Speed Learn Business Fundamentals by Chris Croft

Negotiation Principles

• Negotiation occurs in various scenarios, not solely for monetary gain.
• Companies operate with low profit margins, e.g., a 5% profit increase can significantly impact overall profitability.
• Effective negotiation can lead to substantial gains, such as potentially doubling profits with a small price increase.

Mental Barriers to Negotiation

• Fear of loss often prevents negotiation; individuals may think they will lose the deal by making an offer.
• Common excuses for not negotiating include time constraints, fear of embarrassment, or concern about perception.
• Remember that failing to ask always results in a 'no'; trying to negotiate can yield unexpected benefits.

Setting Negotiation Boundaries

• Establish a clear limit before negotiations begin to empower your decision-making.
• Know the maximum price acceptable for purchases and the minimum for sales to maintain stronger negotiating positions.
• A firm limit builds confidence, making you appear more assertive to the other party.

Communication Strategy

• Minimize talking during negotiations; excessive dialogue can weaken your position.
• Focus on asking insightful questions to uncover the other party's weaknesses and needs.

Opening Offers

• Encourage the other party to make the first offer to gain advantageous information.
• As a seller, ask open questions about their budget to guide the negotiation.
• Use precise figures instead of round numbers for credibility in offers.

Trading Techniques

• Use conditional statements like "If you... then I..." when negotiating trades.
• Prepare a list of items you can offer during trades to facilitate the negotiation process.
• Approach trades incrementally to leave room for further negotiation.

Non-Verbal Communication

• Body language plays a crucial role; a flinch can indicate the other party's price sensitivity.
• Maintain a neutral demeanor, appearing disinterested in items you care deeply about and showing reluctance with less vital ones.

Maintaining a Positive Atmosphere

• Generate goodwill and rapport by being pleasant during negotiations.
• Positioning at a 90-degree angle during interactions reduces confrontation.
• Avoid lying; instead, express uncertainty regarding figures to maintain an honest approach.

Recognizing and Countering Tactics

• Be aware of common negotiation tactics, such as breaking down offers piece by piece or feigning disinterest.
• Push back on aggressive tactics like price objections by linking back to previous agreements or values.

Concluding Negotiations Effectively

• Be cautious about splitting differences; it often signals readiness to accept whichever offer and should be declined.
• Be wary of last-minute requests for more benefits post-agreement; negotiate for additional value instead of acquiescing immediately.

Negotiation Principles

• Negotiation occurs in various scenarios, not solely for monetary gain.
• Companies operate with low profit margins, e.g., a 5% profit increase can significantly impact overall profitability.
• Effective negotiation can lead to substantial gains, such as potentially doubling profits with a small price increase.

Mental Barriers to Negotiation

• Fear of loss often prevents negotiation; individuals may think they will lose the deal by making an offer.
• Common excuses for not negotiating include time constraints, fear of embarrassment, or concern about perception.
• Remember that failing to ask always results in a 'no'; trying to negotiate can yield unexpected benefits.

Setting Negotiation Boundaries

• Establish a clear limit before negotiations begin to empower your decision-making.
• Know the maximum price acceptable for purchases and the minimum for sales to maintain stronger negotiating positions.
• A firm limit builds confidence, making you appear more assertive to the other party.

Communication Strategy

• Minimize talking during negotiations; excessive dialogue can weaken your position.
• Focus on asking insightful questions to uncover the other party's weaknesses and needs.

Opening Offers

• Encourage the other party to make the first offer to gain advantageous information.
• As a seller, ask open questions about their budget to guide the negotiation.
• Use precise figures instead of round numbers for credibility in offers.

Trading Techniques

• Use conditional statements like "If you... then I..." when negotiating trades.
• Prepare a list of items you can offer during trades to facilitate the negotiation process.
• Approach trades incrementally to leave room for further negotiation.

