Posts

women balancing on board

Achieve Balance

Does every transaction function or operate based on the premise that there is a requirement for give and take for the deal to be completed? Let’s say that you are in a social rather than a business relationship: Is there still a necessity for give and take for an agreement to be reached? Yes it is the case that every deal requires a negotiation resolved.

To be successful in your deal making transactions you need to prove that you have something to offer that is greater value, from your own perspective, than what you hope to gain from the person with whom you are striving to seal a deal. You need to be confident in your abilities to seem persuasive. If you do not completely and fully believe in your abilities and in the products and / or services that you are offering for sale or trade, then how can you expect a competitor to believe in your capabilities or the worth of your wares?

You are probably wondering why I used the term competitors to explain the partners in the deal making process. But is this not certainly the correct term? It is right. Everyone is ultimately competing in this world for goods, resources and services. During every transactional process each person is in stark competition to win at the game of life.

Realizing that every transaction has a requirement for a systemized pattern of give and take is essential to being a capable and contributing member of society. This sharing of value for value is crucial for relationships to work and to do so effectively with optimal efficiency. To believe otherwise is foolish and delusional.

Let us take personal relationships as an example of value for value sharing. You are dating or married and you are hosting a dinner for friends, with your partner. One of you has agreed to cook, in exchange for the other person having consented to be the designated cleaner of dishes, preparation and table areas. This is a transactional process, whether you choose to realize it or not.

Is the situation really that much different in the realm of commercial deals? Not really. In a seemingly friendly, but really aggressive way, business matters involve one person trying to get the better of the other. The value for value trade is not always equal, as may seem to be in person relationships. The determining factor for equality, or the lack thereof, in business deals is the intellectual intelligence or business savvy that one negotiator brings to the table – which is projected from a higher echelon of thought – versus the less experienced thinker. Are you the more or less capable deal maker? What value do you provide and what do expect for it?

 

 

 

people collaborating about a business deal

Regardless of the actual languages spoken in a society the language of enterprise is unique. Colloquial speech is irrelevant for commerce. Every arena of business has its own dialect. Likewise, there is a language of business. 

Every realm of trade utilizes its own key terms and phrases for expediency. Is there a unique jargon for your area of financial development?

To be successful in any type of merchantry one must know the vernacular or shoptalk used in one’s business. The speech used in a business deal for a Real Estate Transaction will be different from the jargon used during an auction for property. Also, terminology and presentation requirements will be different during the acquisition and / or merger of a company. Knowing the trade terms for the industry in which your deal is taking place will certainly give you an added edger over other parties to the meeting who do not know the norms of language or behavior. 

Being hip to the verve is essential for flourishing in one’s work. One must be aware of how to speak, when to do so at at what volume or inflection of speech. Avoiding repetitive phrases is most helpful to sounding professional. 

When working in any career area it is essential that one be conversant in the lingo, slang, jargon and specific terms, which are the tools of trade. Also, one should know the acronyms and abbreviations for regularly used phrases. 

Without a full understanding of the language and phraseology of a market sector one cannot fully immerse oneself as a member of the industry. If one is not completely fluent in the language of one’s business, then one will be a great disadvantage during meetings – prime time for financial negotiation. 

So before your first day on the job in a new career field, prepare for work by:

– Buying a good and current pocket dictionary.

– Buy a handbook of industry terms. 

– Read up on your trade in the newspaper and relevant publications; such as journals, magazines, or periodicals. 

– Research the company where you will be working on the internet, as well as major competitors. 

– Speak with as many colleagues as possible about the main terms and phrases that they use in their work. 

– Know everything about major advancements in your industry.

– Dress professionally according the industry standard and wear your clothing in a way that suits you.

– Being affiliated with top performers in your industry is essential for success.

business man putting on suit for meeting

There is a clear difference between being in business and being a business that generates a profit. Are you going out for business? More important though, then having profits, is existing as a company has a regular customer base and a good reputation among its demographic constituency.

Whether your company has one store or a chain of locations, your key requirement must be to have a steady following of customers who sing your praises. Some juggernauts department stores have majorly failed at maintaining a customer base. These businesses were going out of business while there competition was going out for business.

Newly emerging chain stores have come to realize that having a large selection of products is only one valuable resource. Great customer service should be coupled with low prices. Otherwise customers will choose to pay less every time.

Large department stores should invest in their staff, in terms of instilling morale; and in developing leadership skills among their management. Staff members who will regularly be in contact with customers should be thoroughly trained on how to smile, how to listen, how to sell, how to upsell and how to ensure superior customer satisfaction.

The right approach will lead to going out for business, while the wrong approach will likely result in a major chain going out of business. The choice is obvious. But will management choose correctly?

 

10,000+

Clients Served

35+

Years of experience

24/7

Availability & Support

$100,000,000+

Saved for our clients

This function has been disabled for Mortgage Loans .