Page 184 - Paulisms: Gold Nuggets for Small Business

he had put his prices up. I told him well done and asked whether it had affected his business patronage. He said, ‘Not at all... I am really surprised.’ He had assumed customers would not pay a higher price for his services and he was pleasantly surprised when he discovered his assumption was the wrong one.
Another time, I was assisting someone, and we were having a meeting with the bank. I asked if we could put the loans onto interest only to save money, as they were on principal and interest and costing a lot. The bank said they would do it immediately. Two weeks later, I asked the question: ‘Are those loans on interest only?’ There were many loans and it would make a huge difference in mortgage payments. ‘Yes’, they said, ‘they said they would do it straight way.’ I replied, ‘Never assume. Find out. And also, if it is not in place, get the bank to backdate the savings.’ Interest only was not in place and still costing a zillion when cash flow was so tight.
I never assume and hopefully my friend has learnt from the experience as well.