This can’t be said too often. Be honest when running your business.
Having sound business practices consistent with the Golden Rule may just keep you out of trouble with the U.S. Federal Trade Commission (FTC).
Why is this important? How much do you value your business and your freedom? Let’s look at some new examples of those who allegedly played fast and loose with deceptive trade practices.
BlueHippo Will Pay Up to $5,000,000 to settle charges.
ValueClick Settles With FTC for $2,900,000.
Founder of Berkeley Premium Nutraceuticals faces up to 20 years in prison plus forfeiture of tens of millions of dollars.Here are some things that you can do to minimize your risks.
Clearly disclose the terms of sale to your clients. No fine print legalese to take away what you gave in the big bold letters of the sales pitch.
If there’s a continuity program, don’t hide it, and make it easy to opt-out.
If there’s a refund policy (particularly where required by law), obey it. In fact, go the extra mile to make things right.
If there’s a guarantee, honor it. No hassle. No questions asked.
If it is going to take 4 days to ship, tell the client it will take 7-10 days and let the client be pleasantly surprised when it arrives early. If you can’t ship on time, offer a prompt refund.
Remember that happy clients don’t file complaints with the FTC or your state attorney general’s consumer protection office.