BUSINESS with pleasure? Can these two really be separated? How do you distinguish business from pleasure? These are, indeed, difficult questions to answer and are often made more difficult by what is allowed and not allowed as representation expenses. Issues, such as conflict of interest, gift giving, differentiating between what is considered as official business and personal, reimbursable expenses and so on.
It could always be argued that certain activities not directly related to work are beneficial to the business and, therefore, would be considered as part of the work and be treated as such, with expenditures considered as part of the cost of business. However, this can and has been often abused. How then do you make the proper justification? There are certain criteria that need to be evaluated, such as position, permission, purpose and product.
Position refers to both seniority and function. The more senior the position is, then it only makes sense to have more discretion, since more is expected from that person. Similarly, the function of the person also provides for the justification of interacting with people outside the company.
Permission refers to following established company rules and regulations, including securing the appropriate approval to claim for certain expenditures and official business activities outside the office.
Discussing and disclosing personal relationships with your supervisor or senior executive would be a good idea, particularly when there could be a perception of conflict of interest.
Purpose is very important in that it provides the justification for all the expenditure and out-of-office time spent. Typically this would be to get additional or retain customers; expand relationships; and establish rapport with regulators, government agencies, industry players, suppliers and shareholders.
Product is the output or result of all the effort. While some results may take a while, there could be encouraging signs that could justify continuing the attention and expenditure. Of course, at the end of the day, if there is no result, it would be very difficult to justify the time, money and effort.
One of the reasons it pays to be the owner of a business you manage, is that you are answerable only to yourself. Therefore, you can work on the philosophy of doing business with pleasure. In my case I would like to work on the basis of establishing friendships regardless of any business potential.
In many cases, you establish long-term friendships, from having something in common, such as coming from the same school, working in the same industry, living in the same neighborhood, being members in the same clubs and having common hobbies.
Therefore, there is a very high degree of likelihood that business opportunities would also abound.
Of course, it would also be nice if you could choose what your job is or what business you can do. It makes a world of a difference if you like what you are doing, in this way you can do business with pleasure all the time!
(Comments may be sent to georgechuaph@yahoo.com)