I recently came across the phrase, "The devil is always in the details." Though the person who mentioned it was using it in a different context, it reminded me of a funny—yet cautionary—story a friend once told me about a business deal gone wrong.
It was one of those fateful days when a land broker came to a client with an enticing deal. The broker claimed to have a field of sugarcane for sale, at a time when sugarcane was in extremely high demand. The pitch was irresistible: if the client bought the field, they’d have ready buyers and could easily make back their investment—and more
The deal sounded too good to pass up, and the client, seeing the opportunity, bought the field without hesitation. But when it came time to sell the sugarcane, the promised buyers were nowhere to be found. Despite the high demand for sugarcane, most potential buyers had existing contracts with their suppliers or well-established relationships. As a result, the 5-acre field of sugarcane stood idle, slowly wasting away, while the buyer watched helplessly.
This story highlights a critical lesson: many people neglect to uncover the “devil” in their decisions. In every business deal, it’s easy to focus on potential returns without paying enough attention to the hidden risks and challenges—the details that ultimately make or break the venture.
Why It’s Important to Discover the Devil
In my experience as a consultant, many entrepreneurs and business owners skip the crucial step of digging into the details. They’re lured by promises of high returns and a quick path to success, often assuming things will fall into place once they’ve made their investment. But ignoring the details—or the “devil”—is a recipe for disaster.
Here’s why uncovering the devil is critical:
Exposing Assumptions:Many business deals are based on assumptions. For example, the broker assumed buyers would appear simply because there was high demand for sugarcane. A detailed analysis could have revealed the reality of existing contracts and supplier relationships.
Understanding Market Dynamics:Every market has nuances. Who are the competitors? What are the barriers to entry? How are buyer preferences and behaviors shaping the landscape? Without asking these questions, businesses risk diving into a market they don’t fully understand.
Calculating Real ROI:The return on investment (ROI) isn't just about the revenue potential. It’s also about costs, risks, and timelines. Many people focus on the shiny promise of profit but fail to account for what it takes to get there.
Avoiding Surprises:Surprises in business are rarely pleasant. Asking for the “devil” ensures you identify potential pitfalls early, so you can either prepare for them or avoid the deal altogether.
The Role of Consultation in Finding the Devil
Seeking consultation before making major business decisions is one way to uncover the devil in the details. A good consultant does more than offer advice; they scrutinize every aspect of a deal, analyze risks, and provide actionable insights to help you make informed decisions.
When seeking consultation, ensure the following:
Ask tough questions about the market, competitors, and operational challenges.
Demand detailed scenarios of best- and worst-case outcomes.
Look for blind spots in the deal that could derail your plans.
The cost of consultation may seem like an added expense, but it pales in comparison to the potential losses of a poorly thought-out investment.
Final Thoughts
The devil truly is in the details, and ignoring it can turn a promising opportunity into a costly mistake. Every business deal, no matter how attractive, comes with hidden challenges that must be uncovered and addressed. By taking the time to ask the right questions and seek expert advice, you can ensure you’re prepared for both the opportunities and the pitfalls.
The next time a seemingly great deal crosses your path, remember this: the devil may be small, but it can cause outsized problems. Don’t just scratch the surface—dig deep and uncover the truth. After all, in business, it’s the details that determine success or failure.
About the author
Dr. Jjuuko Derrick, is a pharmacist with a keen business acumen. Having dedicated much of his career to engaging with business owners and employees, he brings a unique blend of pharmaceutical expertise and business insight to the table. As an entrepreneur himself, he is passionately committed to leveraging his technical skills and entrepreneurial experience to foster the growth and development of multiple businesses. Driven by a mission to make a meaningful contribution to the business landscape, he stands ready to empower entrepreneurs with the knowledge and tools they need to thrive.
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