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Made in Madurai                

Monday, September 12, 2011

Never depend on one vendor or one customer in your venture - Madurai Business Wisdom

As a series of lessons I have been learning in Business and Entrepreneurship, here is one more addition to the list of lessons.

Never depend on one single customer for your business. For example if you are just relying on one customer for your whole business, then comes the problem of high risk. Say, if the customer drops you or customer does not give projects or does not make payment for some time, then what happens? Your business gets into trouble and you don't get any profits.

Same applies to one single Vendor. If you depend on one single vendor and if that vendor drops you, you are in trouble. Always keep a backup of the work the vendor has done for you. Always keep a back up vendor for everything. Also, divide the work with somebody else, when you get lot of work. Distribution of work between your vendors helps a lot in your business and that is a wonderful tactic!

Also, never give out your passwords, thinking that this vendor or customer is your customer or vendor always. If you are mediating between two people, never ever give out important passwords. I am not saying don't trust anybody, but to be controlled and have control over the situation always. Even if things slip out of your hands, be careful to pull it back to your favor, without doing any injustice to anybody and to yourself!

Always distribute, have backup for your customers and vendors - then you are safe as you are running a business.

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