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McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street, Cranston, RI 02905-3342
PH: 401.941.2088 - FAX: 401.941.0017
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Salespeople Must Understand the Fundamental Principles of Commercial TransactionsIt is essential for the salesperson to understand the fundamental principles of commercial transactions. Here is a short discussion on one of those principles. This is the fixed business rule that every fair bargain must benefit both parties.
There is an amazing number of people in the world who imagine that the law of business is that one must make a profit by getting an advantage over others. As a matter of fact, the very opposite is the case. The truth is that those people and companies that are most successful are the ones that are benefit their customers the most; in short, the ones that recognize the fundamental proposition that a fair bargain must benefit both parties. Let us see why this is the case.
Suppose you are in need of a pen. Your business cannot run without something to write with, and you decide to manufacture a pen. You must go to a mine and dig for iron. You must build a furnace in which to heat the iron and unite it with carbon to make steel. You must then, through a hundred processes, reduce your steel to the proper shape and size to use as a pen, and, in this process, use a lot of expensive machinery. Your pen would cost you hundreds of thousands of dollars if you made it yourself.
Yet a manufacturer who makes millions of pens at a time, buys his steel in large quantities, and spends a fortune on expensive machinery and skilled workmen, finds that his pens cost him less than a dollar apiece. When he sells you these pens at two or three dollars each, both you and he have been benefited.
McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street
Cranston, RI 02905
401-941-2088 | Fax 401-941-0017