Guard your good name
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.
- 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