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From The Editor's Desk:
The Beautiful Game |
It's impossible to ignore the sound and spirit of the mega-event that is the World Cup, being played out in the streets, fan parks and stadia around South Africa at the moment. "It's just a game" some might say, but what a game! It has galvanised a nation and united its people in a way no one could have thought possible. But as significant as this is, what I think people love most is the sheer fun of it all: from the competitiveness, to the tension and exhilaration of the action on the field, to the party afterwards whether celebrating or drowning sorrows.
In the seriousness of what business very often is, we can forget that dealmaking is actually fun too! It's also a "beautiful game". So here's to a month of fun - on and off the field, and even in our businesses.
"I will tell you a secret: dealmaking beats working. Dealmaking is exciting and fun and working is grubby." - Dr Peter F. Drucker (Management Theorist; 1909 - 2005.
Enjoy your dealmaking - and remember to have some fun too.
Leigh
Strictly Come Dealmaking: Fifth Of Ten Drop Dead Dealmaking Moves
Knowing Your Partner
Since the beginning of the year we have been comparing dealmaking to the tango and dealmaking, like the tango, relies heavily on communication. Without knowing and understanding your partner and clearly communicating one with the other, the dance becomes disjointed and awkward, lacking flow and synchronicity. If you don't know what your dance partner likes or dislikes, what their strengths and weaknesses are, how fast or slow they want to move, even why they're dancing in the first place, then you might as well be dancing separately. The same applies to dealmaking.
Ask Questions
If you want to find out more about a person you have to ask questions. The Huthwaite Research Group found that "skilled negotiators ask twice as many questions as average negotiators." Asking questions is how you get to know what the other party needs, is looking for or wants. You get to know them as a person in terms of their background, their personality, their likes and dislikes. It is almost impossible to put your deal together without finding out this information first.
Questions are, however, important not only for finding out helpful and even critical information, but are also valuable in building rapport. When people feel you are interested in them they respond positively. People's favourite topic of conversation is themselves. If you show interest through interesting questions, others will find you interesting! The book Quirkology by Dr Richard Wiseman, tells the story of an evening of speed dating in which one girl was rated higher than any other by nearly all the men at the event. Was it because she was particularly beautiful or wore a revealing shirt? No. Instead of asking, "What do you do?", "Where do you live?" and "How many brothers and sisters do you have?" she asked, "If you were a pizza topping what would you be, and why?"
Quality Questions
There's a wonderful scene in the original version of the movie "The Pink Panther" in which Inspector Clouseau is at a hotel desk besides which is sitting a dog. He asks the hotel receptionist, "Does your dog bite?" "No," says the receptionist. At which point the dog takes a sharp snap at his hand. Inspector Clouseau protests loudly, "I thought you said your dog doesn't bite." "That is not my dog," comes the reply.
If you don't ask the right questions you are not going to get the right answers. The quality of the answers you receive will be in direct proportion to the quality of your questions. This means that an important aspect of your planning is ensuring you know what information you want and how you are going to ask for it.
Some of the information you may need could be sensitive. It may relate, for instance, to margins or budgets, or political machinations within the organisation. However, don't be afraid to ask for it. Have you ever asked someone why they got married? Most of the time they will give the obvious answer: "Because I loved him/her." But every now and then someone will be honest and say, "I was pregnant" or "I wanted to get out of the house" or "All my friends were getting married." If you don't ask you will never know, and the worst that could happen is they don't tell you - which of course, is information in its own right.
Examples Of Good Questions
If you want to know what is important to the other party a helpful question to ask is, "What are your priorities?"
One of the most powerful questions you can ask starts with "What do I need to do to..?" For example, "What do I need to do to get a discount?" or "What do I need to do to get you to move from your position?" It is a powerful question because it can give you direct access to what the other party wants. However, it is not useful at the start of the negotiation because it will usually be answered negatively, that is, "Nothing."
Sometimes a negotiation will get bogged down at a particular point. In order to open up flexibility two helpful questions are: "Just supposed I was to agree, would you be prepared..?" and "How can I make this acceptable to you?" Neither of these questions are a commitment to doing anything, but they show your willingness to be flexible - and they give you further vital information.
