Mission Report # 3
Recognizing What's Not Going to Happen - No Matter What
Some important situations have collateral damage if you get involved unnecessarily.
Not Going to Happen
No amount of wishful thinking can help.
SITUATION: Relief of tax debt by the tax department.
Tax department officials cannot negotiate reductions in tax owing (assuming the tax debt is not contested by the taxpayer successfully). It’s the law. They can only agree to your ridiculously low payment arrangements, but they won’t. Actual reductions in tax debt can only happen with an insolvency action, which usually involves the courts (a trustee is an officer of the courts).
SITUATION: Insurance companies paying benefits without reprisal.
They seem to be wary about clarifying their obligations to pay benefits. We are talking about insurance policies – just read a few policies for proof of the grey areas. However, if they do pay what the insurance was for your upcoming premiums will not be the same.Suggestion – ask your broker how high your premiums can go once you are rated – or if it will renew at all. Kind of makes you want to take the car and keep it away from the kids. Funny thing is I don’t see those bumped up premiums (consequences of a claim) in the insurance policy. What else can increase premiums or deny coverage? How about your neighborhood, environmental calamities, errors or omissions on the application? This is a long list. Keep an eagle eye out for our special reports on insurance.
SITUATION: Success breeding predators.
Don’t think this can’t happen to you. Imposters, copycats and lazy spineless wonders will try to imitate your ground - breaking successful new business, steal your customers and often they will...
1) Give your industry a bad name. Why? Because they are predators without the skills you have or they don’t care for anything but profits and will likely screw things up with their greed and incompetence.
2) Succeed where you have stumbled because you put all your money into research and development and/or startup costs and now you can’t get it to market fast enough and the predators already have the distribution and marketing platforms lined up for your product – that’s why they are interested in your idea. Many companies thrive on trolling for good proven ideas or products they can imitate fast. Do I need to mention the world power that made this an art form in the past few decades?
Suggestion - market your product as 'the original' and keep secret your institutional know-how.
SITUATION: A good deed goes unremembered.
People you do favors for, especially financial favors, will either disappear (I know someone who jokes about lending people a little money to get rid of them) or keep asking again and again. The kicker is that they will tell others of your generosity but really, that is not so smart. They should keep you to themselves. Suggestion - there is a point where giving becomes enabling. You know what that means.
SITUATION: The effects of your intentions.
We all make quick judgments because we have to, especially in the small business world. Consider that your good intentions (not always that obvious) are not on other people’s radar because they have no time to think about it. Suggestion - If you have meaningful elements of good intentions in your decision making these intentions need promoting. Remember your powerful ally - documentation. It depends on who you are dealing with especailly if they do not know you well. Intention influences legal, social and self-fulfilling outcomes.
Because we so often don't know how others fared in similar situations, particularly involving situations that are new to us, managing expectations can become a charade that is played against us because 'they' know you are new to the game. Only when each party realizes each others expectations about what is supposed to happen will efforts be efficiently directed.Notice we didn't say what is 'going' to happen.
© Lookout Mission Central
Please note: This content has been prepared by Lookout Mission Central from the experience of numerous professionals. It is not part of a consultation or engagement. We recommend you discuss any content related to situations you may be in with your professionals.