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Category: Skills

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Best Practices Body Language Entrepreneurship Human Resources Management Marketing Negotiations Sales Skills Women In Business

What Scares You?

“Sometimes, your imagination scares you. To assess your fears, check your unchecked thoughts.” -Greg Williams, The Master Negotiator & Body Language Expert

“… The thought of that scared me. My focus was on what others would think if I failed.” An executive manager of a major international corporation spoke those words. I suggested that he shift his paradigm from thinking about failure, and what others would think, to one more positive.

Have you ever considered what scares you? While you might be frightened of some things, they may be the doorway that leads to greater opportunities. There are things that you should shy away from. Therefore, I’m not suggesting you go head-first into everything that scares you. Instead, reflect on the benefits that might reside within your fears.

Consider the following thoughts when assessing how, whether, and when you should embrace things that frightened you.

Identify what scares you:

Before you can address your fears, you must identify them. You should also identify why you’re lending legitimacy to them. In identifying them, note their origins. Do they stem for a hurt you experienced in the not too distant past, or do they stem from some further hidden source? The better you are at identifying the source of what scares you, the better you’ll be at assembling a plan to deal with those fears.

Assessment:

While assessing the source of your fears, assess if it’s something that you should rightfully be afraid of. Fear can serve as a warning. Thus, there are some things that you should avoid. In your assessment, label what’s real and what’s imagined when it comes to what scares you.

Imagination:

When we were kids, we dealt with things that frightened us by using imaginary forces. We even created imaginary friends. The point is, we used our mind to help us live in the reality we wanted for ourselves. We can still use our mind for that purpose. When confronting what scares you, imagine what will happen when you overcome your fear by addressing the thing that scares you. Imagine you’re receiving accolades for doing so. Now, how does that make you feel? It should make you feel good. After all, you’re only imagining it, which means, you’re in complete control … as you are always.

You can find motivation from the above thoughts and allow them to move you to action. Or, you can choose not to address your fears. But If you’re serious about achieving greater success in life, you must commit to challenging the things that jeopardize that success, that which scares you. After making that commitment, your life will instantly be on a straighter road to success … and everything will be right with the world.

What does this have to do with negotiations?

When negotiating, the fears of adopting one position versus another may cause you angst. But if you’ve considered the unexpected offers that might occur beforehand you will have planned on how to address them. That should allay your fear.

Nevertheless, if you’re caught by a scary situation, don’t show it through any body language and/or nonverbal signals (e.g. mouth agape, widened eyes). You don’t want the other negotiator to sense his momentary advantage. Instead, go into quandary body language display mode (e.g. hand on chin head cocked to one side, or chin resting in hand and on side of face). This action will give you time to think, while the other negotiator wonders what you’re thinking about. If you display a cunning smile while doing so, you may evoke fear in him.

Remember, you’re always negotiating!

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 “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

#Fear #scare #Emotion #Business #Progress #SmallBusiness #Negotiation #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions

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Best Practices Entrepreneurship Investing Management Marketing Negotiations Sales Skills Women In Business

Negotiator – How To Be Smarter About Risk Assessment

“To abate risks better, deal with those that pose the greatest threat to your goals first.” -Greg Williams, The Master Negotiator & Body Language Expert

What do you consider when thinking of risk assessment? Do you think about the impact that your past will have on it? Do you consider the same about the person you’ll be negotiating against? There is a multitude of things to consider. Doing so before the negotiation will make you a smarter negotiator. Before your next negotiation, mull over the following insights when pondering how to be smarter about risk assessment.

Gains versus Losses:

Sometimes, people become caught up in the moment. They forget to weigh their potential gains against their potential losses. Losing track of such mindfulness can leave you wondering why you engaged in such folly, once you’ve returned to a clear state of mind.

When assessing risk, know what you’re assessing as it relates to your larger goal. Don’t place yourself in a position where you make a tradeoff or offer, get it, and then discover that there’s an unintended cost for the acquisition. If a request is too costly, it may behoove you not to enter the bidding. A risk matrix can assist in that avoidance.

