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Opportunity Can Reside Inside of Confusion – Negotiation Insight

“Confusion is a time for reflection. Use it to slow down your thoughts. In doing so, you’ll see what’s been speeding past you.” -Greg Williams, The Master Negotiator & Body Language Expert

Have you ever caught yourself, or caught someone else, in a state of confusion? I’m talking about being truly perplexed and in a quandary about what action to engage in next. Confusion may have shown on the face or been revealed in some non-action. If it was you, you may have felt embarrassed, a sense of anxiety, or just an emotional tug to get out of that state of mind. At such times, in such actions, an opportunity may be lurking. Here’s why I say that.

When someone is confused, they become unsure of what to do next. That will usually cause them to go into a state of reflection, one in which they assess their circumstances, in an attempt to decide what action to engage in next. That’s the time that people are most susceptible to suggestions and external influence. If you’re the person in that state, be aware of your susceptibility. That’s not to say that being susceptible is bad at such a time, it’s simply to say, be aware of your environment, what suggestions are being offered, and how you feel at that moment about making decisions. You should understand when others are in such a mindset because they too are susceptible to being influenced by you.

Here’s the point, the more aware you are about the stimuli that motivate you to address one set of actions versus another, the better you’ll be able to adopt actions that are beneficial. So, don’t shun confusion when you encounter it, embrace it for the potential value it may contain. Then, use that to your advantage … and everything will be right with the world.

What does this have to do with negotiations?

“He had an expression on his face that said, ‘he was hanging around like a dangling participle.’ You could see that he didn’t know what to do next.”

In a negotiation, a state of confusion can be good when induced in the other negotiator, such can be the case when it’s induced in you, too. Per confusion being of benefit when induced in the other negotiator, it depends on the type of person with whom you’re negotiating (i.e. Open – I’ll follow your lead because I trust you. Easy – willing to go along to get along). These types of negotiators are initially more open and willing to work with you than the ‘Hard’ or ‘Closed’ style of negotiators. Thus, you can elicit empathy from the opposing negotiator when you’re in a state of confusion, and lead him from his dilemma when he’s in that state.

In your negotiations, don’t be dismayed by confusion. View it as an opportunity and be prepared to utilize it as the gift that it might present.

What are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com

To receive Greg’s free 5-minute video on reading body language or to sign up for the “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

Remember, you’re always negotiating.

#HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions #Psychology #Truth #Perception #Confusion

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Maximize the First 30 Minutes of Each Day

How do you set the tone and maximize productivity at the beginning of each day? Do you give yourself space to map things out or are you more of a wing-it kind of person? I believe how you START your day, sets the intention and momentum for how the rest of the day’s will transpire. When you begin with 30-minutes of focused attention to what really matters most –  that time will pay generous dividends by the end of the day.

Here are strategies maximize productivity and ensure a successful day in the first 30 minutes:

