If you have a friend or family member who provides a product or service that you need, it can be a good or bad idea to do business with them, depending upon how you (and they) approach it. Of course, it is always good to have people within your network who can fill needs, but what you must remember is that it is a business relationship first.
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If you are thinking of forming a business-to-business relationship with a friend or colleague, be sure that they understand they understand that timelines are expected to be met, just as any other customer would expect. Occasionally, friends and family can take the relationship for granted and slack off in these areas because they believe there are no consequences. Sure, perhaps your deadline is flexible and you can endure a missed deadline once in a while, but do not let them (or anyone) get comfortable missing your deadlines as it will surely bite you somewhere down he road.
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Obviously, a great benefit in doing business with someone you know is the potential discount. This is works as long as the product quality isn’t affected. Be sure that the discount you are getting isn’t so deep that the friend or family member doesn’t feel taken advantage of. This can make for big trouble down the road.
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Remember, keep the relationship professional and compensation where it benefits both sides and your built-in friend/family business relationship can flourish.
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William Mitchell, CPRW
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