Risk Matrix:

You can use a risk matrix chart to assess the probability of an outcome in a negotiation. That will help you uncover any hidden risks that you may not have considered. Based on what you know of the other negotiator, you can assess the probability of how he’ll act/react to certain offers and counteroffers. Thus, you might have your offers and potential counteroffers plotted on one scale and markers denoting the probability that he’ll respond in a certain way on the other (e.g. strong possibility, likely, maybe, low probability, not likely). Then, weight each category (e.g. 85-100%, 65-85%, 45-65%, 25-45%, 0-25%, respectively). Of course, your risk matrix will only be valid to the degree your assessment of the other negotiator is accurate. If it’s not you’ll have garbage in, garbage out.

Ploys:

  • Lead/Led – Ask the other negotiator for his thoughts and inputs on matters that you’re unsure about his thoughts. By obtaining his thoughts you’ll gain insight into how he’s thinking. The bonus of that will be of him having the appearance that he’s leading the negotiation. That will also assist your efforts in decreasing the risk that the negotiation might go into unseen and unsuspected areas.

 

  • Offers – Don’t make offers that would demean or insight the other negotiator. You don’t have to tread so gently that he begins to press you on issues. instead, find the balance between the point of leading and following and know when to commit to either.

 

  • Anger – When thinking of the strategies you’ll employ in the negotiation be leery of using anger. There are potential hidden risks involved when you anger someone. They can become unpredictable, which means not only would you demean the validity of your risk matrix, you might do irrevocable harm to the negotiation.

 

Suffice it to say, the fewer variables you can account for when negotiating the stronger your negotiation position will be. That will lead you to be smarter about risk assessment … and everything will be right with the world.

Remember, you’re always negotiating!

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 “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.TheMasterNegotiator.com/greg-williams/

#Risk #RiskAssessment #Negotiate #Negotiations #bodylanguage #Negotiator #Business #Management #SmallBusiness #Money #Negotiating #combat #negotiatingwithabully #bully #bullies #bullying #PersonalDevelopment #HandlingObjections #HowToNegotiateBetter #CSuite #TheMasterNegotiator #psychology #NegotiationPsychology

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Best Practices Entrepreneurship Human Resources Management Marketing Negotiations Sales Skills Women In Business

Do You Know What Really Makes You Happy?

“Happiness is your state of mind that only exists when you think it does.” -Greg Williams, The Master Negotiator & Body Language Expert

One day you’re up. The next day you’re down, and so the yo-yo goes. Maybe the ups and downs are not daily, but it occurs to a degree in everyone’s life. Do you know the frequency of your ups and downs? Do you know what really makes you happy?

There’s a reason you should take account of your happiness quotient. It’s the doorway to accomplishing greater achievements. It’s also the doorway that leads to the perception of you leading a better life.

Consider the following insights to note your degree of happiness, what sparks it, and what might cause it to decline.

Self-Psychology:

Know the triggers that lead to happiness and unhappiness. Those two boundaries will be your guardrails that trip your inner silent alarm. Even if you encounter an abundance of happiness, sensitize yourself to how it occurred. You can use those stimuli to acquire greater happiness. That will serve as a motivator to spur you to higher heights. The point is, know what motivates you to stride forward faster and you’ll be more aware of how to do so.

Happiness:

Everyone has a slightly different definition of happiness. To understand the impact that happiness has on you, define what it means to you. Not doing so subjects you to the whims of life’s occurrences. You’ll relinquish control to those dictates and they, not you, will determine when you’re happy and when you’re not.

Unhappiness:

In my writings, presentations, and trainings, I’ve suggested to people worldwide that they note what makes them unhappy. Some have responded by saying, “why would I focus on negativity – that’ll only serve to make me unhappier”. Think about that for a moment. If you didn’t know what a hot stove felt like, you’d be more likely to touch it and get burned. How many times would you want that to occur? The point is, yin and yang are the boundaries of happiness. And unhappiness is the yin in that equation. The more you’re aware of what makes you unhappy, the more clarity you’ll have about how to avoid it.

Friends:

There are some things that we’re more passionate about than others; longtime friends can fall into that category. While some longtime friends can provide a form of happiness, you should be aware of the impact they have on other aspects of your life. In some cases, their views and opinions may no longer support the goals you’re seeking to achieve. If that’s the case, know the value that they add to your happiness quotient. You don’t have to discard them, just appreciate them for the value they add to your life from a different perspective.

What does this have to do with negotiations?

The degree of happiness you experience when negotiating will impact your degree of engagement. Happiness is an unseen ally that’ll allow you to think more clearly from which greater ideas will flow. It will also serve as the tool that unlocks your ability to make better offers and counteroffers.

