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.

Be competitive and also do not loose existing customers - 2 persons for a job backup

You might have got an innovative idea, and that might be out of the blue and totally new idea to the market you are working on. In that case, there might not be any existing takers like professional competitors. But in the case of the market, which is already being ruled by non-professional experts in the field. This is a new transition where we take it away from non-professional experts in the market or we work in tandem with those non-professionals, but experts and we take it up as a corporate company.

Be careful about the competitors who might just come in, as soon as they get to know what you are doing and that is lucrative enough.

Overtake and be fast before any other competitor comes into the business or market.

Also when you deal with the consumers, give careful attention to what are the terms and conditions you are proposing. Be careful with the conditions and stay with it with the documentation. Serve all the consumers with full heart so that you are able to satisfy each and every one of the consumers.

Other things to remember in business and HR department is - at any case at least have 2 people working. If one person goes out, next person should be able to take care of the business. Every department or responsibility should be known to two persons and if one person disturbs or resigns, then absolutely another person should take care and business should run undisturbed!