16 January 2011

Paying It Forward!

16 January 2011
The expression “pay it forward” is used to describe the concept of asking that a good turn be repaid by having it done to others instead. In contract law, typically there are two parties but there is the concept of third party beneficiaries. Pay it forward merely applies this contract law concept so that third party beneficiary be a stranger to the creditor. More specifically, the creditor offers the debtor the option of “paying” the debt forward by lending it to a third person instead of paying it back to the original creditor. Debt and payments can be monetary or by good deeds. In sociology, this concept is called “generalized reciprocity” or “generalized exchange”. A related transaction, which starts with a gift instead of a loan, is alternative giving. It is based on the concept that this blog was conceived. In today’s competitive business environment we are seeing more and more companies paying it forward meaning that let’s say I were to receive really great service from a particular establishment then I would tell two or three colleagues or friends about this particular organization and in turn this organization would in turn tell two or three of their friends or colleagues about my company.

Many years ago, your word was as good as gold but today it is more of a “You better get that in writing” business environment when it comes to engaging companies to do business, however we are seeing a pay it forward attitude when it comes to referral and repeat business. It is a kind of we are all in this together attitude towards helping other companies gain momentum and growth. What this means is that the economic growth on which companies will see over the next 10 years will be sustainable as even though the street has a short memory the global economic shift have forced both small and large business to take a look at how they were conducting business over the past three decades. That whole attitude of once you purchase a product or service the store or organization’s attitude was ” Good luck with that” Or “Lemme know how that is working out for you?” well with competition so tight in the market place and the internet creating a virtual data base for online comparison shoppers, organizations are smartening up.

Paying it forward is all over the internet and social networking sites like face book (Like button) Twitter and Google 1st page ranking. With more and more companies trying to stay afloat and the market being fiercely competitive it would be wise if allot of companies adopted an attitude of “paying it forward” and “Hug your customer” since a happy client is a return client. The web is making it easier and easier for business and customers alike to find what it is they are looking for and so over the next three years it is important that small and large companies establish a web presence. The internet is one of the only advertising mediums where a family run hard ware store can compete with Canadian tire if they have a well done website so take advantage of the level playing field and pay it forward because together we can fix the economy one good deed at a time.

Paying it forward
Nexonta Technologies Inc