When Should You Terminate a Business Relationship?
Terminating a business relationship with employees, clients, or vendors can be tricky, especially when you have already built rapport with the subject in question. However, toxic relationships will inflict irreparable damage on your business if left unattended.
There are two main things that indicate toxicity, the first being when your partner no longer respects you, your time, or your efforts. Examples of this would be employees who consistently put forth lackluster effort, clients who try to weasel their way toward offensively low deals, and vendors who are consistently late. You are not obligated to deal with another person’s lack of respect, so when you sense an ongoing negative shift despite your best efforts to correct the issue, you need to get out – they will only drag your company down.
The second indicator is when one’s character becomes questionable. Reputation is a business’s biggest asset, particularly because consumers only want to buy from trusted brands, and your reputation is your brand. So, why associate yourself with those who lack integrity and muddy the waters of your character with their manipulative and dishonest ploys? This is your company, not theirs, so you get to decide what your image is – know your worth, and stand firm in your standards and convictions.