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A quick story to illustrate an old maxim: Tell them and create doubt, show them and cause belief, but involve them to change behavior.
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What personality type is more likely to succeed in a leadership position? If you go by popular culture — television, movies, and books written by hero CEOs — you might think extroverts are natural leaders. Research summarized in an excellent article published by Wharton suggests a more nuanced answer.
Employees who are proactive and eager to have their ideas considered will be more productive with an introverted leader, who has the humility and patience to accept employee feedback. Extroverted leaders seem able to get more from passive, less group-oriented employees. This may explain part of a common business mistake, promoting a top salesperson into management. The extroversion that made the salesperson so successful may make her an inappropriate leader of other extroverts.
As a leader, know thyself and select followers that complement your style. As a business executive, consider the personalities of the people to be led when selecting their supervisor. If you already have an extrovert in charge of a group of proactive employees consider some executive coaching to help the extrovert become a better listener and more receptive to the ideas of others. If you have an introvert in charge of a department full of passive people you may need to find some other ways to motivate them to exert themselves and bring useful new ideas forward.
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How many new sales do you need to recover the cash lost in just one poor negotiation? If your net margin is 10%, you would need $1,000 in new business just to cover the deficit from giving away a single $100 discount.
Every dollar that poor negotiating removes from your price is a dollar of pure profit lost; free cash flow you have utterly wasted.
The most shameful part is, because you failed to negotiate well, the customer didn’t even appreciate the bargain you gave away.
Everybody lost!
I have read a lot about negotiation and even written a little, but most of the literature is for buyers trying to get better price and terms. Advice for the other side of the table, the salesperson, is harder to find. My executive coaching client, Raj Khera, CEO of MailerMailer, has just put a superb, free guide for business owners on his blog. Titled Negotiating price: how to overcome price resistance, Raj’s post is concise and practical. Apply his simple advice and increase your profits.
Don’t confuse hard negotiating with heartless negotiating. A deal that doesn’t make sense for everyone makes sense for no one.
Always leave some money on the table.
Never spill blood on the floor.
You may need to return to that room again.
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People think in stories. No, that’s not the important thing. People feel in stories. Feelings (emotions) help people decide, buy, stay loyal, and refer new customers.
“One of the things Whole Foods taught us is the need to tell stories” about our products, Mr. Heinen said. In fact, Heinen’s has 50 stories that it trains employees to tell customers about its meat, produce, baked goods and other items.
Tom Heinen
Heinen’s Fine Foods in
The New York Times
What stories are your customers and prospective customers hearing about you?
See also, Creation Myths and Why We Need Them: Origins.
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Tony Mayo, Top Executive Coach, is located in Reston, Virginia 20190
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