How to Avoid Business Trouble: 10 Key Rules - dummies

By Colin Barrow

Part of Starting & Running a Business All-in-One For Dummies Cheat Sheet (UK Edition)

In business, a dangerous area of marketing arises when people try to bypass regulations that ensure fair pricing, safety and honest advertising. In the UK, as in Europe and North America, there are regulations as well as self-regulatory industry guidelines:

  • Always make sure your pricing is fair (because unfair competitive practices are usually illegal).
  • Always clarify the limits of warranties for services or goods.
  • Always provide full warnings and details about your product’s content and source on labels.
  • Always follow an open and honest policy with the media.
  • Never say anything deceptive or misleading in ads or other communications — remember the watchwords ‘legal, decent, honest and truthful’.
  • Never distribute products that can do harm to anyone.
  • Never discuss prices with competitors (that’s called price fixing).
  • Always keep an eye on future trends that may impact on your performance.
  • Never be complacent — change is inevitable, so see it as an opportunity.
  • Always pay attention to how your business appears online.