There are times in business when you need to walk away from a deal. This is a tough thing to do. I hate doing it. It takes money out of peoples pockets and it makes me sick to my stomach but sometimes you have to do it to be successful. Here are three times when it may be best to walk away from a piece of business: When it compromises your integrity. If you have to do something that will make you feel dishonest, unethical or immoral to get the business or to fulfill you agreement, you should walk away. In the end a persons character is demonstrated by what he does when nobody is looking. If you dont feel good about it, you should not do it. When you sacrifice the long-term potential for a short-term gain. If you need to mortgage your future for the instant gratification of an immediate deal, you should walk away. Business strategy is about playing the long game that is developing relationships that last. A short-term solution that damages a long-term relationship is bad business. When you question the intentions of the other party involved in the deal. If you think the other party is up to no good or setting you up for failure you should walk away. If you know that the other party is out to harm you and you move forward, you are asking for trouble. Walking away from business is horrible. It is a rare thing. The best thing you can do is set your guiding principles (things that you wont compromise, such as the items above) and stick to them. |
