Story time. A few weeks back I was sitting in AMW’s garage waiting for an invoice for a repair on my car.
While I was sitting there, there was an old guy there in pant straps sitting next to me. I hadn’t seen pant straps in a while. That is probably the reason I even remember this story.
So this guy was also trying to pay for a repair as well but he hadn’t brought enough money. So he was saying he could give them a personal cheque but the cashier wouldn’t take those. Only cash or credit card she said. Then the old guy says “I was the governor of the central bank you know …” smiled and sat down.
In his day a personal cheque would have been good as gold.
Times have changed. I don’t think anyone in Sri Lanka now accepts personal cheques as payment for immediate goods. I mean you could pay a bill or something but you can’t take your goods until it becomes cash.
There is zero trust because people bounce cheques all the time. When one bank kicks you out there are a half a dozen more to take you in. When one company fails you just shut down and make another. There is no credibility, trust or honor in business or individuals.
When I’m looking to buy a long term product or service I wonder if that company will be there in 5 or 10 years to honor my guarantee.
Fix this if you want to move ahead and do ‘good business’.