Why it’s Unwise to Pay too Much but Worse to Pay too Little
Many business leaders today readily accept the lowest bid. But is it prudent to do so? In this post, we present some reasons why it’s unwise to pay too much but worse to pay too little. John Ruskin, a prominent social thinker, philosopher, and philanthropist of the Victorian era, wrote the following often quoted explanation: “When you pay too much, you lose a little money—that’s all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a…READ MORE