  1. Turn OFF your phones. It’s all right. That magical device that is glued to hands seemingly every waking minute of the day, delivering phone calls, chats, text messages and emails at an often-alarming rate does turn off. So does the desk phone! Take 30 minutes to create space for focus. It will all be there when you turn it back on. It’s just an hour. And there’s voicemail! If it’s important, they’ll leave a message or call back.  If you want to maximize productivity – turn off your phones.
  2. Close your door. If you’ve got one. This sends a signal to your team (or your family if you are a work-from-home entrepreneur) that you are unavailable unless there is an emergency. If you are new to the practice, educate your team what procedures you want to have in place when your door is closed. Once everyone is on board that this is your time to create, get strategic, work a business plan, and map out your day, they’ll recognize the importance. Especially when they see the RESULTS.  If you are forced to work in an open environment, consider headphones. I used this technique in one organization, and people eventually got the idea that when your headphones are in, it’s the equivalent of a do-not-disturb sign.
  3. Use smart time-blocking. My recommendations? Book all meetings to start after 9.00 am. If you’ve always had early morning meetings, this might be a tough change, but if needed, can you start your “clock” an hour earlier to ensure that you have a full 30 minutes to complete your planning?
  4. Start off-site if possible.  Can you complete your 30-minute mindset and strategy session BEFORE you walk through your office doors? That way when you are actually in office – you hit the ground running. Once you’ve mastered this, teach your team. Once they’ve mastered it – your Key Performance Indicators (KPIs) will go through the roof. A study done by Ctrip shared that remote workers are able to complete 13.5% more than their comparable office workers. How’s that for food for thought.
  5. Quit the clutter. Seriously. Inboxes. Coffee cups. Paperwork piles. These distractions are stealing brain bandwidth and steering your attention away from streamlining your day. Out with them!  Maximize productivity by decreasing visual distractions.
  6. Check off that early morning workout. If you can muster it, get your exercise out of the way first thing. Start small if you have (15-30-minute increments) but do start. You’ll feel like you’ve already checked one big daily goal off your to-do list! Cheers!
  7. Nix the gossip in the bud. Honestly, gossip is one of the biggest time, energy, and productivity drains an organization can have. We Aussies call a gossip a “flibbertigibbet”. Studies show that 39% of workers admit that gossip and workplace chat are their biggest productivity killers. Another study conducted by Equisys also shared that the average employee spends 65 hours a year gossiping in the workplace! Cull this invasive “thief” from your company if you truly want to maximize productivity.

Starting your day in planning mode will help you stay focused, on track, and set the right tone for not just your day – but that of those around you. Lead by example. Pay ATTENTION to the INTENTION you set for each day. Your productivity, profitability, and bottom-line results will reflect your efforts!

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8 Words That Will Make You a Better Negotiator – Part 1

“Choose your words carefully in a negotiation, they’ll determine your degree of effectiveness.” -Greg Williams, The Master Negotiator & Body Language Expert

This article is part 1 of a two-part article. It contains an explanation of the first 4 of the 8 words that you can use to become a better negotiator. Part 2 will be released in the next ‘Negotiation Tip of the Week’.

Now imagine the new you, not limited, because you are instantly free.

There are 4 words contained in the sentence above that will make you a better negotiator. Do you know which words they are, how to use them, and why they’ll give you an advantage when negotiating? After reading this article, you’ll know why 4 of those words have such power, and how to use them in your negotiations.

“You misunderstood me”, said the first person to the second. “No, I didn’t. You used words that had a different meaning then what I understood,” was the response.

Communications can get dicey when negotiating.  Thus, you should always be mindful of the words you use, and which words have a greater impact on the negotiation.

The first 4 words are, new, free, because, and you.

1. New – Everyone is drawn to the word, ‘new’. It symbolizes something that’s not been seen/heard and/or revised. Some people are influenced by this word simply because they want to be/remain state-of-the-art. They want to be part of what’s trending so that they can be in-the-know.

Use the word, ‘new’, in your negotiations when you wish to instill a degree of excitement about a changed or enhanced position/offer. Be mindful of not overusing it. To do so will weaken its impact.

2. Free – Who doesn’t like to get something for free? The word, ‘free’, has been used throughout time to draw people in to examine how they might acquire something for nothing. At least that’s their initial impression when they see or hear the word, ‘free’.

In your negotiations, you can use the word, ‘free’, as a tool of risk reversal (i.e. I’ll reduce or eliminate the risk of accepting what I’m stating to be true). As an example, you might offer the other negotiator the opportunity to examine or engage in your offer for a period of time before she makes a commitment to engage further. By doing so, she’ll have the time to experience for herself the value of what you state as the outcome she’ll receive.

3. Because – Studies have shown, when you use the word, ’because’ in a request, people are more likely to grant your request. This has been borne out even when there’s no following reason given after the word ‘because’ is used.

