When Does a Startup Need to Turn Down Business?
When does a startup need to turn down business? Some businesses base their decisions solely on how profitable a potential partnership promises to be. On the other hand, there are others that include more than just financial considerations. Instead, they incorporate how closely their standards coincide and look at the character of potential clients before moving forward with a relationship. In the long term, which is better for your business?
An Internet marketing agency whose expertise is heavily medically based, Incredible Marketing is a business that consistently chooses wisely. Each client with which they work is carefully vetted so ensure that, among other things, they share similar values in regards to conduct and ethics, that they have realistic expectations, and, that the partnership will be mutually beneficial.
By firmly adhering to a self-imposed set of high standards of excellence, Incredible Marketing holds those with which it chooses to work to the same expectations. The following are a few examples of how they hope to lead by example and encourage other businesses to conduct themselves with integrity and purpose.
Moral and Ethical Conduct
Modern businesses develop a full identity replete with brand, language, messaging, and more. They need to have their own set of guidelines to describe its tone, conduct, and behavior. Not set apart from the communities on which they are reliant, these businesses need to interact with the public and make themselves to be an integral part in their customers lives.
To illuminate this point, Incredible Marketing was in a position where a new client, a doctor, had knowingly and willfully been been illegally prescribing painkillers as well as abusing them himself. Continuing to work with that doctor would have meant that they in some way would have condoned those actions. This conduct was not something with which Incredible Marketing wanted to be affiliated, and potentially complicit with that behavior once they became aware of it.
A Clear and Realistic Expectation of Work
In the high stakes marketing world where there are no shortage of time-sensitive materials, communications, promotions and more, communication and expectations about work to be performed need to be clear and realistic.
Demands can be made on both sides of a business relationship, but that doesn’t mean that either party can overestimate their abilities and under deliver. Knowing one’s limitations is key and allows a business to take on a suitable amount of work without overextending themselves. If a profitable, but untenable project is available, sometimes it is more worthwhile to take on something smaller for the mean time.
Incredible Marketing lived this example when they realized in their early days that they had yet to develop the infrastructure to successfully complete big projects. While big businesses made offers of work, but, by being realistic, Incredible Marketing saved themselves from the embarrassment of being unable to deliver the quality of work they strive for in the time-frame expected. This protected their reputation and showcased their honesty and rationale.
Profitability is Important, Too
While some businesses exist to exclusively serve others, this just isn’t possible for all of the others. Sometimes considerations have to be made for how profitable any one given project can potentially be.
Economics obviously play a role in the financial aspect of a business. There are, however, projects where the work required and the money to do it are not worthwhile. This is a very specific circumstance where a business needs to decide to turn away projects because of the duration or difficulty of work, or the cost associated with dealing with an especially difficult client.
As such, Incredible Marketing has had to weigh the effort necessary to create, execute, and support large-scale projects as well as the challenge of accommodating clients with expectations outside of the realm of feasibility. While financially beneficial, continued support for old work can be considered a loss as it bleeds time away from new and exciting challenges.
The criteria for business choices need to be carefully analyzed. Sometimes there is a need to include more esoteric qualities, such as how closely morals and ethics align between two parties and how well each can estimate their capabilities for a given task.
Successful businesses like Incredible Marketing have been able to tactfully navigate the space between responsible conduct and functioning as a profitable company. It seeks to lead by example, extolling the virtues of rational, considerate, and compassionate partnerships that benefit each partner while simultaneously improving the lives of the customers they both serve.