The more you’re aware of what ignites your degrees of happiness when you’re negotiating and how to temper unhappiness, the better you’ll be when negotiating … and everything will be right with the world.

Remember, you’re always negotiating! 

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 “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

#Happy#Success #Emotion #Business #Progress #SmallBusiness #Negotiation #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions

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Best Practices Economics Entrepreneurship Leadership Marketing Sales Skills Technology

Trends for Every Salesperson

Every profession goes through changes, especially sales. A certain sales technique may have worked in the past, but that doesn’t mean it’ll work today. To be a top-performing salesperson today and in the future, you must continuously adapt to both market and social conditions.

There are several new business trends taking place—all of which affect salespeople in every industry. Understand what the trends are and how to maximize them so you can maintain a successful sales career.

Your Past Success Will Hold You Back

People who are in sales long-term tend to be successful. However, success is your worst enemy. Being at the top and doing well means you’re just trying to keep up and meet demand. You’re not looking at future opportunities because you’re busy reaping the rewards of current ones. The old saying “If it isn’t broke, don’t fix it” should be reworked today to state, “If it works, it’s obsolete.” If you just bought the latest device, odds are that the newer, better version is already in existence and about to be released to the public. We must evolve to stay ahead of rapid obsolescence in business.

Technology-Driven Change Will Dramatically Accelerate

While it’s human nature to protect the status quo, you have to understand that technology is changing the future, customers’ behavior, and your company’s reality. If you don’t change, you’ll be out of a job. As a salesperson, you need to embrace change wholeheartedly rather than resist and hold tight to the past. Spend some time thinking about where these impactful changes are headed. Change causes uncertainty in customers’ minds, so you bring certainty to them when you display confidence in change.

Time is increasing in value

Time is becoming more important to people because we have an aging demographic of Baby Boomers in the United States. Time gets more valuable as you get older because you have less of it. The world is more complex, with much more for people to do with their time. With so much going on, everyone is increasingly strapped for time. As a salesperson, make your customers feel that talking to you is actually saving them time. The list of time wasters is virtually endless, and these hurt your sales and profits. Prove that you’re a time saver and people will choose you over the competition.

We’ve Shifted From the Information Age to the Communication Age

Many salespeople rely on static marketing tools like company websites, flyers, and sales letters. These methods are a one-way interface. The better way is to have your sales messages be dynamic. For example, you could have a contest that encourages people to go to your site and enter. Instead of just telling people to buy your snack product, you can encourage customers to go online and vote for the next new flavor, getting them involved. The key is to generate communication, engagement, and involvement through your sales and marketing efforts. Don’t just hand out information; you want to listen, speak, and create dialogue to capture your prospects’ interest.

Solutions To Present Problems Are Becoming Obsolete Faster

Almost every salesperson has been told to be proactive by taking positive action. Unfortunately, you must wait and see to know if a certain action is positive. Instead, be pre-active to future known events. You need to look at your customer segment and identify what types of events you are certain they will experience, and focus your actions on what will be happening rather than on what is happening. Being pre-active also means that you change the way people think. When you put out a new product, it takes a while to catch on because you’re not actively changing the way people think about how the product can be used. Constantly educate your customers on the value you and your products or services offer.

The Value You Bring Today is Forgotten Faster

Sell the future benefit of what you do. Most salespeople sell the current benefits to customers who already know what they are. Your goal as a salesperson should be to establish a long-term, problem-solving relationship with customers, not a short-term transaction. Your most profitable customer is a repeat customer, so help them realize the long-term benefit of your partnership. Show them how the products and services you offer will evolve with their needs by selling the evolution of your products and services. Sit down with your fellow salespeople to create a list of future benefits that you have for your customers, and then get an idea of where the product and service developers are heading to think of future benefits preemptively.

Sales Success for the Future

The more you understand and adapt to today’s current business trends, the better your sales will be—today and in the future.

Are you anticipating future trends in your sales career? If you want to learn more about the changes that are ahead and how to turn them into an advantage by becoming anticipatory, pick up a copy of my latest book, The Anticipatory Organization.

Pick up your copy today at www.TheAOBook.com

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Best Practices Sales Skills

You Need Both: Sales Process AND Sales Methodology

In the sales performance space, there are those who think sales process and methodology are the same thing, and those who realize they’re different. If you couldn’t tell which side of the debate I’m on, they’re different, and do different jobs.