Use the word, ‘because’, when making a request during a negotiation to give the other negotiator more insight into why you’re making the request. You’ll be giving him more insight into your negotiation strategy, so be alert about how much information you give and only give what’s needed at the time.

4. You – There’s nothing more powerful to you than the sound of your name. Your name captures your immediate attention. In a negotiation, it would become tiresome to continuously use someone’s name. That’s where the word, ‘you’, comes in.

During a negotiation, you can use the other negotiator’s name when speaking to him; a subliminal trick would be to tie his name to the word, ‘you’, every time there’s a perceived positive aspect to the negotiation (e.g. John, the outcome of this negotiation is going to make you look like a superhero to your bosses!)

You now have new insights into how the above words can instantly increase your negotiation abilities. You acquired these words for free because you read this article. Imagine what this new knowledge will do for you. Use these words in your negotiations … and everything will be right with the world.

Please be sure to see the next “Negotiation tip of the Week” for the other 4 words that complete the list of ‘8 Words That Will Make You A Better Negotiator”. 

After reading this article, what are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com

To receive Greg’s free 5-minute video on reading body language or to sign up for the “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

Remember, you’re always negotiating.

#HowToNegotiateBetter #CSuite #TheMasterNegotiator #psychology

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Maximize Output Using Your Best Times of Day

Need to maximize output each day? Start by identifying the times of day it might be easier for your brain to make decisions, maximize output and be more productive by leveraging your undivided attention.

In our book Folding Time™, we share people have premium productivity work times. For morning birds you are most productive between 7 am – 1 pm, for hummingbirds you are 10.30 am – 3 pm and for night owls 2 pm – 8 pm. See there’s a really a time for everyone to focus their attention and maximize output!

Strategize in your most productive time – if you have decisions to make choose your most productive time. If you have a big project to do or a presentation to prepare for, choose the time your brain is most engaged.

Do routine activities in your least productive time – do you have maintenance type activities i.e. returning email, updating status reports that don’t require as much strategic thought? Leave those for another time of day.

Make your big decisions earlier in the day – Michael Breus, author of The Power of When, suggests saving big choices for one to three hours after you wake up. By then, you have shaken off any sleep inertia you might have. A study by Shai Danziger summarizes the results of 1,112 parole decisions heard over a 10 month period resulted in 65% more successfully paroled in the morning hours. Choose your best time to make important decisions.

Convert sales calls before the weekend and holidays – if you are working with a buyer to get decisions made on important deals consider Friday afternoons and also before major holidays. I have found the week before Thanksgiving is a great time to finalize outstanding speaking engagements for the following year and people pick up the phone on Friday afternoons. Hustle when others are relaxing.

We all get 1,440 minutes in a day. There is no such thing as time-management. It’s not about time management; it’s about attention management and strategizing ways to maximize output.

If you are a leader in your organization, provide employees an agile work environment that allows them to maximize output by working during the times of day they are able to focus most. Need ideas on how to create an effective, focused workforce? Watch this video and learn:

  • How to give employees freedom to create their workday structure
  • Allow employees to work in their most productive spaces and places
  • Provide flexibility to employees to work during their most productive hours

Know your best time of day to pay attention to what really matters.

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Don’t Believe Distractions Cost? Think Again!

Did you know it takes, on average, 23 minutes to refocus your mental effort and energy on a task after being interrupted?

Have you ever considered how many times you’re interrupted in a day?

We all know interruptions hamper productivity and make trying to accomplish even the smallest of tasks frustrating, and seemingly endless.  Consider this – If you spend a total of 5 minutes, five times per day responding to text messages and reading social media, you’ve spent (maybe wasted!) 25 minutes of work time. Even still, when you consider it takes our brains 23 minutes to refocus on our tasks at hand for each interruption, you start to see those 5 simple tasks actually cost you almost 2.5 hours in lost concentrated focus and productivity.  How do I know this? Because I have been guilty of this too.

