Business Judgment Rule
business judgment rule
The Etiquette Of Advertising business gifts
Giving gifts to your customers is a long-established way of advertising your business while showing your appreciation for their trade. Advertising business gifts run the range from imprinted key rings and rulers to expensive leather portfolios and laptop cases. Both inexpensive and exclusive executive gifts have their proper place, and choosing the right advertising business gift can leave the gift recipient feeling warm and receptive about your company.
There are some rules of thumb to keep in mind when choosing your advertising business gifts. One of the more important is the 80/20 rule – 80% of your business comes from 20% of your customers. That 20% should get special handling when it comes to gift-giving time, and there are many opportunities for giving gifts that show your appreciation of their trade. Among the occasions you might send a gift to your customers are:
- Holidays
- New Business Openings
- Acknowledgement of a Special Award
- Executive birthdays
In addition to occasions, there are a number of considerations to take into account when choosing executive level advertising business gifts.
How much should you spend?
The decision of how much to spend on a corporate business gift can be a tricky one. In some industries, personal gifts to executives or employees are frowned upon entirely, and in others, ethics dictate that the cost should be minimal. You know your industry the best, so your judgment is the best barometer for deciding on appropriate cost. Of course, your budget for advertising business gifts will also play a part. In general, special occasion gifts should have a high perceived value.
Gift the Executive or the Company?
Choosing a personal gift for the CEO, sales manager or other employee with whom you have a business relationship is one popular way of doing things – but many businesses find ways to show appreciation to the entire office. Gift baskets of gourmet goodies, candies or fruit trays are always appreciated by office staff, and offer an excellent opportunity to include a customized imprinted gift that will be used in the office year round. You might send a gourmet “coffee break” basket, for instance, that includes one or two pounds of gourmet coffee, a tin of specialty biscuits, and half a dozen promotional mugs imprinted with your company logo.
To Logo or Not to Logo?
When sending out promotional gifts, the question of whether to include your logo is a moot one – the purpose is to increase your business exposure. When the gift is an executive level special occasion gift, though, your best judgment is your best guide. If your gift is something that will be used every day – a leather portfolio, for instance – you can have your business name or logo discreetly embossed. In general, though, the more expensive the gift, the more likely it is that the recipient will remember your company without the name. In short, keep the logos and imprints for the cheaper giveaways and let more valuable gifts speak for themselves.
About the Author
Gareth Parkin is the co-founder of Ideasbynet, the UK’s leading online
advertising business gifts
supplier based in the north of England.
What legal action can I take against somebody who owes a lot of money and signed a contract – a long time ago?
A few years ago, my father lent a large sum of money (over $10,000) to a friend (who owns a business). A contract was signed saying it would be payed back in full and all that. After a long time had passed and repayment was not made, my father took this friend to court. The judge ruled that it needed to be paid back, but his friend simply appealed the judgment and now, several years later, still nothing has happened.
It is now several years later. Does the statute of limitations apply to this case?
If not, and even if so, what are some possible actions that we can take? We still have all the paperwork and his friend’s business is still active.
The statute of limitations is not an issue. The case was filed, heard and a judgment rendered. Your father needs to go back to court and this time demand immediate payment with interest plus legal fees for having to go back to court. If the guy says he has no money, you can demand payment in merchandise based upon the amount he paid for it. (IE: If he sells TV sets, take a bunch of them based upon what he paid for them. Then you can sell them on craigslist for 10% more than they cost. You will come out ahead.)
Another option is to get the judge to allow you to put a lien on his business. Once a lien is in place, you can demand payment within 180 days and if he does not pay, you will force a sale of his business. You in that case would be the first paid out of the money from the sale. If he loses a ton of money as a result, too bad, he had a chance to make good.
But it is up to your father to push the issue. If he just sits back and does nothing, he will never get paid back.
(Do not loan money to friends unless you set up a payment schedule. Then if they miss one payment, you can go after them right away.)
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