3 Things You MUST Know To Grow Profitably in 2012

Who doesn’t want to be more productive in the coming year?  After pushing hard for the last several we all want a brighter 2012. But there’s no reason to wait on a turn of a calendar sheet, so let’s get cracking.

I have the great fortune of living by the head of Scotwork North America, a division of an international negotiating consultancy. Not only is he a great negotiator he also has proven his metal as a business leader by building out a sizable well regarded business that services the Fortune 500 market. Don’t let this fool you, for through and through he is a SMB entrepreneur. From time to time I have the opportunity to pick his brain about business development.

Here are three insights that can pay dividends for anyone looking to achieve sustainable top line (revenue) growth in 2012:

I. Don’t haggle… negotiate

The reality is that most of us believe we are negotiating when we’re really haggling. How can you recognize this? It’s very easy, when you’re focused on only one variable like price, or if the term “let’s split the difference” is used you’re haggling.

Negotiating adds other variables and looks at the total value for each party. If one side is stuck on price look to adjust other variables such as,

  • payment timing
  • after sale service
  • or, custom consultation

Leave haggling for the flea market.

II. Proper preparation is the key

Regardless of what you’re preparing for each of the following must be included:

  • Identify the objective; define intended outcomes and realistic expectations as well as your range of comfort for a deviation from what you desire.
  • Research; determine the context in which you are operating whether it be a cultural, business norms, or disruptive forces.
  • Develop a strategy; have a plan but make it flexible. Listen to the feedback and make adjustments as you go.

III. Grow big ears

Become much better at listening. To really discover how you can move forward productively you need to demonstrate the ability to practice focused attention.

  • Be curious, ask more questions to find out critical details.
  • Confer with someone who is on your team and also listening, compare notes.
  • Avoid emotional reactions; take time to think before responding.

There you have it three areas for improvement that we can act upon today.

What would you add to this list?

Donald McMichael teaches BE 261 Starting a Small Business.