You see, a distraction costs more time than just the activity. It costs us mental space and time to refocus afterward.  This realization helps me to focus when I get off track.

A study was performed by info-tech researcher Basex and found distractions cost U.S. companies $588 billion per year in lost productivity. Imagine how much of that money could have been saved if employees were able to avoid distractions and stop interruptions.

Crazier still, a researcher of digital distraction at the University of California, Irvine found approximately 50% of the distractions were self-induced! Our curiosity to know what was going on in the world on the news, social media, emails, or other people’s lives are creating our productivity demise.

Attention is Key! Attention is vital. A few steps toward mindfulness can help you save time and boost productivity:

1. Count your interruptions. For two days, keep a running list of the distraction types and the number of times is occurs (you will be shocked!). Start proactively finding solutions to stop the self-induced time killers.

2. Master your schedule. Choose brief, 15 minute increments, within your calendar that permit you to take a break, respond to others and allow your mind the downtime it deserves (and craves).

3. Utilize technology to save you from technology. Use apps on smartphones to silence distractions. Better yet, turn them off or use the Do Not Disturb feature until a time you’ve chosen to take a scheduled recovery break. I love the Freedom App.

4. Prohibit devices. Create a no-phone policy for some meetings and important conversations.

5. Schedule. Schedule. Implement tools that manage your time spent online, such as the Freedom App.

6. Do Not Disturb. Allow employees to create Do Not Disturb work times on their calendar where they can truly unplug from email, visitors and disruptions.

7. Go public. Get accountability. We have conditioned ourselves to be available to others all day and every day. Stop. Send messages to your friends, family and colleagues sharing your commitment to productivity. Explain your new schedule has time allocated to respond to their needs. Reset their expectations for your return phone calls, text messages and mid-day visits.

8. Unplug from social media. Consider taking a social media detox to help clear your head of the need to be plugged in. If that seems too radical, consider establishing one or two 15 minute periods of time in the early morning or evening that allow you to log on and play.

9. Choose one day per week. We all want to personally check in with coworkers and establish relationships with our peers. So do it! Only, limit it to one day per week. For instance, Wednesdays allow you find out how their weekend was and hear about their upcoming plans.

10. Weekends are for fun. When you make focus and attention a priority during the workday, make fun and relaxation a priority on the weekend. This will give you the time needed to recalibrate and rest, which will improve your attention and focus throughout the week.

With a few changes and a commitment to focus, your productivity will soar as will the results of those efforts. When you choose to become the Attention Ambassador in your workplace, others will begin to see Attention Pays.

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What Causes Fear in You?

“If you don’t know what to be fearful of, you’ll be susceptible to fearing anything.”  -Greg Williams, The Master Negotiator & Body Language Expert

Are you truly aware of why you deal with fear the way you do, the source of your fear(s), and the impact it has on your psyche? Fear can paralyze you if it’s not controlled. Do you control your fears?

… ‘This is really messed up. I’m really afraid!’ Those were the words that a friend stated to me. He was speaking of a situation that had instilled fear in him. When I probed to understand why he was fearful, he said he wasn’t sure, but, he had a gut feeling to be cautious.

Fear ignites a sense to protect yourself. It may do so to prevent what’s perceived as being harmful. It may also do so to keep you within the boundaries that you deem to be mentally safe; just an FYI, preventing what’s perceived as being harmful and keeping you within the boundaries that you deem to be mentally safe are two separate thoughts. They stem from two different sources of motivation. I point that out as something to be cognizant of (i.e. what really causes fear to become born within you and then what causes the flame of angst to burn brighter).

We come into the world with only two fears. They are the fear of falling and the fear of loud noises. The rest of what we learn of fear becomes a part of us that we obtain as we go through life.

It’s important to know what you fear because without knowing, you don’t know what to combat. Without knowing, you don’t know why you’re fearful. Without knowing, you don’t know if what you fear is real.