Some of the confusion is that both are kinds of process, although methodology isn’t always as predictably sequential.

Process:  Selling Activities.

The term selling process refers to the actions a selling organization takes along its selling journey. These steps might include (but might not be limited to):

  • Prospecting
  • Qualifying
  • Needs Analysis
  • Demonstration
  • Proposal
  • Negotiation
  • Close and Implementation.

When these are detailed sufficiently, people throughout the selling organization know what deliverables they need to support the process at what times, what documentation is expected, what resources are typically required, and much more.  Process grows into a “playbook”.

Notice that these are seller-centric activities.  Once your company builds its sales process, this are a great way to track an opportunity pursuit through your funnel or pipeline.

Today’s CRMs are mostly built around processes.  They usually come with a generic process provided, and one of the first thing a company needs to do is define their process in that CRM.  Manager dashboards will also be boilerplate at first.  It’s commonplace to track selling activities like calls made, emails sent, lunches bought, demos scheduled, and more.  Once you have management reports and analytics defined and refined, sales managers can track a lot of activities really efficiently.

There is one thing missing from sales process:  the customer’s buying process.  Tracking only selling activity fulfills the great promise of  CRM when:

  • All customers buy the same way
  • Every customers is equally engaged
  • All customers have the same needs
  • Customers respond equally to the same “value messages” (a term I really disrespect.I’ve blogged on this before, and am likely to do so again in the near future).

Every sales professional knows what doesn’t happen when they keep churning through a sales process while a customer has not progressed through a buying process.  Methodology solves for that.

Methodology: Selling Behaviors (which engage a buying process.)

Sales methodology consists of trainable, coachable, trackable selling behaviors that engage a customer in a buying process.

It’s easy to measure process, like number of telephone dials (especially with CRM/phone system integration). Measuring number of quality conversations is hard.  Don’t do either in isolation.

Ironically, I hear sales leaders tell anyone who will listen that they need to measure quality and not quantity…while looking at sales process analytics.  The reason that they’re achieving the results they may be because they’re measuring activity.

Methodology…behaviors…keeps the sales process aligned with the buying process.  Methodology behaviors might look like (but might not be limited to):

  • Understand the buying process being used
  • Understand all of the buying personas.
  • Planning and executing meeting plans to uncover all needs, all desired outcomes, and the value of all of those outcomes to the various personas.
  • Building a case for change, including adding personas where your value warrants.
  • Cultivating internal support for a proposal.
  • Aligning demonstration, then proposal points to persona outcomes.
  • Building the value case
  • Facilitating any customer change management, and setting implementation up for success.

Because every customer buys differently, methodology tends to be less rigidly sequential.  The customer buy process drives methodology, but should generally track with a well-designed (that is, customer-centric) selling process.  For example, change management appears prominently near the end of a sales process, but methodology should have uncovered individual persona outcomes and developed supporters of the change all through a pursuit.

Process vs. Methodology:

 First, I should point out that by “vs.” above, I don’t mean that there is an either/or choice.  You need both.  The “vs.” is because I want to contrast the two to show why you need both.

Process vs Methodology Table

Process organizes and orchestrates the complex web of selling organization activity around selling and delivering the company’s offer.  Methodology organizes the selling organization’s effort to facilitate a customer buying decision.

Sales process is measured by activities, which can be measured by any current CRM system I’ve ever heard of.  Methodology is about selling behaviors; only a few exceptional CRMs track behaviors, although most can be modified to do so.

Sales process, as simple activities, can generally be learned and mastered via a straightforward “knowledge transfer” class of training.  Methodology involves behavior change, and requires some element of coaching to lock in behavior change.

Process adoption and compliance results in selling efficiency, whereas methodology focuses on building customer-perceived value of your offer.  Great methodology drives customer value, which makes selling more effective. Efficiency and effectiveness can both drive up sales, but in different ways.  Efficiency might mean churning more prospects through a low close-ratio process each month.  Effectiveness could mean increasing the close ratio.  They aren’t mutually exclusive. They are synergistic.

Don’t Confuse the Two.  Don’t Limit Yourself to Either/Or.

I hope that you found this compare and contrast article useful.  Process and Methodology are both worthwhile pursuits. I help clients with both, and they feel different.  Please comment below, or contact me directly if you have any detailed questions.

