Business is not about creating only goodwill. Rather, it’s about creating real brand value in the hearts of customers, suppliers and even the employees. One way of doing this is by making timely payments to all.
Chanakya also gave a lot of importance to paying wages on time. He even suggested penalising those who didn’t: “In the case of non-payment of the wage, the fine is one-tenth or six panas. In case of denial, the fine is twelve panas or one-fifth.” (3.13.33).
This verse highlights the sanctity of an agreement.
Even in today’s world, if a person rescinds on making a promised payment after the required work is done, he can be punished under the law of the land.
But, in addition to adhering to the law, a leader has to also understand the benefits one gets by giving people their dues on time:
A promise is a promise
When a company’s chairman or the head of any department or strategic business unit promises something, he represents his entire team. It becomes his responsibility to fulfill the promise.
While defining leadership qualities in the Arthashastra, Chanakya had said that one should never over-promise something and then ‘under-deliver’ on it. Instead, he said, it’s better to ‘under-promise’ and ‘over-deliver!’ Of course, the best thing would be to never promise anything if you are not sure about its execution.
Dr Radhakrishnan Pillai is an Indian management thinker, author, and Founder of Atma Darshan and Chanakya Aanvikshiki. Dr Pillai has extensively researched Kautilya’s Arthashastra, the 3rd century BC treatise and incorporated it into modern management.
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