As you go throughout your daily activities, pay more attention to what at first appears to be angst, anxiety, an uncomfortable feeling, or whatever label you assign to the beginning of uneasiness. That will be the conscious point that fear begins to grip you. If you note when fear begins to grip you, you’ll have a greater chance of defeating it, before it has a greater chance of defeating you.

Here’s the point. Once you consciously recognize that fear has a hold on you, it’s already elevated from your subconsciousness to your consciousness. That means it was already living in your psyche like a virus waiting to potentially harm you. The sooner you recognize it, the sooner you can deal with it. The sooner you deal with it, the less severe it will be. The less severe it is, the better you’ll be able to control what occurs in your life … and everything will be right with the world.

What does this have to do with negotiations?

In a negotiation, fear is always at the heart of broken deals, impasses, and the impediment to a successful negotiation outcome. Sometimes, you’re right to be fearful. If that’s the case, you need to identify the source of those feelings. Even if it’s imaginary, there’s a problem because of the way you’re thinking.

In a negotiation, once you become fearful, take note and assess to what degree it will impede the negotiation. Based on its severity address it then, or put it to the side to possibly be addressed later. Don’t ignore it until and unless your sense the fear has abated.

What are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com

To receive Greg’s free 5-minute video on reading body language or to sign up for the “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

Remember, you’re always negotiating.

#HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions #Psychology #Truth #Perception #fear

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5 Things to Avoid Startup Failure

We’ve all seen the depressing stats – over 50% of startups fail within the first 4 years.  This need not happen!  Businesses are launched for a variety of reasons – some are well thought out strategic launches while others are out of necessity when job prospects dry up.  There are many reasons for startup failures; but if you can avoid these 5 key ones, your chances of success go way up.

Product – Market Mismatch

As the chart below demonstrates, the #1 reason why companies dissolve is that they are producing and marketing a product no one wants.  Although this seems somewhat obvious in retrospect, many founders get an idea and accumulate enough funds to launch and work on perfecting their product for extended periods (burning through capital along the way) only to discover that there is no market for their product.  In essence, they have a solution in search of a problem.

The way to avoid this problem is to test the market as soon as possible. Many startups are scrapping the lengthy business plan in favor of a more dynamic approach. One of the key tenants of the Lean Startup Approach centers on creating a minimally acceptable prototype that is then market tested with real potential clients.  Based on customer feedback, the product is adjusted and then retested.

Lack of Funding

Even for those founders who are fortunate enough to obtain some funding, there can be a short runway until the money runs out.  Startups need to develop a summary of all expected startup expenses as well as ongoing monthly expenses….leave nothing out.  A cash flow budget will quickly reveal the burn rate of the business and (in the absence of revenue) how long their funds will last.  This will help founders plan how to allocate their limited resources.  In many ways startups are a race against time – not only to avoid running out of money, but also to stay ahead of potential new competitive entrants who may also be working on the same problem.

Founder Team

Founders may start out as solopreneurs, but soon will outgrow that and need additional expertise and support.  The key potential disruptors here are personalities that don’t mesh and lack of a common vision.  The best founder teams are those that knew each other before joining the company – the longer the better.  As founders add additional personnel, there is a dangerous tendency of hiring quickly to “just get it done” and get some help.  Hiring the wrong people can destroy a startup.  If the new addition is a poor fit with the rest of the team or if they don’t share the same sense of mission this can spell significant trouble. The result will be stress within the team and some loss of momentum.  Startups cannot afford to lose time or momentum.

Founders tend to have a view that they must do everything themselves to be sure it’s done right.  As the business grows, this must stop.  Founders are now leading the company – they need to learn to delegate whether to freelancers or fulltime employees.  Leadership involves focusing on what you do best and letting others do the rest.  Trust but verify is a workable approach.

“It doesn’t make sense to hire smart people and then tell them what to do; We hire smart people so they can tell us what to do.”