To your success!

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Best Practices Body Language Entrepreneurship Investing Management Marketing Negotiations Sales Skills Women In Business

Do You Know When You Are On A Strong Peak?

 “Never view yourself as having peaked in life. There’ll always be other peaks to take you to higher points.” -Greg Williams, The Master Negotiator & Body Language Expert

Athletes know it, do you? Do You know when you are on a strong peak? A strong peak is different than a molehill. It’s when you are really at your best. It’s also important to distinguish when you’re at that point because to get there again, you must know how you achieved it.

Throughout our life, we peak and then we rest. During times of rest other occurrences beckon for our attention. Sometimes, instead of answering the call, we revel in our accomplishments and rightfully so. That’s not a bad thing. Because, during our respite, we re-energize ourselves, which prepares us for the conquering of our next summit.

It’s very important to note how we engage in the ups and downs that occur in our life. There are lessons of growth contained in those situations. One thing to remember is, when you’re down, you must get up. There’s always another peak waiting for you to conquer. When you’re up, know that it’s temporary. There will be higher peaks to reach.

The more you can use your mind to continuously strive to go higher in life, the higher you’ll go. Even when there appears to be a limit on your upward mobility, view it as being temporary. Until you die, you’ll always have the power to climb higher. Be you infirm, afflicted, or ridden by the doubt of self-disappointment, if you wish it to be and work hard enough to bring it to fruition, you can always climb to a higher point. Leap if you must from one peak to the other, that’s okay too. You’ll be seeking what awaits you at a higher level. Thus, dread not when you’re not at your strongest. Fear not when you’re encompassed by weakness. When you’re down, if you don’t give up, you’ll be able to climb up, up to higher heights … and everything will be right with the world.

What does this have to do with negotiations?

You’ll go through many mental peaks and valleys in a negotiation. When you sense you’re at a peak, note the offers, counteroffers, and strategies that served as your deliverer.

In every negotiation, you should be aware of where you and the other negotiator are mentally. Body language and other nonverbal signals will allow you to glean some insights (e.g. lack of sharpness, the way offers are viewed per what’s said, pondering too long, etc.). The point is, if you’re not alert, that might be an indicator that you’re not at a strong peak in the negotiation. Take heed of such positions. You’re more likely to make mistakes; the same is true of the other negotiator. There’s the opportunity for you to climb to a higher peak if the latter is true. But you’ll miss it if you don’t recognize the opportunity for the value it contains (i.e. knowing when you’re on a strong peak). Pay attention to such opportunities and greater rewards will await you at higher peaks.

Remember, you’re always negotiating!

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 “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

#Peak #Success #Emotion #Business #Progress #SmallBusiness #Negotiation #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions

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Best Practices Entrepreneurship Investing Management Marketing Negotiations Sales Skills Women In Business

Avoid Bias Mistakes – How to Negotiate Better

“Biases are motivators that move us to action. Be aware of those that serve you and those that don’t.” -Greg Williams, The Master Negotiator & Body Language Expert

Negotiator #1 – “I knew they’d back out of the deal. All of them negotiate like that.”

Negotiator #2 – “As I was negotiating with those guys, I knew I’d have to back out of the deal. They never negotiate fairly.”

In the above situation, neither negotiator was aware of their bias. The absence of that mindfulness brought unrecognized pressures on the negotiation. Each negotiator made mistakes because of it. It was also the reason the negotiation fell apart. Are you aware of your biases when you negotiate?

To negotiate better, note when you might possess the following bias mindset.

Cognitive:

These are biases that you’re aware of. They can easily slip your mind when you negotiate. It’s like breathing, automatic. The potential danger arises when you negotiate in an automatic mode and having this bias unknowingly directing your actions. To address it, be aware of what you’re aware of. Don’t shrug off a thought too lightly because you think you’ve addressed it. The more aware you are of how you feel, the better you’ll be at identifying why you feel a certain way.

Unconscious:

To be unconscious of anything is to be unaware of it. In a negotiation, when you’re unaware of a driving force, unconscious biases may be the source. To combat this possibility, note the source of your emotional sensations. Identify if you’re fearful, elated, expectant, or cautious. Then, note if it stems from a visual, kinesthetic, or auditory source. Doing that will sensitize your emotions to your state of mind. That will alert you to the realities of what’s motivating your action.

