What Runs Your Business: Fear of Failure of Faith in Success? Featuring Part-1 of a 3-part blog series by WU World Changer Deepti Arora.
What are the non-negotiables in your business?
When you have your own company, you come across many different types of clients. And when you are still in the start-up stage, most of us tend to take on any client that comes to us, as it feels great to see money flowing in. Recently we had a client who was looking for a particular type of treatment, but after finalising everything started negotiating the price and wanted to know the break-up of our internal costing and revenues.
So finally, over two days, after and after spending nearly 2 hours with him, we did not go ahead with the client and told him politely but firmly that his conditions were not suitable for us.
Another lesson learned, not all client demands need to be agreed upon.
As a rule, in business as in life, there should be specific do’s and don’ts which are non-negotiable. It is vital for us to stick to them. They help define the culture of your organization and over a period of time how the customers associate with you. If you give in even once to an unreasonable demand, just because you are getting business, there is no looking back. Word of mouth works not only to get clients but also as reminders of discounts and situations where we bent earlier. Then you have to agree with the next client, and the next, as the cycle continues.
This is where we have to be very clear and ensure that all employees and vendors working for us are aware of what our non-negotiables are.
They are rules and policies which define the areas where we do not entertain any kinds of demands, however tempting. Believe me; if we bend once we will again and again until it becomes a norm.
What has worked for me is:
- Become aware of any fears that may come up.
- Take a step back from the situation and view it from a long-term perspective.
- Ensure that our decision making is not based on those fears.
To start, take a pen and paper and make two lists. Write down what your negotiables and your non-negotiables are.
Revisit the list at regular intervals many times adding or deleting some items. Deletion from your non-negotiable file should have a solid reason. If you want to learn more from my experiences as an entrepreneur, please feel free to check my diary notes.
Next week I come back with Part 2 of this series, “How would your business be different if there wasn’t failure.”
‘Till then happy days!