~Steve Jobs

Lack of a Business Plan

Business Plans are not just for Angel Investors or Venture Capitalist.  They keep the management team focused and moving in the agreed upon direction.  The key elements include a mission statement along with the Unique Selling Proposition (USP).  A detailed summary of the competition along with marketing and business development activities is also essential.  Every member of the founder’s team must be part of the process to assure buy-in on all goals.  In addition, the cash flow budgets fits into this process to assure the founder that the burn rate is not too high.  The danger is that funds will run out before the product is fully developed and sales have begun.

Lack of Brand Development

Successful startups need a defined repeatable sales process.  But first they must get their brand noticed in the marketplace.  Once the founder team has developed their Unique Selling Proposition; it needs to be conveyed to potential customers.  Social media can be a big help.  A solid website which includes a call to action and a way for prospective customers to ask questions has become table stakes for all businesses.  Well-crafted informational articles distributed on Twitter and LinkedIn can also reinforce the brand.  This is a slow burn approach, as social media cannot produce results over night. The drumbeat message should always include what specific problem the product is solving.

Final Thoughts

Starting and running a business is hard work and it may seem that success is a low probability outcome.  But with planning and focused execution, a positive outcome is much more likely.  It is also best not to go it alone.  Seek the advice of professionals – CPAs, and attorneys along with a business mentor or coach will help the founder keep out of trouble and protect their franchise.

Kevin FitzGerald is the founder of KevinBizGobal and a C-Suite Network Advisor working with entrepreneurs and business leaders from startup to international expansion.

Kevin has over 20 years of managerial/consulting experience across a wide range of industries including Financial Services, Pharmaceuticals, Tech and MedTech. Key services include: Lean Startup Advice, Business Plan and Pitch Deck Preparation.  For larger SMEs who are ready to scale internationally – go to market strategies with strategic alliances primarily in the US, Ireland, and the UK.

Kevin’s education includes an MBA from the Stern Business School at New York University and a BA with honors in Economics from Drew University.

Contact Kevin:  kevin@kevinbizglobal.com

Specialties: #startup #startups #entrepreneur #entrepreneurs #businessplans #pitchdeck #pitchdecks #scaleup #InternationalExpansion #CSuite

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Do You Know the Hidden Secrets of Good Negotiators?

“Good negotiators know negotiation secrets that allow them to be good. To become better when negotiating, learn the secrets that good negotiators know” -Greg Williams, The Master Negotiator & Body Language Expert

Good negotiators know a wide range of hidden negotiation secrets, when to use them, and which ones to use in their repertoire of secrets when negotiating. That’s one of the things that distinguishes good negotiators from not so good negotiators.

So, what are some of the hidden secrets that good negotiators use? The following are a few of those hidden secrets. Using them will give you an advantage in your negotiations.

Reading Body Language:

Being adept, when it comes to accurately reading the other negotiator’s body language, will give you insight into his train of thought, and an edge in the negotiation. As one example, if face-to-face, note the consistency with which his eyes move when assessing information to questions you pose. If you pose questions that he should have to call on by referencing past occurrences, note the direction he looks in to obtain that information. When that pattern breaks, note it, along with the question that caused it to occur. They’ll be insightful information that you can use in that action.

Know What’s Really Important:

If you’re attempting to successfully entice a venture capitalist to invest in your business, you should know the main question she has about the potential investment is, will I make a decent return on my money and how long might it take to do so? The question is important to keep in mind because it’ll be the answer to that question that will determine what motivates her and what it will take to keep her engaged with you.

Throughout any negotiation, know the main points that will keep a negotiator engaged and determine how you’re going to use that information throughout the negotiation.

Emotions/Hot-buttons:

Always attempt to control emotions when negotiating. Emotions add an extra dimension to what is said.

In controlling emotions, you should know the hot-buttons that will push you and the other negotiator from one point to another, per the state of mind you or he will possess once in that state; you should already be well aware of your own hot-buttons.