Culture:

It can be risky to lump everyone from the same culture into the same category. People are individuals with their own perspective of reality. The more you view someone as an individual, the greater the chance to see that person for the unique qualities they possess. Negotiating with them on that bases will enhance the opportunity to connect with them at their level. That will lead to better understandings about why they negotiate in a particular manner, while you help them obtain what they seek from the negotiation.

Bullying:

Some people bully others and some are just tough. Based on what you’ve experienced in life, you may deem someone a bully when negotiating. The person may just be a tough negotiator. There’s a difference in those personality types. Be very cautious about how you brand someone when negotiating. Because, the way you brand them will affect the way you view them, their actions, and the way you negotiate with them.

Confirmation:

We see what we expect to see. That affects our perception. Realize that your perception of reality won’t always be right. That should cause you to pause when you think, “I know he’s like ‘x’. Everyone in his group is just like that.” When making broad assumptions, be aware that anything which seemingly supports your beliefs may serve as confirmation about those beliefs. The truth may lie further from reality than you think. Don’t conflate like-appearing assumptions that should be thought separators.

The more you’re aware of the biases you carry into a negotiation, the less mental baggage you’ll have. Being aware of that fact and heightening it in the negotiation should lead you to greater negotiation outcomes … and everything will be right with the world.

Remember, you’re always negotiating! 

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 “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.TheMasterNegotiator.com/greg-williams/

#Bias #Mistakes #Avoid #Negotiations #bodylanguage #Negotiator #Business #Management #SmallBusiness #Money #Negotiating #combat #negotiatingwithabully #bully #bullies #bullying #PersonalDevelopment #HandlingObjections #HowToNegotiateBetter #CSuite #TheMasterNegotiator #psychology #NegotiationPsychology

Categories
Best Practices Growth Skills

Solve Business Problems with What You Already Have

Recently, we had the pleasure of speaking to the Aalto Fellows, some of the top students from Finland’s Aalto University. We spoke to them at Stanford University for their entrepreneurial tour in Silicon Valley. We were most impressed that this group was organized and funded by the students themselves! What a great way to get a sample of real entrepreneurship!

By the time we spoke to them, they had already heard a bunch of entrepreneurial stories from the best of the best Silicon Valley has to offer. They heard from a lot of the entrepreneurial academics about what it takes. We also knew that the VCs who “created” the Valley spoke to them about what they look for in their own prospective projects. So what could we tell them that was different, fresh, memorable, and practical?

Most companies they had visited were successful VC-funded “unicorns”. They were given tons of resources and assets from the very beginning. They had to give quite a bit of their equity in the beginning, of course. And nobody ever talks about the 19 failures for every 1 unicorn.

Is it really possible to pull up your business by the bootstraps when you’re under-financed? Is there a way to learn how to solve challenges without copious resources? We think so. This is what we had to do, and it’s what most startups can benefit by.

When you’re undercapitalized and running out of runway, you’re forced to get creative and resourceful. You must learn quickly how to work with creditors in such a way that they’ll extend your terms, rather than putting you on a cash basis.

Sure, anyone can be resourceful. Use a door as a desk and a laundry room for an office, just like we did. Yes, you could trade for goods and services, and hire your family to help, like we did. This only goes so far, though. Eventually, you’ll need help with finances in some way. As for us, we found that help in three crucial relationships.

  1. Our Vendors

We evaluated our accounts payable, and we quickly realized that the glass company had the most at stake in our business. The more products we sold, the more bottles they sold us. Yes, that’s right; the more they’d sell, the more money they’d make! They were naturally a strategically, but only if we could convince them to trust us.

We decided we would meet with them on a quarterly basis to discuss our challenges and future plans. We were empathetic about their concern that we wouldn’t pay them in a timely fashion. When our cash flow predicted that our payment would be late, we let them know way ahead of time. We came up with a payment plan that would make our account current, and we always followed through!

Then, they were more comfortable extending terms. This allowed us to expand nationwide without needing to raise extra money. This is a perfect example of how to use soft skills to earn hard cash!

  1. Our Employees

 We depended on our employees to innovate, problem-solve, and stay loyal and excited about our company. Instead of putting them on a need-to-know basis, we put them on a know-the-need basis. We thought they won’t be able to help us if they don’t know what our needs are!

