lizzy said:
Not knowing why he was there, she asked how I knew him, I told her. She was really surprised and told me he was the owner of a coffee/ice cream shop that had recently opened in town. Someone who is in every sense of the word, a competitor.
I feel odd that I told him so much about my little business, and I don't know what to think about selling now.
People who know me well, will also know I have a favourite saying.....
don't give out free information. Now don't misunderstand what I mean about this, I give free information out all the time, but when I was working/in business, it was a maxim I lived by. If you don't need to say it...don't say it, it's just free information and can bite you. It has to be applied rigorously to all communications....no matter how ridiculous it may seem.
e.g. Your supplier is chatting with you and asks hows business (free information), hows personal life (free information), customers favourite drink (free information), is that your new car (free information), are you going on holiday (free information). Avoid these topics and don't answer them. This is because potentially they can tell a person something about you and how your doing, that information is potentially valuable for a competitor. Questions such as, do you think it will rain tomorrow, is probably OK, it's not free information, it's public domain....an opinion though, is not OK e.g. what do you think about the war in Iraq (it's OK for me to say, not for you because you're in business).
A prime example is the "free information" your supplier gave to you! Use this as a learning experience. 2 things
1. Don't give free information
2. While your not giving free information, you are in a position to get free information
At the moment this won't have done too much damage and hopefully is a cheap way for you to become a lot more business savvy (not intended to be a derogatory remark). This chap could have found out much of this by just sitting in your shop having coffees for a few days and may have already done this or sent someone in to do this.
Also turn this to your advantage. Yes you have told him what your doing today, but that's not what you are going to be doing tomorrow is it. If it was, you would be bust within 5 years. In addition, remember the free information you now have.
1. You said you were re-engineering your business, so great, he has the old business model that wasn't serving you as well as the new one will.
2. You know what questions he was asking...make a list, remember, these are the things he wanted to know...why, is he weak in those areas, people issues, complaint procedures..etc..
3. You gave him answers, so what decisions might he make as a result of those answers...chance to anticipate his moves and counter them
4. You know he runs a shop across town, but was insecure enough to try and shaft you, who else has he done this to....ask your Sysco rep, remember you gave the rep free information about what he did to you. The rep will have said to others "do you know the guy that owns the ....." Buttonhole the rep and ask if she has heard of this happening to any other business
5. Business can be old school or new school, I prefer the old school approach, "you dont sh&t on your doorstep" and "you don't shaft people", it's always worked well for me. Unfortunately a new less honorable breed of businessmen (usually younger) don't work on mutual trust and respect and shaft everyone they see. Word will get around about this guy...i'd make sure it did (so will the Sysco rep).
6. Make a list of everything he was asking you, and pay for a close friend to sit in his shop and have some coffees over a few days (ensure they have a knowledge of your list). Let them report back on whats going on. Encourage them to chat to this chap and his staff (get free information for you).
7. You might want to even start selling Ice-cream as well! :lol:
In retirement, I enjopy a relationship of trust with many people in business, this has and still serves me well. When I have a problem, I take the "old school" approach and work with the vendor....this has resulted in many suprising and beneficial outcomes. So stop being "grumpy" and start "getting even" (make it one of the most expensive deceptions he ever did)