To gain insight into the other negotiator’s hot-buttons, gather information beforehand about what ticks him off, and what makes him experience bliss. Then, during the negotiation, take note of his reactions when you push his buttons. If he doesn’t react the way you know he’s reacted in the past, you’ll gain insight into what he may be attempting to keep disclosed. If that’s the case, pick at that thing like a bad itch that begs to be scratched.

Good Listening Skills:

Good listening skills encompass not just listening to what’s said, but also listening for what’s omitted, the word choice used, and the way such words are conveyed; we’ve all heard a statement that sounded like a question. Unless you intentionally mean to pose a statement as a question, don’t do it. Also, note when the other negotiator sends hidden meanings inside of his verbal messages; it may mean he’s unsure of what he’s saying, or that he wants you to believe he’s unsure. Probing will uncover his intent.

When momentum is on your side, accelerate the negotiation. When you’re on the defense, slow the negotiation down. It’s the little strategies that you utilize in a negotiation that will pay the biggest dividends. Thus, when negotiating, don’t take small things for granted. It’s the implementation of small things, such as what’s mentioned above, that will allow you to accomplish bigger outcomes in your negotiation. Master those things … and everything will be right with the world.

 

After reading this article, what are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com

To receive Greg’s free 5-minute video on reading body language or to sign up for the “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

Remember, you’re always negotiating.

#HowToNegotiateBetter #CSuite #TheMasterNegotiator #HiddenSecrets

#psychology

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Four Reasons to Get Ready to Scale Up as You Start Up

Scaling your business may seem like a long way off. After all, you have concepts to finish, prototypes to create and money to raise. Why worry about scaling now?

I am sure I can share many more than four reasons to start now and I don’t want to frighten you. I do hope to inspire you and galvanize you into taking the right actions to prepare for scaling up. Here they are:

1. The mistakes you make when you are small have a greater impact on your viability than they will when you are a big organization. In large companies mistakes may go unnoticed, but when you are starting out every decision you make counts. The people you bring on board, even for sweat equity, the strategy you set, and every dollar you spend must be carefully strategized.

2. Once you have hired members for your team, some of which may be your college roommates or your family members, it’s really hard to make them “available to industry” later. It’s great to hire your brother-in-law as CFO, yet at this stage you only need a bookkeeper and offering the lofty title of CFO will no doubt present a problem later. Now it could be that your brother in law will grow into that position but if he doesn’t, then how will you demote him without hard feelings? At 10 million you will need a different level of expertise.

3. If you don’t lay the right foundation, execution of your big idea may make your dream turn into a nightmare. Planning and executing while at the same time dealing with all the unknowns that crop up, is the biggest challenge in business. Execution is about turning your revenue into profit. In order to execute well the disciplines of setting priorities, measuring performance and a rhythm of the right kind of meetings is important and this degree of discipline is extremely rare. Developing and executing a strategy that is balanced in both growth and profitability is a difficult and necessary task.

4. Chances are you’ll run out of money and you have no time for those kinds of lessons. You only have so many resources. You may have borrowed money from friends and family, and the dream you shared encouraged them to open up their check books to you. They believe in you. And now you have to perform. You know the funds were not a gift. Every entrepreneur believes they have the next great technology, service or product to change the world. What do you need to do to validate your idea? Do it first. Don’t spend all your time on writing a lengthy business plan for Venture Capital firms. Instead write a one page plan outlining all the processes, people and actions to take. Then get out there and validate that your target market wants what you are creating. Otherwise you’ll burn cash and just as in the game of Monopoly, when you run out of cash, it’s game over. There is time for the perfect pitch deck and business plan once you have validation.

Actions to take: Review your plan quarterly. Treat each quarter as a 13 week race to accomplish the goals you set. Make sure your goals are SMART (Specific, Measurable, actionable and Time –Bound). Find a thought partner, a strategic thinking team, or a peer group. Don’t be afraid to ask for guidance. Look around you – who do you know that you can reach out to? Plan your scale up as you start up.