At one point, we had a serious issue. The good news: We got into a huge Florida chain store. The bad news: Like all new products, we were put on the bottom shelf, where nobody looks. The scary news: If we couldn’t go through 100 cases in 90 days, the chain would kick us out—FOREVER!

An employee of ours joked around and said, “Well, we’re ‘Barefoot’, we’ll just go after the foot traffic!” We all laughed. But then another employee chimed in, “Wait a minute, that’s not such a crazy idea, why don’t we just put decal footprints down the wine aisle and turn them into our position on the bottom shelf?” We went on to use those footprints all over the US. And it was our receptionist who came up with the idea!

  1. Our Buyers

 Distributors and retailers were the buyers in our business. The retailers wouldn’t buy unless their customers bought, and the distributors wouldn’t buy unless the retailers bought. Many VC-financed businesses put a huge sum of money into advertising to bring customers to retailers.

But we didn’t have any money for advertising. We were terrified at first that our product wouldn’t be able to move fast enough for the retailers, because nobody knew about our brand.  Then, we got a phone call from a community group looking for donations for a playground. Since we didn’t have any money, we gave them our wine in hopes they’d possibly use it at their fundraiser to loosen up some pockets, or maybe they could auction it off. We were surprised to see our sales take off in their neighborhood.

We tried the same thing in another area. It worked! We tried it in a whole other city. It worked! And it worked extremely well. So well that we took Barefoot nationwide without ever using commercial advertising. Because we were empathetic toward our customers, they had a social reason to choose our products.

Conclusion:

These strategies might not work for everybody. Every company is unique. But there’s a golden thread that is woven through each of these examples, and it’s applicable to any business. It could reduce your need for extra funds. It can empower and inspire your people, reducing turnover rates. And it can bring you the customer base you need to get a positive cash flow and more. Empathy is that gold thread. The more often you use it, the less financial help you’ll need.

We are thrilled to announce that our forthcoming audiobook is soon to be released, on this exact subject.

  • Unlike most business books that discuss companies with a lot of resources, our book will focus on the true beginning of the Barefoot brand—a real testimony to resourcefulness and empathy.
  • Unlike most business books that give list after list textbook style to tell you what to do, what not to do, and the 5 things your customer wants from you, our book will include a series of stories created to inform and entertain.
  • Unlike most business books that feature a monotonous narrator, the characters in our book will be voiced by real actors, bringing each story to life as you listen.

If this book sounds fun for you, check it out at www.barefootaudiobook.com.

For more, read on: http://c-suitenetworkadvisors.com/advisor/michael-houlihan-and-bonnie-harvey/

 

 

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Body Language Human Resources Management Marketing Negotiations Sales Skills Women In Business

Do You Hear What I’m Thinking?

“Delivered succinctly, your thoughts are accurately conveyed. Delivered unsuccinctly, and your message can get lost in a morass of confusion”. -Greg Williams, The Master Negotiator & Body Language Expert

How many times do you catch yourself not saying exactly what you’re thinking? You say one thing and the meaning becomes altered by what you emit. Okay, did you catch that? The intent was to state, … by what you omit. Such nuances can leave the receiver of your message confused about its intent. We omit complete thoughts at times because we’re not focused on what we say or write.

The following are two points to consider before communicating with others. They’ll help you communicate more effectively.

Know your environments.

Some people get tongue-tied due to their environment. They experience self-pressure because they want to perform better. That’s usually due to how they think they’ll be perceived versus how they wish it to be. Recognize that something is occurring that makes you feel unsafe in those environments. It may stem from the people in it or the environment itself (i.e. glitzy, downtrodden, etc.).

Prior to your entry, identify how you want to convey your thoughts, what might prevent you from doing so, and what you’ll do to become unstuck if that occurs. Having plans in place to move from one mental environment to another will allow you the mental dexterity to place your mind at ease and focus on the message you want to deliver.

Know your mental peaks.

Everyone has times in the day when they’re more mentally alert. Do you know yours? More importantly, do you know what times are best for the important communications that you’ll have?

When you’re at the ‘top of your game’ note how you got there. Is it something someone says that ignites it? Was it the exercise regimen you engaged in. Was it due to a lack of fatigue? Knowing the answers to these questions and others will allow you to identify when you’ll most likely be at your mental peak. When possible, choose those times to engage in more important communications.

