Liquid Lunches and Munchies
Opinion piece:
Not that long ago it was perfectly acceptable to “wine and dine” especially during seasonal festivities of one sort or another; occasionally you may have even pretended to like golf just so that you “could be at the right place at the right time”?
However, now the era of gift-wrapping expensive bottles of fine wines and attention seeking luxury cognacs until 6am may be more or less on the wane??
Such “Master” and “Servant” commercial relationships may have been very shallow, insincere and far more transactional in retrospect.? It was never really about doing something earnestly but rather (secretly) a burden and obligation the business circles that you drifted through felt compelled to conform with?
Congratulations!? You spent an awful lot of money and were no better off than you were beforehand; on the contrary, as the bank statements followed you shockingly realised how much everything actually cost…much to your dismay.
If you were lucky, someone remembered and sent you a “nice” little order or two; but it was never really enough to break-even let alone to propel some sort of business growth?? Somehow, instinctively, it just did not feel right?
Well, the World has changed since then – let the quality of your work and professionalism be your “gift” to your professional contacts.? Instead of spending money you have not got on things that your clients do not want why not continue to bring them real “value” – in any way that you feel is appropriate within your particular business sector?
When resources are beyond “frugal” and if you wonder will there even be a viable commercial tomorrow – look at “value” in different ways?
Before anyone else give sincere and unconditional praise to all of your employees (and family) for helping you through the many collective challenges that you faced – for sticking with you and not giving-up, especially when it would have been much easier for them just to walk away?? Reiterate that if the business “eats”; they will have your assurance that they will also continue to “eat” and have some relative “security” for “x” period moving forwards (of course, it can never be guaranteed but you do your utmost to hold-up to this commitment).
Then acknowledge the important contribution played by your many suppliers (especially the smaller ones that depend upon your custom for survival).? Bring “value” by “joint” strategic planning – advising of your commercial targets (as it applies to their business) agreeing, all things being equal, that you are happy to give a verbal assurance for “￡x” +/- monthly purchase orders as you hit your own targets; discounting for an element of sensitivity analysis – so that the suppliers can roughly plan ahead (although it will never be perfect it may nevertheless help to give a certain amount of peace of mind)?
Avoid “logo overload”; rather proactively bring “value” to your customers, for instance, by: updating them on technical improvements/innovation within the sector and how you can help them to take advantage of these in order to speed-up production/delivery, reduce their costs and improve their margins; “gift” specialist technical books/manuals/courses that are tailored to specifically alleviating some of their pressing business problems; be an unofficial “expert witness”/sounding board to protect them from proceeding in a particular strategic direction highly likely to cause them serious commercial harm; donate to/sponsor a cause, charity, non-profit in an area that they genuinely have a profound interest in; be a “door-opener” to your contacts and opportunities that they are striving for but have faced “bottlenecks” or other obstacles via their own and existing network?...
An element of business is about “give and take”; give unconditionally, and take only occasionally if warranted; build genuine rather than superficial “bonds” – if so, your “reputation” may be your future “draw” that attracts endless possibilities for you and the people, in business, whom you sprinkle a little of your “gold” and “magic dust” over?
Will there be charlatans along the way, of course, but do not let that stop you?
Peace and prosper.
?
Kip
The EBO Guy
…Acquiring businesses for employees