If you intend to survive in the highly competitive world of business then you have to keep your gullibility in check at all times. You must develop the ability to see through all those corporate gobbledygook and see things as they are. Here is our list of top 10 lies in the business world that you should be wary about when conducting business with others.
1. Conservative Projections
There is no such thing as conservative projections as far business figures are concerned. Chances are you will be given a padded figure just to give you the impression that the deal is great and that you should grab their business proposal hook, line and sinker.
2. Rosy Market Projections
In most instances, market forecast done by consulting firms are used to paint a positive outlook in the market notwithstanding the potential of the product or service being considered. It would be best for investor to be prudent with the way they consider this positive market outlook.
3. Upcoming Major Deals
Don’t ever believe any outright declaration of impending deals in the offing. In most instances, these upcoming deals will remain as such and these are just being presented to you in order to create an impression that their business is about to take off which actually is not the case.
4. Impending or Ongoing Business Expansion
This is another line resorted by a lot of individuals in order to convince others to take on their business proposal. Unfortunately, this is not always the case. In fact, the chances of future expansion hinges on your decision on the proposal that they are presenting to you.
5. Pioneering or Innovative Business Concept
This is a no-brainer and once such declaration is made during a business transaction it would be wise for you to rethink your position. Once someone declares that they are the first to introduce something, it may mean that it could be something that is untested and, therefore, can be considered high risk. It may also mean that it does not have much potential that no other company is even considering such business proposal.
6. Capability to Deliver
If a person claims that they are the only one capable of doing or delivering something, then it is an indication that you have to consider your other options. This is plain arrogance and the person is engaged with hard selling.
7. Short Period or Promo Deadline
Once the businessman sets a deadline or establishes a timeline within which you have to react, then in all probability he is just resorting to a sales technique that creates a false sense of urgency in order to force you to act immediately on their business proposal.
8. Weak or Non-existent Competition
No one will ever admit that their competition is strong or better than them. The statements about non-existent or weak competition are designed to discourage you from even considering them.
9. Topnotch Management Team
Humility is never a trait of business. As businesses have to project a progressive and strong image, they will always claim that they have the best possible management team this side of town.
10. Small Area Left to Cover
This is a standard statement of businessmen who want to paint a scenario that his business is almost about to hit its targets and there are just a few things that are needed to be done in order to bring the project to its conclusion.