Examples Of Bad Questions
Asking complex questions, or a number of questions bunched together, is not a good idea. What will happen is that the person will simply answer the part of the question they want to, and ignore the rest.
Just as good questions open the negotiation, bad questions close it down. These would be questions like, "Can you justify that?" Unless the other person is an idiot, the only answer is "Of course", which just entrenches their position. The same applies to the question, "Is that your final offer?"
Conclusion
Asking the right questions in the right way at the right time is a key skill of expert dealmakers. Questions help reveal critical and even sensitive information, they help build relationships and they open up flexibility in a negotiation. Through questions you get to know the other party better and so you can respond better and move with greater flow in your dealmaking dance.
Leigh Harrison, Johannesburg, June 2010
Featured Programme - The Dealmaker™
The Dealmaker™ programme is a high level two and a half day event for more experienced sales executives, procurement people, negotiators, managers, professionals, medium-sized business owners, etc. The Dealmaker™ achieves significant improvements in behaviour-based skills.
The Dealmaker™ programme helps companies to not only protect their margin, but to approach sales and business deals innovatively and strategically. The dramatic increase in the delegates' levels of negotiation strategy, process and execution make sure that deals are closed more profitably and faster.
Value Proposition
The Dealmaker™ programme helps address the negotiating and dealmaking challenges individuals and organisations face. By increasing the ability of any customer-interfacing people, particularly sales, to negotiate and close deals more quickly and effectively, profitability can be substantially increased.
Open Or Private Programmes?
The Dealmaker™ is available as Open (ie: open to individual registrations) and/or Private (ie: attendance limited to delegates from a specific company) events. The Open programmes are delivered with standard content, while the Private programmes can be customised to meet the specific needs of a customer.
As The Dealmaker™ programme focuses on the development and growth of each individual delegate, there is a ratio of one Coach (facilitator) to eight delegates.
Testimonials
"The level of interaction, attention and planning that goes into the presentations make this the best course I have attended." - Marc Pratt, Sales Manager, SYSDBA
"Brings out a lot in you – especially role playing – a side that you perhaps don’t even know." – Shamila Singh, Client Services Manager, Nedbank
"Provided me with a valuable framework for how to manage any negotiation process and achieve a successful outcome." – Peter Hunter, Regional Manager: Cape, Novell
"It’s practical, put sales, closing and negotiation into context. I used experience and learning from others to better my skills." – Thomas Mangwiro, Account Executive, SAP
Booking
To book a place on the South African, European or American programmes, or for an appointment with one of our consultants to help you evaluate what programme and format will work best for you and your company, please send an email to enquiries@thedealmaker.com.
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News: Meet One Of The Newest The Dealmaker™ Facilitators |
The Dealmaker Programmes Company is expanding and so we welcome David George on board as one of our newest facilitators. He has a fascinating story, invaluable experience and we look forward to benefitting from his contribution. - Ed
Working With Artificial Intelligence
Having started his career as a Systems Engineer with an international company, David was fast-tracked through various management and software specialty disciplines. Wanting to further develop ideas in the field of Artificial Intelligence, David relocated temporarily to the United States in order to complete his PhD, which was awarded in 1992. Upon his return, David spent time consulting to the banking industry and was retained to fulfil roles related to advanced software product integration, database technology and application development platforms.
David then started to focus on the use of Artificial Intelligence techniques as a means of achieving sophisticated business process re-engineering, and established a business unit within a large international ICT company to apply proprietary software technology in the banking, financial and automotive industries, earning an international reputation for employing pioneering, innovative solutions to complex problems.
Business Development
Subsequent to being a founding partner of Software Futures, David established Knowledge Objects, and developed their proprietary AI software product, which was designed to simplify the development of Knowledge Based System components by addressing complex knowledge intensive business processes that require human-like decision making capabilities.
The Dream Fulfilled
Having now achieved the personal goal of taking an original idea and transforming it into a successful product and commercial business venture, David decided to take time out and purchased a cruising catamaran. He embarked on a long-held desire to sail and travel.
New Beginning
David's sabbatical gave him the opportunity to reflect on his career and future, and in 2010, he joined The Dealmaker Programmes Company as a facilitator.
