MONEY SHOP
Footwear Today’s financial plumber, footwear retailer David Gummers, talks about TRUST.
I
thought this month I would talk about TRUST. In view in what has happened with a car manufacturer. It is worth remembering the Dutch saying “Trust arrives on foot but leaves on horseback”. In other words it
takes a long time to build the confidence in every relationship, whether personal or business.
When I was aged 21, the MD of Bally told me “Remember a 'business
relationship' is just that.” Truly excellent advice. If you become friendly with a person never let it cloud your business judgement. I have a strict rule that I try hard to adhere to never to let my business decisions affect my personal dealing with a person. If anyone says “NO” to me for business reasons I aim to avoid taking it personally.
You can negotiate good business deals without being aggressive and
impolite. The best business people treat people well and with courtesy. We have all witnessed the CEO or a manager shouting at someone, it is unnecessary. You can be assertive and explain without raising your voice. I firmly believe no one wakes up in the morning and thinks let’s make as many mistakes as possible today!
I am very wary of people who want to revolutionise a business or build it
too quickly. The first time I buy from a new supplier I keep the order very small, as this gives them a chance to see that I keep my payment promises and it also enables me to test the product to see if it is commercial. This is the first building block in a successful long term business partnership.
Naturally, everyone has red lines that can't be crossed and mine is if
someone tries to pull a fast one, or tells a major lie. A few years ago a person claimed they had not received a BACS payment and wanted a cheque. I sent an email to the CEO of his bank and although they could not confirm the payment had gone through, they suggested I ask the recipient to re-check his statement. This was the second time he had tried to do something which I felt was unethical as he also tried to charge more than the agreed price for a product. While one breach of trust was put down to an oversight, the second tipped the balance. Even though it is a good product, I can no longer do business with the individual concerned, as the vital element of trust has gone.
Once you have bought and paid for your first batch of footwear, this is
when the relationship starts. Always keep the lines of open communication open with those you buy from. If you get something wrong, admit it and, if necessary, say “SORRY”. Communicate with accounts departments, so they know when payments have been made, or if there is reason why you are not paying for something, whether the shoes are being returned, or you are waiting for a credit note.
It is important to treat agents and reps well. Avoid asking them to come to the shop if you have no intention of buying.
If they insist on coming, make this clear before agreeing to their request for a visit and offer them a
If you would like David to look at your business costs, he promises that if he cannot save you any money you pay him nothing. But for every pound he saves you pay him, 15 pence. If you want to learn more email David on david@fdickinsonfootwear 01229 580654 Website: http://www
.fdickinsonfootwear
coffe/team when they arrive.. Their time is wasted if they are on the road and they do not get an order. If someone is helpful in giving advice or going the extra step, do not take it for granted, pick up the ‘phone and thank them. Not only is it good business practice, it shows that you care about the people that help you.
If you have agreed to do buy something, always follow through, even if
you regret the deal after you have made it. Reneging or changing a deal that has had the “handshake “is probably the worst thing you can in business, apart from paying a bill late! If you lose your reputation for good business practice, you are unlikely ever to get it back.
With Staff, the rule is very simple, you have made the decision to employ
them and they have agreed to work for your company. Trust them and treat them well them until they give you a reason not to do so. This works both ways - if you trust them to do their job, they will generally not abuse that.
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42 • FOOTWEAR TODAY
• JANUARY 2016
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