon as you start a business, as it is a criminal offence for you to do business in most parts of the world, with an unregistered Business Name and it gives your clients the confidence to deal with you.
- If you had a registered Business Name, always pay your Annual Returns to your country’s regulatory authority, failure of which your Business Name will be delisted.
- Pay your Tax and have your Tax Clearance Certificate handy, you might need it anytime.
18. Design a website for your business, you will be shocked at the contacts that will reach you from far and wide. Create an online presence for your business. Let your business be visible to your contacts and not you. Use your network to sell your business and not to project yourself. Let them then ask who is behind the business, which will give you real value as an individual.
19. Make good use of Social Media to create limitless Business Opportunities! Instead of posting pictures and talking about haters, advertise your business on your Facebook page, Instagram page, and WhatsApp Status and let people know what you do. Your Patronage will increase tremendously if you are really serious.
20. You can actually start a Business without capital. What you need is a will to succeed, an Android Phone with data and people on your friends list on Social Media. You will advertise the product, they pay, you use their money to buy what they paid for, then you deliver. Boom, before you know you are dealing with people all around the world
- Be on the lookout for Business Support Platforms and follow the News to be abreast of the latest Government Policies, so as not to be caught off guard. Look for business advertising groups and join on all channels.
- Get a Business Card (A very good and colourful one) and exchange it with friends and family. It shows you are in serious business and make good use of your network, church, mosque, school connection, and social media connections. This is a type of Resource called Social Capital.
23. When you make profits plow them back into your business, do not use your capital for personal capital projects or to live an ostentatious lifestyle.
24. Always have someone in your office at all times, at least a secretary. Let your business be a going concern. Leave your phone number at the gate or enter as the CEO for contact with clients or customers. Let the be able to complain to you directly.
25. Ensure your receipts have a counter foil and a serial number, to check fraud and do checks on the previous day’s sales and products before sales commence the next day to checkmate fraud. Always do an audit of your office expenditure and your bank transactions, with your internal and external auditors.
26. Avoid multiple people owing you at the same time, they can run you out of business.
27. Always sell the original, some people can pay anything for the best.
28. Count your money when given to be sure, even in the Bank do not take anything for granted . When the money is much, some deviant bankers could take a few thousand out and you won’t even notice when you start spending.
29. Do not make cash withdrawals of huge sums of money from the Bank, because of security reasons, if a person insisted on cash tell him or her to follow you to the Bank, make your withdrawal and give him or her the money.
30. Learn to be generous to people around where you do business, it opens doors and makes them go the extra mile for you.
31. The God Factor. Put God First in all you do.No matter how good you are, it is still time and chance that happens to us all. This is actually the first to keep in mind in business. I saved the best last.
About the Author:
Douglas Ogbankwa Esq., @ [email protected] , a Lawyer , Writer and Policy Analyst is the President of the Benin Writers’ Society and Convener of the Vanguard for the Independence of the Judiciary.