Feature Book: Trump Style Negotiation By George H. Ross
Much of what George H. Ross writes in Trump Style Negotiation mirrors what is taught in The Dealmaker™ programme. It is Ross's point about the satisfaction of settling a good deal that I specifically want to highlight here. - Ed
Who Is George H. Ross?
If any of you watch the reality TV show "The Apprentice" you will recognise George Ross as the rather mild looking, bespectacled co-star who observes and reports back on one of the teams. This belies his true expertise however. He has worked with Donald Trump as his advisor, negotiator and attorney for over thirty years, putting together such deals as Trump Tower, GM Building and the Grand Hyatt. Prior to that, Ross had another thirty years of negotiation experience, in which he negotiated major real estate deals for developers, including the Chrysler Building and the St Regis Hotel.
So if you've done the maths you will realise that George Ross looks extremely good for someone in his eighties! Of course, he also has a depth of experience we can only admire and learn from.
Overview Of Trump Style Negotiation
Trump Style Negotiation covers the following topics, amongst others:
- Honing your personality to build trust
- Probing to learn what the other side wants
- Creating bold solutions
- Controlling the pace of the negotiation
- Using information as power
- Remaining flexible and creative about what you need and want
- Negotiating with difficult people
What Negotiation Is Not
This is a direct quote from the book - Ed.
It is Not a Science: The Key Role of Satisfaction
One aspect that absolutely everyone wants from a negotiation is a feeling of satisfaction with the final outcome. To succeed in a negotiation you have to persuade and lead the other side into sharing a state of satisfaction - you can't force that feeling on them. However, satisfaction is a purely subjective emotional state that is directly linked to a person's personality. You very rarely achieve something in a negotiation that is entirely tangible, or can be proven or even effectively measured. Science on the other hand is precise. You know what you have achieved, and it can be quantified in tangible form. A negotiation cannot meet these criteria. So if someone asks you, "Did you win or lose that negotiation?" you are not going to be able to give a definitive answer. You probably won some points and lost others, but the concept of winning or losing is just too precise and limited to explain how real life negotiations end up. There are no absolute right or wrong answers in a negotiation.
Sometimes a phase of negotiation ends up with an entirely different outcome that you expected or desired. And yet, you discovered that satisfaction and peace of mind were more important than the price you paid. The feeling of comfort may be more meaningful to you than getting the best price. Satisfaction should be your real goal, not the best price or getting everything you asked for. It is a human process with limitless nuances and complexities, and not fulfilled by merely reaching agreement on cost and performance.
It is interesting that one of the very first things Ross highlights in his book is that the art of dealmaking is not just related to the intricacies of the deal itself but to the feeling of satisfaction it engenders. We may think this is secondary to the deal, or at most, is a positive by product, but Ross's point is that it should be a goal of the deal.
Some Fun Just For You
Rather than talk about fun I thought to offer some fun activities. Ok, I'm sure you can think of some of your own, but these will have to suffice in newsletter format. - Ed
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1. Julie Purkis is the Business Director for Spectrum Solutions, a distributor of The Dealmaker Programmes Company. She has just been on a trip (company must be doing well!) So where was this photograph taken? |
2. Douglas Adams and John Lloyd were two imaginative gentlemen who felt that the place names on signposts throughout the English countryside were simply wasted there. So they put together a highly entertaining little book called "The Meaning of Liff". In it they list the names of these places with their description of what they believe the word actually means, or at the very least, what it should mean.
Below I have listed the names of some of these places, but I have mixed up the meanings that Adams and Lloyd gave to these names. Do you think you can sort out the meanings so they match the names?