When you communicate, whether in writing or verbal, there’ll be times when you don’t communicate succinctly. The better you become at identifying those times, the more alert you’ll be about their occurrence. That mindfulness should allow you to prepare better for the encounter, which should allow you to communicate better … and everything will be right with the world.

What does this have to do with negotiations? 

Every negotiation involves communications. It’s in the form of what you say and how you say it. Thus, as offers and counteroffers are exchanged, the words used to convey their sentiment impacts the perception of the offer. Therefore, if you don’t represent your thoughts appropriately, you’ll decrease the chance of communicating effectively. That can lead to a hellish negotiation.

In every negotiation, plan what you’ll say and the body language you’ll use when imparting your message (e.g. moving closer when offers are appealing – away when they’re not, hand supporting chin to reflect contemplation, hands pushing away to signal disdain for the offer, etc.). The more aligned your body language is with your message, the more your message will appear believable. Even if your full thought isn’t conveyed, the body language that accompanies it will add an extra dimension to the message.

Remember, you’re always negotiating! 

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 “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

#Communication #Success #Emotion #Business #Progress #SmallBusiness #Negotiation #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions

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Best Practices Entrepreneurship Human Resources Management Marketing Negotiations Sales Skills Women In Business

Negotiate More Effectively by Knowing How to Act Better

“Everything in life is an act. And you’re the actor on the stage of your life.” -Greg Williams, The Master Negotiator & Body Language Expert

Do you plan how you’ll #act when you #negotiate? What #role do you decide you’ll play? Knowing the right role to display will allow you to negotiate better. You can’t predict every circumstance you’ll encounter in a negotiation. But the better prepared you are, the better your act will be.

Your act:

Everyone plays a role when negotiating. And, your role should align with how you wish the other negotiator to perceive you; that’s your act. You should not view it as bad or inauthentic; it’s an act. If it’s misaligned, you run the risk of weakening your position. As an example, you shouldn’t become a bully if you’ve been playing the role of someone that’s helpful. That would be a misalignment.

Consider the following and keep in mind that you can morph from one act to another. Just be sure there’s an easily perceived reason for doing so.

Nonchalant

You can adopt this act to project a ‘no-care’ attitude (i.e. if it happens, fine – if it doesn’t, fine). You might employ this demeanor when you wish to confuse the other negotiator about your real interest in what he’s offering. Make sure not to become unmasked by being too deep into the role. Because a fleeting offer may disappear before you can shift acts.

Defiant

“I won’t accept that offer under any circumstances!” Be cautious when adopting this act. It can leave you in a position that’s difficult to retreat from. While this can be a good tactic, if it’s overused and you must concede, you’ll be weaker throughout the rest of the negotiation.

To combat the perception of being in a weaker position, consider feigning momentary hopelessness. It’ll lend credence to your act. But you must attempt to regain your defiant act, be it from a less entrenched position, to regain your position. You’ll only be able to use the hopelessness ploy once, twice if you’re overly convincing. So, be mindful of how and when you employ it. If you do so too early in the negotiation, you’ll lessen its effect later. If you do it too late, you’ll bring additional scrutiny upon your act.

Helpful

Most people like helping people. It’s a characteristic that’s pleasing. It’s also a characteristic that some people despise. Thus, you must know when to be a helpful actor and when to drop the act.

Dominant negotiators, the bullying type, tend not to want help. They already know what’s good for the negotiation. From their perspective, your insights will only hinder the process.

Invoke the helpful act with collaborative negotiator types. They seek input to promote win-win negotiation outcomes. To better effect this act, consider when you’ll lead and when you’ll follow. To follow, ask the other negotiator for her opinion. Then, build on it. To lead, present a non-threatening offer and ask your collaborator what she thinks of it. Build on what she says.

Dominant

Most people don’t like to be dominated; it places too many restrictions on them. Nevertheless, acting dominantly versus someone that’s savvy and in control can have its benefits. The difference lies in whether you’re perceived as being overbearing, strong-willed, or just knowledgeable. To effect this act, attune yourself to the other negotiator’s perception. There can be hidden value in this role. Knowing how to uncover that value makes it more valuable.

The stage you’re in, in the negotiation, should direct how you act. Like a good director, if you time your actions appropriately, your actions will be more believable. That will lead to more winning negotiation outcomes … and everything will be right with the world.

Remember, you’re always negotiating!

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 “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.TheMasterNegotiator.com/greg-williams/

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