TRUTHS AND LIES ON SOCIAL MEDIA

We all research products and services online and often make our buying decisions based on what we read. In business, getting these decisions wrong can set you back financially, hinder your progress, or both. This post was inspired by my shattered illusions, disappointments and surprises with social media over the past few months.

ARE LIES THE NEW TRUTH?

I have learnt that to gain any useful knowledge online, you need to treat everything you read with scepticism. Has lying become the new normal? Liars get away with it because they know some of us are either naive or too busy to check out the facts.

Online research informs most of my blog posts and I always find:

  • False or unsubstantiated claims in support of a product, service, company or individual

  • Sales pitches disguised as expert analyses

In previous posts I have exposed ways that companies provide misleading or false information about themselves and also how ‘expert reviews’ are mostly published by affiliates that gain a commission from the sites they review. Although it’s really important to be aware of these practices, I now realise  that some of the measures I use to evaluate companies, products and services, such as consumer reviews, likes and number of followers can’t be trusted either.

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Fake information? Late payer? Should your startup do business with this company?

This blog post has been inspired by the companies I regularly come across online that provide misleading or false information about themselves. For example, I often find company websites that give the impression they are trading as limited companies, when in fact they are dormant companies and operating as sole traders (you can find this out at Companies House). This practice is misleading and I don’t trust companies that misrepresent themselves.

Another situation is when I am checking out the financial health of a potential supplier whose website has impressed me. I often find it has a negative balance sheet, sustained over a number of years.  I ask myself – will they go bankrupt in the middle of my project? Will they overcharge me or give me poor service because their debts are greater than their assets? Unless they have some unique products or services that I really need (in which case I will conduct further research on them), I just keep away. Perhaps I am too harsh?

In this blog I investigate how to reduce the risk of doing business with customers or suppliers that might let you down and potentially threaten your business.

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