Negotiation & Deal Structuring: BizBit #5 - Be Fair
If you've ever had someone pay you begrudgingly or with an unpleasant attitude you understand why being fair is very important in business. You can take a nice person, lock them into an unfair agreement and watch how the relationship deteriorates.
Not saying to give away the farm, but you really need to understand the value of what you're offering in exchange for what you take.
If you establish a reputation of being fair, business will happen more effortlessly for you.
Admittedly, fair is a subjective word. It still represents something to strive toward.
How is fair determined, you might ask. It's simple and boils down to what mothers have been telling their children for ages, "treat others as you'd like to be treated".
The result will be long lasting business relationships that are based on a solid foundation, with equitable exchanges.
H2B
www.youtube.com/How2Business
Friday, October 29, 2010
Wednesday, October 27, 2010
How To Business... Negotiation & Deal Structuring: BizBit #4 - Creating Value
Negotiation & Deal Structuring: BizBit #4 - Creating value
Whenever and wherever possible you want to create value for your clients and point out value propositions during negotiations.
Creating value does a few things; it builds trust, fosters a sense of collaboration and not competition while increasing your value in the eyes of the client.
All these aspects are essential to gaining the most productive outcome in your negotiations.
A little value will take you a long way....
H2B
www.youtube.com/how2business
Whenever and wherever possible you want to create value for your clients and point out value propositions during negotiations.
Creating value does a few things; it builds trust, fosters a sense of collaboration and not competition while increasing your value in the eyes of the client.
All these aspects are essential to gaining the most productive outcome in your negotiations.
A little value will take you a long way....
H2B
www.youtube.com/how2business
Monday, October 25, 2010
How To Business... Negotiation & Deal Structuring: BizBit #3 - Justifying Your Position
Negotiation & Deal Structuring: BizBit # 3 - Justifying Your Position
No one likes to hear "because I said so" and that's tantamount to what you are saying when you take a position in a negotiation without a solid, justifiable reason.
When you give a reason, your telling the other side I respect you enough to let you in on how I arrived at my decision. You also invite discussion regarding alternate ways around particular issues.
Consequently, the other side will feel obliged to extend the same courtesy to you and pragmatic reasoning will always help a negotiation go more smoothly.
H2B
www.youtube.com/how2business
No one likes to hear "because I said so" and that's tantamount to what you are saying when you take a position in a negotiation without a solid, justifiable reason.
When you give a reason, your telling the other side I respect you enough to let you in on how I arrived at my decision. You also invite discussion regarding alternate ways around particular issues.
Consequently, the other side will feel obliged to extend the same courtesy to you and pragmatic reasoning will always help a negotiation go more smoothly.
H2B
www.youtube.com/how2business
How To Business... Negotiation & Deal Structuring: BizBit #2 - Make The Other Side Feel Good
Negotiation & Deal Structuring: BizBit # 2 - Make The Other Side Feel Good
You might have heard the saying "you win more bees with honey", well it's true.
Being nice and listening will take you a long way, people want to work with people they like and can talk to.
Additionally, if you can truly understand what the other side needs and provide a plausible solution for them, inevitably you begin to work together as partners and not advisaries.
If you can accomplish this during the negotiating process the outcome will be a winning one.
H2B
www.youtube.com/how2business
You might have heard the saying "you win more bees with honey", well it's true.
Being nice and listening will take you a long way, people want to work with people they like and can talk to.
Additionally, if you can truly understand what the other side needs and provide a plausible solution for them, inevitably you begin to work together as partners and not advisaries.
If you can accomplish this during the negotiating process the outcome will be a winning one.
H2B
www.youtube.com/how2business
Thursday, October 21, 2010
How To Business... Negotiation & Deal Structuring: BizBit #1 - Managing Expectations
Negotiation & Deal Structuring: BizBit #1 Managing Expectation
Managing expectation is really what negotiating is all about.
For instance, when you walk into a car dealership all starry eyed and excited the salesman smells blood in the water. Conversely, when you walk in with price print outs from other dealers, some online stats, etc., you're telling the salesman you're in no hurry and he has work to do.
Guess who leaves with the better deal?
Understanding this important skill will take you a long way in business...
H2B
Managing expectation is really what negotiating is all about.
For instance, when you walk into a car dealership all starry eyed and excited the salesman smells blood in the water. Conversely, when you walk in with price print outs from other dealers, some online stats, etc., you're telling the salesman you're in no hurry and he has work to do.
Guess who leaves with the better deal?
Understanding this important skill will take you a long way in business...
H2B
Monday, October 18, 2010
How To Business... Unspoken Rules: BizBit #5 - Greed, The Dirty Deal Killer
Unspoken Rules: BizBit #5 - Greed, The Dirty Deal Killer
Greed, The Dirty Deal Killer...
100% of nothing is nothing and that's what you'll end up with when greed starts talking.
Learn to take bite sized pieces, a little success goes a long way and justifies a larger piece of the pie next time around.
Greed is based in having an inflated sense of self worth. Be realistic and ground yourself before reality does it for you.
Take one step at a time and don't be greedy.
H2B
Greed, The Dirty Deal Killer...
100% of nothing is nothing and that's what you'll end up with when greed starts talking.
Learn to take bite sized pieces, a little success goes a long way and justifies a larger piece of the pie next time around.
Greed is based in having an inflated sense of self worth. Be realistic and ground yourself before reality does it for you.
