As the world progresses, it has become mandatory to watch your own back. Unfortunately, as much as we would like to see the basic good in everything and everyone, it’s not a practice that will keep your head above water, much less assist you in moving forward in this life.
That’s not to say that there isn’t anyone out there genuinely looking out for your best interest, but they are very few and extremely far between. The same fact is true in the world of business. It is almost impossible to find an entity that exists completely on its own.
We all need a little help from our business allies. However, whether they know what they are doing or not, those allies can be the death of your company if you are not careful. Below are a few suggestions on how to keep a trained eye on those that assist you in making a profit.
Make Clear Cut Boundaries
Have you ever made a deal with one of your children? Say you told them, “If you clean your room without being told for the next month, I’ll pay you twice your allowance.” The month passes and your child cleans his room without being asked, but he only did it one time. The rule of the house is that he has to clean his room once a week, regardless.
However, you forgot to include a reminder when you made the deal. He takes advantage of the loop hole and only does it that one time. Technically, he fulfilled your agreement. You are by all means trapped in the hole of unclear boundaries. A joint business venture can produce the same dilemma if you are not transparent in the roles of each company.
Some companies will let it slide until they feel they have built a solid relationship with you and then manipulate any gaps in your boundary wall in order to further their profits. Take the time and hire legal assistance. This may seem cold, but in the end it is just smart business.
Once you have made the boundaries clear and have enjoyed some time in your new found alliance, there is an audit you need to add to your repertoire. A SOC audit is an audit built to shake the foundation of the businesses involved with you.
Much like how the wind cleans an autumn tree of dead leaves, an SOC audit sifts out any trouble in the other company that may mean trouble for yours. An example might be how this audit can determine technological safety hazards in a company that may leave your business open to cyber attacks.
Hackers grow more and more savvy at their craft every year. One of the easiest ways to gain access to a larger company is to use a smaller ally as a backdoor into their profits.
Follow Your Gut
Have you ever just got that icky feeling about someone and come to find out later, that person was involved in something illegal or had a morbid talent for manipulating those around them?
After all is said and done, there is a lot to be said about our gut instinct. It keeps us alive and safe. Mothers and fathers all over the world teach us as children that if it just don’t feel right, there’s more than likely something wrong somewhere.
Unless you are naturally paranoid, your gut is usually a reliable indicator of when you should follow the crowd or run from the impending danger. Pay attention.
A true ally in business can be one of the best ways to change the world and make a killing of a profit doing it. Just make sure to keep your eyes open and mind educated.