Business Rules: Write it down!

People have good intentions. Well meaning intentions. 
But money changes everything. E V E R Y T H I N G.

In business, whether you are working with a brand new associate or a family member, when money comes into the equation, things can (and most likely WILL) change.

Today I'm going to share a KEY in how you can (hopefully) AVOID potential conflicts that may arise from future situations.

What is this key you ask?  Put it in WRITING!

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Have you ever played the game "telephone"?  I remember this from elementary school.

The person who first heard the message then passed it along to the next person and so on... all the way around.... almost NEVER receiving back the EXACT same message.

Communication and clarity are two of THE most important things in life (not just in business).

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In every sphere of your life that involves money, you should DOCUMENT (i.e. write down) the understanding. Both parties then need to come into agreement on the wording.

Take, for example, a quote to repair your car - there should be an understanding before you drop it off and end up with a $10,000 invoice, right?

Well, in business, it's the same!

Document any transactions that involve money.
It can be as simple as a sheet of paper with a few sentences, or as complicated as investor contracts and stock issuance agreements.

A few examples for you:
-job description and requirements
-salary amounts
-ownership of equipment
-vendor contracts
-ownership of client lists
-client contracts
-the cleaning lady (am I right?!)

The larger the amount of money being potentially on the line, the more this WRITTEN DOCUMENT becomes a necessity.

I have seen too many businesses, relationships, deals, friendships, etc. go "bad" because one party did not "hear" or understand the same thing the other party was thinking.

Do me a favor and document even the littlest things.
Trust me -  looking back I GAURANTEE you would rather have too much documentation than no docs and a current dispute about what is happening...

You should want unity in your business and there can be no unity when clear direction and/or compensation have not been confirmed by BOTH parties.

Do you agree with me on this? I'd love to hear your thoughts.

-Allison
Watch my short video on this HERE on Instagram.