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Best Practices Entrepreneurship Management Personal Development Women In Business

Core Ideologies: The Heart and Soul of Scale-Ups

Core ideologies are a crucial part of the foundation organizations are built upon. They consist of two essential components of strategic thinking: core values and your purpose for existing, or why. There is nothing more important to your success than the people you engage with. They can be members of your leadership team, your board, employees, investors, or vendors. It’s alignment with your core values and purpose that will allow you to build a profitable and sustainable organization.

Codify your core values

Laying the foundation for your business begins with two key activities: understanding and codifying the core values that guide your business and your purpose for existing. I am not talking about the list of values that may be on a plaque in your office. We all know that Enron had integrity listed in their core values. Core values are deeper than that. They are the activities and beliefs that you act on every day. They are the guide for hiring the right employees and firing those employees who do not live your values.

Core values are considered aspirational when they are how you wish everyone around you behaved. True core values are always supported by the stories you can tell to demonstrate what you mean by each of them. When you can tell stories about how someone in your company lives that value, you’ll know it’s a real core value. If you like what a value means but don’t have a single story to share – I would call that aspirational.

Trevor is the CEO of a company that distributes goods to big box retailers. As I watched him struggle with naming his core values I reminded him how I have witnessed over and over how he has demonstrated caring for his employees. He recently interviewed a sales rep he really wanted to hire. The rep asked permission to snap a picture of the core values and shared that it was the values that made his decision to join the team an easy one – he was aligned with their values!

Teams often get stuck on getting the words just right. It might take a while to fine tune the wording but don’t let that stop you. That can come later. One of my personal favorites is Make Mama Proud.  Your mama would hate to see you on the front page of the Wall Street Journal for some nefarious deed! Too bad Enron missed that one.

Action to take to make core values come alive:

As employees congratulate some act of kindness, perseverance, an amazing customer experience or anything else they admire, send an email to them to honor them. Don’t stop there. Create a little book of emails and as you onboard new employees share that book with them. Usually new employees are immediately given the employee handbook, not what makes your organization a fabulous place to work.

Ask Yourself: Would you enthusiastically rehire all your stakeholders?

In answering this question for yourself, evaluate those that live your core values and at the same time are highly productive. If they do not live your core values, make them available to industry (i.e. fire them). If they do, but fail to be highly productive, first ask yourself if they are clear on the expectations for their position. Then coach them to be productive. They are worth saving. At every stage of your growth it is important to reevaluate your people. Having the right people in the right seats doing the right things is the most important ingredient for success. You can have the best technology and the best strategy but without the right people you will not be sustainable.

The second Core Ideology: Your Why, Your Purpose for Existing

Why does your organization exist? We all know that the purpose of business is to make money but that is not the right answer. There is some reason the business was started. There is some reason that you wake up every morning and keep on keeping on. Starting and growing a business is not easy – some days you might wonder why you stick with it. That’s your why or purpose for existing. Every member of your team should be able to deliver your why message.

Imagine an assembly line of people building rectangular glass boxes. You approach the assembly line and ask an employee what they are producing. The answer: I’m putting a door on this glass box. Then you approach another individual further down the line and get a completely different answer: with every door I put on this incubator, I save a baby’s life. Now which one of these answers gave you goose bumps?

Action to take to Find Your Purpose

If your purpose isn’t clear yet, ask every individual in your company to offer their opinion by secret ballot. See what they have to say and see which one of those gives you an emotional jolt. That’s what it takes. Watch Simon Sinek’s Start With Why TED talk for further inspiration. With more than 25 million views I can assure you it’s worth watching.

In summary:

Thinking about core values and purpose might seem soft. If you believe that alignment of team members is essential for success, then this is the place to start your foundation. Core values and purpose are the core ideologies that drive a company’s culture. Get it right, and you will have motivated loyal employees and a thriving organization.