Bad Business Practices That You Must Get Rid Of
The biggest asset for a company is its reputation. If you are following bad practices for your company, the company can face many problems, and it can also make you and your company face losses. For the success of the business, there are some etiquettes required that maintain a positive relationship with the associates. But if there are some slip-ups, that can be enough to discourage the major deals, and you may lose the contact of some important persons. These etiquettes can be intentional or unintentional. Therefore, you must know how to overcome those bad habits and maintain good relationships with the clients and other corporate dealers. It requires you to be a good leaner and for that, you must read the article on how to become a lifelong learner in easy steps.
SOME BAD HABITS THAT CAN HARM YOUR BUSINESS
- Corporate bullying
There is a level of corporate bullying where companies bully their rivals by citing their examples related to the polluting the environment and implementing wrong ways towards the protection of the environment. The corporate social responsibility can also be targeted of other companies. There can also be the arm-twisting of the companies regarding not abiding by the law. All these are the means to downgrade the company and expose the negative side of the company so that it can have a bad reputation. This is considered as corporate bullying, and the companies that are found accused in it are also charged with punishments.
It is the term that explains the situation when the companies increase the prices of their products when they feel that the demand is increasing and tend to decrease the supply of the product. It is a legal practice as they have complete right to charge the prices they want to charge, but it is not ethically right especially for those items that cannot be manufactured easily and at some nearest place. For instance, many pharmaceutical companies hike the prices of some life-saving medicines that cannot be found elsewhere easily at the time of crises. It makes the people feel demotivated for buying the products, and they tend to switch the company.
- Taking short-term advantage
There are some businesses that are engaged in faulty practices. They sometimes rob the customers by selling them the defected products or by charging huge amounts from them. They are sometimes involved in faulty billings and charge extra amounts. But it causes serious damage to the reputation of the company. It breaks the beliefs of the customers, and they never tend to turn back to that company again. They even give a negative word of mouth, and the people do not prefer it.
- Practices on ad-hoc
There are certain practices that are just followed by the companies but are not written anywhere. The companies that have ad-hoc measures are often involved in the mismanagement of the things as they do not have any permanent solution to the problems being faced by the companies.
- Fault in poor HR practices
HR is the backbone of the company, and if it is into bad practices such as employee harassment or bad decision making, then the company may face bad situations. They often give more preference to earning more profits rather than engaging in the right practices. They earn bad publicity and face worse situations.
- Being biased
The business entrepreneurs are often involved in biases, and they tend to have preferential behaviours. It can be a part of his job but having a decision that is beneficial for all. The employees always expect the appreciation from the boss for the good job they have done. But if there is no appreciation, then they feel demotivated, and they are not able to put their 100% in that job. The people who are involved in such practices often face the situation of losing the morale to work and the commitment that is required.
- Untrue promises
Some companies are involved in false promises which can be about anything. For instance, they can commit a certain quantity of something but provide less quantity for that. There can be the fault in the quality of the product. The false promises can also involve the wrong salaries and the wrong statements at the time of recruitment. The companies always mislead the people with their advertisements. But they do not offer the product the same as the advertisements. They also promise to offer the discounts, but they charge double amounts but claim to offer discounts. As a result, these promises make people lose their trust.
- Corporate behaviour which is unethical
The corporate behaviour that is unethical such as forging the accounts and in the prices, often have to face the loss of credibility. There are top executives who are indulged in wrong practices and take a risk by providing the knowledge of the company, but still, they have to face certain problems.
- Involvement at the micro level
Some entrepreneurs involve themselves at all levels and get involved in everything. But this frustrates the employees, and they feel demotivated. Even if the intention is good and they try to make the working of the organisation smooth but still it is not appreciable by the employees. It results in the loss of enthusiasm and trust of the employees; they do not feel like taking initiatives. Therefore, the company faces some problems due to the internal business issues.
- Twisting the rules and regulations
Breaking the rules and regulations is a false corporate practice. If the company is not abiding by the laws, it may consider as unethical. There are the rules that do not affect the society but are still not according to the law, even when they do not appreciate it. Breaking the law is not justified in any situation. The companies have to face many challenges due to this.
- No social etiquettes
There is a business protocol that a person must have good dining habits. But not all have basic dining manners and they have to face major problems due to that. If you are sitting around a table in a corporate meeting and offered lunch or dinner there, you must show some courtesy to the colleagues or the bosses. The use of fork and knife, napkins on the table and the appropriate glasses for the different beverages should be in an accurate manner so that you can impress the fellow clients. It can help you to finalise the deal that you are working on.
- Formal dress-up in office and official meetings
One should know how to dress up in the office and what should be the dressing code while you are going to attend some official meeting. If you are meeting somewhere else but you are dressed up in casual wear with sports shoes, it will have a negative impact on your client or whomsoever you are going to meet. Dressing up formally would help you to maintain a good image in front of others.