To give or not to give?
Every once in a while, the business conducts a big transaction. Its usually followed with a situation that puts every single one of us to the test. To give or not to give (a kickback).
The greed instinct takes center stage in scenarios like these due to the load of the effort being done by the business. Another side pushes for offering small tokens of appreciation to the paying party to show appreciation & pay ‘tithe’ for the income generated for the business.
As a semi-experienced business practitioner, I secretly suggest you chose the latter option. A kickback represents a very important investment for the business as it gives incentive for more transactional activity & improves your relations with the procuring entity. They can take form in dine outs, cash, airtime or gifts.
We humans work best with incentive. Since business is done with people, providing the right incentives is important & represents an opportunity for the business to generate more revenue from procuring entities. A line should be drawn between corrupt activities & small kickbacks. A kickback should be a token of one’s appreciation but not a means to purchase a tender or contract.
Tips
- Avoid blatantly offering kickback to procuring parties. This may come off as corrupt.
- Focus on creating the best possible product or service first. The kickback comes as a small token of your appreciation.
- Form strong relationships with your customers as a priority. A kickback should simply be a sweetener.
- Get the right balance between hard cash & different forms of kickback. Be careful not to simply throw cash to procuring parties.
- Make the kickback a soft gesture. Anything transactional comes off as corrupt activity.
Outcomes
- Better business relationships
- Improved revenue for the business
Thank You for Reading.
Ideation256 