Seek Win-Win Situations
By Mike Maddaloni on Tuesday, October 07, 2008 at 12:11 AM with 2 comments
As a business owner, there is nothing like a sale. Revenue, income, the chance to pay yourself! When we make those sales, however, how often are we thinking of the person on the other side? As well, when we buy something or make a business deal, how do we feel? It is in this thinking that I strive to seek win-win situations in business.
To begin with, I truly believe win-win situations can exist. This does not necessarily mean each side is 100% in the same position as the other, but there is no reason why a business deal cannot benefit each side. Such a win-win situation can exist for a mere transaction or a long-term business relationship.
First and foremost, the business deal should be a win for you and your business. If not, you’re already down one win. The win is determined by the particular point in time – if it works now, great. But if you may not think it may work out later, plan that into your negotiation and contracting. Many times business decisions are made due to a behind-the-8-ball situation. Proper structure can help you in either renegotiating your deal later, or for moving on.
When thinking about the person or business you will be doing a deal with, how can you know for sure it will be a win for them? One is to outright ask them, or extend your due diligence to see if it is. A true win-win can be very positive for you, in additional business down the road, a great reference as well as referrals for business from their network.
When I started Dunkirk Systems almost 4 years ago, I was looking to get any client I could. Ever heard of doing something just for the money? Yes, I did some projects for that reason. But as I networked with others over the years, I found I was not alone in this. Today, I have a more formal evaluation process in place when it comes to taking on a new client or project. Many factors play into the decision, and overall they center on one – will it be a win-win?
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