Take one step at a time and don't be greedy.
H2B
How To Business... Unspoken Rules: BizBit #4 - Don't Be Desperate
Unspoken Rules: BizBit #4 - Don't Be Desperate
Desperation...
Don't be... Desperation seeps through every pore and quickly sours any deal.
Even if you are feeling desperate and don't know where your next meal is coming from, learn to segregate, compartmentalize and focus on the task at hand. In all reality, you don't want the people you hope to do business with feeling sorry for you and you don't want their sympathy.
Favors and hand outs are for charity, if you want to do business step to the table and leave need and desperation behind.
Subscribe to our Free Business Channel - www.youtube.com/How2Business
H2B
Desperation...
Don't be... Desperation seeps through every pore and quickly sours any deal.
Even if you are feeling desperate and don't know where your next meal is coming from, learn to segregate, compartmentalize and focus on the task at hand. In all reality, you don't want the people you hope to do business with feeling sorry for you and you don't want their sympathy.
Favors and hand outs are for charity, if you want to do business step to the table and leave need and desperation behind.
Subscribe to our Free Business Channel - www.youtube.com/How2Business
H2B
Thursday, October 14, 2010
How To Business... Unspoken Rules: BizBit #3 - Be Careful Of The Coat Tails You Ride In On...
"Unspoken Rules" BizBit #3
Be careful of the coat tails you ride in on... "Birds of a feather flock together".
Whether this is true or not, in business perception is reality and if you're associating with an undesirable crowd expect to curry the same favor they get.
Ideally, you want to associate with people that are doing what you hope to do and share similar ethics, morals and value systems...you'll be better off in the long run.
www.youtube.com/How2Business
Until Next Time...
H2B
Be careful of the coat tails you ride in on... "Birds of a feather flock together".
Whether this is true or not, in business perception is reality and if you're associating with an undesirable crowd expect to curry the same favor they get.
Ideally, you want to associate with people that are doing what you hope to do and share similar ethics, morals and value systems...you'll be better off in the long run.
www.youtube.com/How2Business
Until Next Time...
H2B
Monday, October 11, 2010
How To Business... Unspoken Rules: BizBit #2 - Respecting Protocol & Developing Strategy
Biz Bit #2 Respecting Protocol & Developing Strategy:
Getting into a business clique or tribe may require some strategy and typically requires a connection or point person. It's important to maintain integrity and respect by making sure the person who provided the point of connection is taken care of, it's good manners and good business.
If you handle all of your contacts respectfully you will gain increased value from the group that they are connected to.
Even though no one says it, people pay attention to how you treat other people.
Learn more about strategy and protocol here: www.youtube.com/How2Business
or Click on our Video Links in our Blog.
H2B
Getting into a business clique or tribe may require some strategy and typically requires a connection or point person. It's important to maintain integrity and respect by making sure the person who provided the point of connection is taken care of, it's good manners and good business.
If you handle all of your contacts respectfully you will gain increased value from the group that they are connected to.
Even though no one says it, people pay attention to how you treat other people.
Learn more about strategy and protocol here: www.youtube.com/How2Business
or Click on our Video Links in our Blog.
H2B
Sunday, October 10, 2010
How To Business... Unspoken Rules: BizBit #1 - Cliques & Tribes
Unspoken Rules: BizBit #1 - Cliques & Tribes
In business there are many unspoken rules, things you don't learn in school but heavily affect the way we do business.
It's human nature to gravitate toward people with shared similarities. Before civilization there were tribes, in high school there are cliques and in colleges there are fraternities and sororities so in business you can expect more of the same.
On one hand it can seem like common sense, on the other if you don't understand that these groups do exist you could find yourself making slow or no progress in business....on the outside looking in.
Learn more about Cliques & Tribes here: www.youtube.com/How2Business
*Or Check out our video links posted on our blog.
H2B
In business there are many unspoken rules, things you don't learn in school but heavily affect the way we do business.
It's human nature to gravitate toward people with shared similarities. Before civilization there were tribes, in high school there are cliques and in colleges there are fraternities and sororities so in business you can expect more of the same.
On one hand it can seem like common sense, on the other if you don't understand that these groups do exist you could find yourself making slow or no progress in business....on the outside looking in.
Learn more about Cliques & Tribes here: www.youtube.com/How2Business
*Or Check out our video links posted on our blog.
H2B
How To Business... Introduction
Welcome to the How To Business Blog. Each week we will be posting new bits of information called "BizBits" that are designed to help entrepreneurs along their path to success.
Our goal is to share advice and experience hoping to help others accomplish their dreams and goals a little bit quicker.
When I first got into business things really weren't that clear. I bumped around in the dark learning lessons through hard experiences. Opportunities that seemed easy to navigate and should have been" plug and play" became extremely elusive when I got under the layers.
As they say hind sight is 20/20, I now have a much better understanding as to how and why these things in business happen and would like to share some insight.
Hopefully you'll find it helpful.
H2B
Our goal is to share advice and experience hoping to help others accomplish their dreams and goals a little bit quicker.
When I first got into business things really weren't that clear. I bumped around in the dark learning lessons through hard experiences. Opportunities that seemed easy to navigate and should have been" plug and play" became extremely elusive when I got under the layers.
As they say hind sight is 20/20, I now have a much better understanding as to how and why these things in business happen and would like to share some insight.
Hopefully you'll find it helpful.
H2B
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