A question that has helped me decide whether to accept jobs, consulting engagements, and purchase important products and services is “should I do business with this company.”

In today’s business environment, it is important for those of us who rely on long-term relationships to have appropriate relationships with suitable business partners.  (And, I use the term “partner” very loosely here, rather than as a legal term.  In other words, a “partner” is just another party with whom you do business in any capacity.)

The question is best answered by considering the “big picture.”  Specific factors that have helped me answer the question over the years include:  

1. What is the nature of the relationship?
2. What is the other party’s reputation?
3. Are there other parties that can meet my needs?
4. How important is the relationship to my core business?
5. How will the outcome of this relationship (good or bad) impact my future activities?

If a person is buying stationery for an office, the supplier’s situation is likely to be assessed differently from a situation in which a person is looking for employment at the senior officer level or the situation in which a customer lies to a supplier. 

At the end of the day, there are few absolute answers.  We have to make the best decisions we can with incomplete information, learn from the experience, and deal with the consequences.  There are risks for us, whether we pursue the relationship or walk away. 

Filed by Coleen Davis at 11:04 am under Business Acumen, Business Tips, Leadership, Solving Problems, Team Building, Tips for Students