Lamlash |
Descriptive of the state of serene self-knowledge reached through drink |
Abilene |
People who just won't go |
Polbathic |
The process of working out who did it when reading a whodunit, and trying to keep your options open so that when you find out you can allow yourself to think that you knew perfectly well who it was all along |
Solent |
A small tartan pouch worn beneath the kilt during the thistle harvest |
Clovis |
A person who never actually gets round to doing anything because he spends all his time writing out lists headed "Things to do (Urgent)" |
Knaptoft |
Descriptive of the pleasing coolness on the reverse side of the pillow |
Amersham |
Gifted with the ability to manipulate taps using only the feet |
Glenwhilly |
The increasingly anxious shifting from leg to leg you go through when you are desperate to go to the toilet and the person you are talking to keeps on remembering a few final things he wants to mention. |
Didling |
The folder on hotel dressing tables full of astoundingly dull information |
Clunes |
One who actually looks forward to putting up the Christmas decorations in the office |
Iping |
The sneeze that tickles but never comes |
Worksop |
The mysterious fluff placed in your pockets by dry cleaning firms |
3. Work out the 9-letter word from the jumbled letters below, then see how many four letter words you can form from these letters, ensuring the central letter E is used in all the words. 50 or more words is excellent.
4. If laughter is the best therapy, then go to Youtube and search "Bob Newhart Stop It", and see therapy in a whole new way!
5. In this one you need to work out what the letters mean as shown in the example No 0.
0 |
24 H in a D (24 Hours in a Day) |
1 |
26 L of the A |
2 |
7 D of the W |
3 |
7 W of the W |
4 |
12 S of the Z |
5 |
66 B of the B |
6 |
52 C in a P (WJs) |
7 |
13 S in the USF |
8 |
18 H on a G C |
9 |
39 B of the O T |
10 |
5 T on a F |
11 |
90 D in a R A |
12 |
3 B M (S H T R) |
13 |
32 is the T in D F at which W F |
14 |
15 P in a R T |
15 |
3 W on a T |
16 |
100 C in a R |
17 |
11 P in a F (S) T |
18 |
12 M in a Y |
19 |
13 = UFS |
20 |
8 T on a O |
Answers
1. Paris
3. Dealmaker, deal, dame, dare, drake, dealer, dream, ream, made, rake, male, lame, dale, deer, reed, lead, leader, mere, ream, real, lamed, raked, mead, deem, leer, reel, keel, leak, leek, remade, lake, kale, meal, realm, alarmed, meek, eked, reek, marked, mare, read, dear, alder, alee, maker, darkle, derma, earl, elder, lade, medal, meld, remake.
4.
Lamlash |
The folder on hotel dressing tables full of astoundingly dull information |
Abilene |
Descriptive of the pleasing coolness on the reverse side of the pillow |
Polbathic |
Gifted with the ability to manipulate taps using only the feet |
Solent |
Descriptive of the state of serene self-knowledge reached through drink |
Clovis |
One who actually looks forward to putting up the Christmas decorations in the office |
Knaptoft |
The mysterious fluff placed in your pockets by dry cleaning firms |
Amersham |
The sneeze that tickles but never comes |
Glenwhilly |
A small tartan pouch worn beneath the kilt during the thistle harvest |
Didling |
The process of working out who did it when reading a whodunit, and trying to keep your options open so that when you find out you can allow yourself to think that you knew perfectly well who it was all along |
Clunes |
People who just won't go |
Iping |
The increasingly anxious shifting from leg to leg you go through when you are desperate to go to the toilet and the person you are talking to keeps on remembering a few final things he wants to mention. |
Worksop |
A person who never actually gets round to doing anything because he spends all his time writing out lists headed "Things to do (Urgent)" |
5.
0 |
24 Hours in a Day |
1 |
26 Letters of the Alphabet |
2 |
7 Days of the Week |
3 |
7 Wonders of the World |
4 |
12 Signs of the Zodiac |
5 |
66 Books of the Bible |
6 |
52 Cards in a Pack (Without Jokers) |
7 |
13 Stripes in the United States Flag |
8 |
18 Holes on a Golf Course |
9 |
39 Books of the Old Testament |
10 |
5 Toes on a Foot |
11 |
90 Degrees in a Right Angle |
12 |
3 Blind Mice (See How They Run) |
13 |
32 is the Temperature in Degrees Fahrenheit at which Water Freezes |
14 |
15 Players in a Rugby Team |
15 |
3 Wheels on a Tricycle |
16 |
100 Cents in a Rand |
17 |
11 Players in a Football (Soccer) Team |
18 |
12 Months in a Year |
19 |
13 = Unlucky for Some |
20 |
8 Tentacles on a Octopus |
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