How to Do Business and Avoid Running into Difficulties

Running your own business requires competing with other companies for customers and having a thicker skin than an employee usually requires. It’s certainly not for the faint of heart, but there’s also some joy to be had as a female business owner too.

Here are some pointers on how to do business and not run into problems while doing so.

Get Clear About Your Contractual Requirements

The busier your business gets, the easier it is to make mistakes when it comes to contracts.

With business contracts, you’re confirming what the business has agreed to provide. The various clauses and terms lay out clearly and in legal terminology what is expected from both parties. The risk is with the possibility of breaking one of the terms of the agreement, which is known as a breach of contract.

Having clear contracts might seem better for clarity’s sake, but it also creates lots of do’s and don’ts to be aware of too. This becomes harder to stay abreast of as the business gets busier.

For instance, a homeowner with a house to sell might give the listing to a realtor but add a clause into the standard contract stating that if they find a buyer themselves, then no commission will be paid to the realtor. When unaware of the contract change, the realtor risks spending money and time on marketing the property and losing money on the deal if the seller finds a buyer themselves.

Avoid Trying to Get Every Last Penny on a Deal

While being a consummate dealmaker can feel triumphant when you win, look at the longer term and not just the outcome today.

Squeezing suppliers for every last penny in a negotiation isn’t always smart. They can resent it and not prioritize your orders over others when you need something quickly. Also, they could turn you down and decide not to do business with your company at any price.

Similarly, pushing prospective clients for the highest price you think “the market can bear” may have the opposite effect to what’s desired. It’s likely to cost more deals than it gains, causing the marketing team to get overworked.

Stay Organized

While you don’t need to be fastidious about everything, running any business while being in a constant state of disorganization isn’t going to work long-term. Eventually, mistakes large and small will crop up, which will become costly to resolve. Whether that’s a necessary business filing that doesn’t go out, a supplier payment that doesn’t get paid or losing important documentation; disorganized chaos is a bad plan.

Overcome any tendencies to naturally be disorganized. While you may do that at home, running a business requires far more discipline across the board. Become someone who’s a great list maker and use a calendar system to avoid missing important business tasks that must happen on a certain date. Use a mobile app like ToDoist or Microsoft’s To-Do to organize tasks into categories. Check your lists at the start of every workday and have a separate one for weekend tasks too.

By avoiding unnecessary problems in your business, it leaves more time to resolve important ones that will crop up either way. Then the rest of your time can be spent making the business more successful than it is today.

 

 

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