Top 3 Ways Being Truthful With Customers Helps Your Bottom Line

You know how important integrity is to your personal life, but it’s also essential in your small business as well. While closing the sale should be your goal, doing it honestly will help you make more money. Here are three ways it helps your business to be honest with customers.

Protecting Your Reputation

Every potential customer, whether they end up doing business with you or not, can either help or harm your reputation. Treat everyone kindly and always be honest, even if it means the person will walk out your door. Small businesses with a great reputation are more valuable than gold when it comes to referrals and repeat business.

Managing Their Expectations

While it may be tempting to promise a customer the world to make the sale, it can breed dissatisfaction when you can’t follow through on all you said you would do. Instead, manage customers’ expectations and always be forthcoming about delays or issues as they occur. This way, customers will be more likely to pay you in full and on time since they know they’ve been dealt with honestly.

Preventing Lawsuits

You can be held liable for actionable misrepresentation if you are untruthful during contract negotiations with a potential client, even if unintentionally. Even admitting you don’t know something is better than an educated guess, and it could save you on legal fees in the future.

Honesty is always the best policy, but now you know it can also benefit your bottom line.

Employment-Related Lawsuits

How to Protect Your Business Against Employment-Related Lawsuits

No matter the industry that you are in, all business owners can face lawsuits. This is particularly true when there are several different regulations that you have to make sure that you follow. To stay safe, you need to minimize your risk and consider employment practices liability in Ohio.

How Can You Minimize Your Risks?

When it comes to employment practices liability, you can first minimize your risk through instating proactive policies. For instance, when you hire a new employee, the job description should have a detailed summary of the position and should define all your employee’s expectations. Have an updated employee handbook that can communicate all of your workplace expectations, your policies and include the rules and disciplinary procedures. While you can take proactive steps to minimize the risk, you also need EPLI coverage.

What Is EPLI Coverage?

Consider EPLI coverage to be a safety net. The coverage pays for litigation expenses, fees and other damages if you face a lawsuit over employment-related claims. For instance, if you are sued for breach of contract, sexual harassment, wrongful termination or other business claims, you have coverage that can help you either settle or fight the claims.

When it comes to your business, insurance should be considered your safety net. Lawsuits can happen to anyone and are particularly common, no matter the size of your business. It is better to be safe than to have to pay the legal fees.