Guard your good name

November 2023

PIETMAN BOTHA,  INDEPENDENT AGRI- CULTURAL CONSULTANT

At this time of year financial institutions make the decision whether they are going to finance a business or not. In the evaluation of a business, an institution will mainly look at three aspects. If they are satisfied with these aspects, they will approve the loan. 

The three main aspects that financial institutions will consider are:

• Repayment ability of the client.
• The security that the client can provide to repay the debt if something goes wrong.
• The jockey that is managing the project. It is normally this aspect that clients forget and which in a big way will influence the loan, as well as the interest rate that needs to be paid. 

PRACTICAL WAYS TO KEEP A GOOD NAME
A good name is more valuable than riches, because it can’t be bought but must be earned. Having a good name means living in a way that earns the trust of others. It means demonstrating integrity that people can depend on. Maintaining a good name doesn’t mean that you are perfect, but when you make mistakes, you learn from them and do what you can to make things right.

• Be true to your word and do all you can to fulfil your promises and honour your commitments, whatever the cost.
• Return borrowed items. As time passes, the risk of damage, both to the borrowed items and to the friendship, continues to increase.
• Maintain righteous business practices. All business practices must be honest and fair. There is severe and lasting damage to the name of any person who profits by another person’s loss. 
• Be punctual in paying bills. Business people depend on the payments that are owed to them so that they in turn can honour their financial responsibilities. When a payment is late, the confidence and respect towards the one owing the money is damaged. 
• Honour those whose businesses you depend on and establish the practice of delivering full payment for services. Consider keeping a special account to keep funds in trust so that the money will not be spent on other items.
• Associate yourself with wise people. Companionship is an important part of life, and your associates influence your judgement on many issues. 

HOW A GOOD NAME IS DESTROYED
Difficult circumstances alone cannot destroy a good name. When a person does not live with integrity, he waffles into compromise, and compromise will destroy a good name. Compromise may begin with ‘little’ or ‘soft’ choices. It may appear to a person that if he compromises, he will relieve the pressure, but he multiplies his future problems.

Beware of compromising in these and other areas:

• Dishonest billing.
• Immorality.
• Cheating on taxes.
• Cooperation with evil.
• Misusing funds.

At the end, your good name will help to obtain your goals and will play a role in a happy life. 

Publication: November 2023

Section: Pula/Imvula