3 Steps to do better deals

A new year brings new opportunities, sounds cliché, right? Even if it is, why not use this to your advantage? Sometimes we fall into the trap of thinking that the new year is a continuation of last year, but by thinking this way, we will miss the opportunity to reset (for the better). Everyone is re-energized and excited to make progress. You need to capture that energy and those feelings, which will ultimately serve you well. 

Okay, so you might say that sounds amazing, but how do I do this and not mess it up? I’ve listed a few simple steps below to help guide your thinking. 

1. Reflect first, act second. 

Reflection is the single most important step when starting almost anything. This is the fundamental capability that makes us vastly different from other species. It allows us to view ourselves from the perspective of someone else, giving us insight into our actions that allow us to act differently going forward. I genuinely believe this is our superpower. 

Think through your deals, what has worked well and what hasn’t? Given all the feedback received last year, how would you change things going forward to meet your objectives? I know this sounds simple, and it is, so it should be very easy to do. It's backed by science too.

1. A list is not a strategy; start with strategy.

   
   

Everyone has a list, either on their phone, a piece of paper, or whichever note-taking device you have. However, this is a list of actions based on your previous thinking and may not include your revised strategy after you've taken the time to reflect. So don't start your new year as a continuation of last year's to-do list. If you're the captain of the ship and the destination has changed, don't use the old coordinates.

As a deal maker, your choices need to be guided by strategy. There are various definitions of what strategy is and how you formulate them (I'll save that for a future post). I really like the one below, which articulates this in a very simple way. The only thing I would add is that it includes sacrifices (i.e., things you actively decide not to do) as you define the final strategy and shift to execution. This is generally guided by the question of 'what game are you playing?'. Chess players don't roll dice.

3. Start now

“Stress primarily comes from not taking action over something that you can have some control over.” - Jeff Bezos

Plot your path and take action. Fear can sometimes stop you, especially the thoughts of what your colleagues or business partners may think about your new strategy. If you've spent time reflecting and creating the revised strategy, the worst thing that could happen is disagreement. Conversations with diverse or conflicting opinions ultimately lead to better outcomes for everyone. It's always a win-win scenario.