Is a person’s word worth anything in business today?

We’re currently in negotiations over a contract for a fairly important client. Well I say negotiations we we’re asked to tender against competition that had been after our contract. Nothing really that shocking there, (other than the fact that when we originally agreed the deal it was under the impression that it was for more than a single year) I mean as a business I want to ensure my suppliers and sub-contractors are doing the best possible job for me and sometimes you need to keep them on their toes, so when a client does the same to me, I see it as just another part of business.

Anyway, I wrote and submitted the tender as requested and then had a telephone meeting with the man I understood to be responsible for their website and an agreement was made on a new 12 month contract. I for one was quite happy with this, trusting that this person’s word was good enough as he is supposedly a trusting, honourable and moral person, but unfortunately little over a week since this meeting it seems that they have gone back on their word and a decision has yet to be made and I am now waiting to see if we will win the contract – for a second time in two weeks.

So the question is, if we lose the contract, how do I react? I originally thought we had an agreement for more than the 1 year, then when asked to tender, I thought we had won the contract based on the word of the man at the top and now there is a chance that we will miss out on the contract.

Sadly one lesson I have learnt is that there aren’t many people in business as good as their word.