Tuesday, July 1, 2008

SOME TIP ON RUNNING A BUSINESS

if you are running a business with another stakeholder , the best business policy is to very open on all matters. if you are hiding some info, then be prepared to pay the price. read this short story and learn to avoid the pit falls! ....cheers

CORPORATE LESSON 1

A man is getting into the shower just as his wife is finishing up her
shower when the doorbell rings.
After a few seconds of arguing over which one should go and answer the doorbell, the wife gives up, quickly wraps herself up in a towel and runs downstairs.

When she opens the door, there stands Bob, the next door neighbour.
Before she says a word, Bob says, "I'll give you 800 dollars to drop that towel you have on."
After thinking for a moment, the woman drops her towel and stands naked in front of Bob.
After a few seconds, Bob hands her 800 dollars and leaves.
Confused, but excited about her good fortune, the woman wraps back up in
the towel and goes back upstairs.

When she gets back to the bathroom, her husband asks from the shower, "Who was that?" "It was Bob the next door neighbour," she replies.
"Great," the husband says, "did he say anything about the 800 dollars he
owes me?"

Moral of the story:
If you share critical information pertaining to credit and risk in time
with your stakeholders, you may be in a position to prevent avoidable
exposure.

2 comments:

Kim Archer said...

Nice post. I want to run my own business soon, so I'll keep this in mind. Even though I've wanted to run my own business for a long time now, this is all fairly new to me. I can use all the help I can get. Lately I've been thinking about buying a business instead of starting one from scratch. I'm not entirely sure how I would go about it. A franchise? Home-based? I don't know. Do you have any advice or suggestions? Thanks.

Meredith said...

@Kim -- If you're planning to buy a business, there are still a lot of resources you can use. There are books and magazines on the topic, as well as plenty of articles online. I also suggest checking the market in your planned area by looking at the classifieds... just to give you an idea. There are sites, like BizTrader.com, that are online global marketplaces. You can use them to buy or sell a business, or find a lender or broker. I also suggest checking out local small business groups because they should also know what's available in your area.
Good luck!