The Angry Bamboozled Entrepreneur

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A common theme in so many online B2B support and networking groups are the warning posts about "professional scammers". These individuals are random "business" owners who are either intentionally being deceptive in their practices or the others, those who lack business sense and practices resulting in an overgrowing community of BAMBOOZLED business owners. Almost weekly, I read a post followed by 10 million comments and memes which usually starts with "Do Not Buy" or "Stay away" from XYZ Business LLC.

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The conversation will undoubtedly lead to a discussion that centers on management and due diligence. What responsibilities, duties and steps, should you, as the business owner take in an effort to protect yourself and your resources? Are you equally as responsible for being "scammed" in a business to business transaction? Were there any warning signs that you ignored? Were you quick to seal the deal because "it was too good" to be true? Are you knowledgeable in procurement and negotiating on behalf of your business?

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More than likely than not, a combination of incompetence on the behalf of the profiting business married to poor business management leads to these types of situations. Now there are times when one is simply hustled, you've done your homework but unfortunately you've encountered a professional thief. But more often than not, your lack of due diligence and consistent business practices aid in your ability to become a business victim. Soooooooo what can you do to protect yourself and your business?! Simply put, PRO UP! Slow down! Vet, vet, did I say vet!

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TIP: Brainstorm to determine which key characteristics are important to enhance your business services or products. For starters, create a list of specific vendor requirements to help you build a custom vendor application. Another method is to contact larger companies that are successful in your industry and make an inquiry to learn how one becomes an approved vendor or supplier with their organization. Once you've learned more about their process, tweak it to create your own and place metrics at various milestones to incorporate at a later date as you further grow your business.

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If your process only involves requesting a service/product, receiving the quote or invoice and releasing payment, please carefully follow these instructions: locate the closest mirror, smile as you raise your right hand and smack the image in the mirror. Seriously, this type of transaction is how most new entrepreneurs get burned on a daily basis. Business owners often speak of on-boarding in relation to potential employees or clients but you should also on-board your vendors. Stay tuned to learn more about vendor on-boarding and how it can benefit any small business with a few simple steps.

Next month's blog topic: The On-Boarding Triangle for the Small Business Owner (Customers, Employees and Vendors)