Know when to hold ’em – Know when to walk away!
Smart business people and poker players have a tremendous knack of knowing when to simply walk away. Sometimes it’s difficult to determine. As an executive, you work hard to make every deal a good one for all parties. The thought is just one more conversation, overcoming the last objection and it will be signed on the dotted line.
There are steps to ensure that a business transaction is successful and ends on a positive note. Chris Alexander, Synergy Executive Education, explains there are simple ideas that will ensure success.
Preparation is key. Do your homework in all areas. Have a strong mental, physical and strategic plan.
Many people don’t plan. Why? . . . to make sure they don’t fail.
An excellent point, Chris Alexander in his book, Synergy Strategic Planning -A Blueprint for Organizational Planning and Execution, points out, that most of the time people do not think things through enough.
Successful planning begins with a clear understanding of the required goals and objectives. Smart business people know when to walk away from a deal that does not meet the objectives.
Maintaining your objectivity is of immense value in resolving differences of opinion.
A lack of communication will break down trust, and respect.
As with any project, start with the small agreements. Look for something to agree on, you can always agree on something. Small agreements, lead to large agreements.
Human beings have a natural tendency to resist change and gravitate towards the path of least resistance; unfortunately, that is also the path to obsolescence.
Chris Alexander summarizes the accomplishment of the goals as Synergy, which requires a team that is constantly evolving and unafraid of what change may bring. To the contrary, they embrace change and look forward to the challenge.
Not all deals are meant to come to fruition. An excellent way to improve the closing ratio is to ensure your business is engaged both internally and externally. By transforming the traditional business organization into a synergistic team environment ideas will flow will and lead to innovation and creativity. An essential ingredient in the negotiation of any deal.
A company is only as good as its people.