Should one do business with a company which once had a bad reputation, but now has new management? Or with a company which seems a little shaky due to a crisis or scandal? Or with known tenderpreneurs, Mamparas, etc.?…
The best advice is to proceed, but with caution. Follow these steps to avoid getting burned:
- Do your homework. Research the company and find out what the market is saying about them. Find out more about their modus operandi. Do a SWOT analysis. Do due diligence of not just tangible assets, but intangibles as well.
- Go slow. Meet with the CEO and/or company representatives. Meet with stakeholders. What is your gut feel about the management and leadership?
- Better still, get outside 3rd party independent opinion. Compare views and perspectives.
- Assess the risk. Compare your feelings and the research you conducted. If it’s positive, proceed.
Be careful who you get into bed with. Remember your reputation might be at stake.