Non-Verbal Communication

• Body language plays a crucial role; a flinch can indicate the other party's price sensitivity.
• Maintain a neutral demeanor, appearing disinterested in items you care deeply about and showing reluctance with less vital ones.

Maintaining a Positive Atmosphere

• Generate goodwill and rapport by being pleasant during negotiations.
• Positioning at a 90-degree angle during interactions reduces confrontation.
• Avoid lying; instead, express uncertainty regarding figures to maintain an honest approach.

Recognizing and Countering Tactics

• Be aware of common negotiation tactics, such as breaking down offers piece by piece or feigning disinterest.
• Push back on aggressive tactics like price objections by linking back to previous agreements or values.

Concluding Negotiations Effectively

• Be cautious about splitting differences; it often signals readiness to accept whichever offer and should be declined.
• Be wary of last-minute requests for more benefits post-agreement; negotiate for additional value instead of acquiescing immediately.

Negotiation Principles

• Negotiation occurs in various scenarios, not solely for monetary gain.
• Companies operate with low profit margins, e.g., a 5% profit increase can significantly impact overall profitability.
• Effective negotiation can lead to substantial gains, such as potentially doubling profits with a small price increase.

Mental Barriers to Negotiation

• Fear of loss often prevents negotiation; individuals may think they will lose the deal by making an offer.
• Common excuses for not negotiating include time constraints, fear of embarrassment, or concern about perception.
• Remember that failing to ask always results in a 'no'; trying to negotiate can yield unexpected benefits.

Setting Negotiation Boundaries

• Establish a clear limit before negotiations begin to empower your decision-making.
• Know the maximum price acceptable for purchases and the minimum for sales to maintain stronger negotiating positions.
• A firm limit builds confidence, making you appear more assertive to the other party.

Communication Strategy

• Minimize talking during negotiations; excessive dialogue can weaken your position.
• Focus on asking insightful questions to uncover the other party's weaknesses and needs.

Opening Offers

• Encourage the other party to make the first offer to gain advantageous information.
• As a seller, ask open questions about their budget to guide the negotiation.
• Use precise figures instead of round numbers for credibility in offers.

Trading Techniques

• Use conditional statements like "If you... then I..." when negotiating trades.
• Prepare a list of items you can offer during trades to facilitate the negotiation process.
• Approach trades incrementally to leave room for further negotiation.

Non-Verbal Communication

• Body language plays a crucial role; a flinch can indicate the other party's price sensitivity.
• Maintain a neutral demeanor, appearing disinterested in items you care deeply about and showing reluctance with less vital ones.

Maintaining a Positive Atmosphere

• Generate goodwill and rapport by being pleasant during negotiations.
• Positioning at a 90-degree angle during interactions reduces confrontation.
• Avoid lying; instead, express uncertainty regarding figures to maintain an honest approach.

Recognizing and Countering Tactics

• Be aware of common negotiation tactics, such as breaking down offers piece by piece or feigning disinterest.
• Push back on aggressive tactics like price objections by linking back to previous agreements or values.

Concluding Negotiations Effectively

• Be cautious about splitting differences; it often signals readiness to accept whichever offer and should be declined.
• Be wary of last-minute requests for more benefits post-agreement; negotiate for additional value instead of acquiescing immediately.

Negotiation Principles

• Negotiation occurs in various scenarios, not solely for monetary gain.
• Companies operate with low profit margins, e.g., a 5% profit increase can significantly impact overall profitability.
• Effective negotiation can lead to substantial gains, such as potentially doubling profits with a small price increase.

Mental Barriers to Negotiation

• Fear of loss often prevents negotiation; individuals may think they will lose the deal by making an offer.
• Common excuses for not negotiating include time constraints, fear of embarrassment, or concern about perception.
• Remember that failing to ask always results in a 'no'; trying to negotiate can yield unexpected benefits.

Setting Negotiation Boundaries

• Establish a clear limit before negotiations begin to empower your decision-making.
• Know the maximum price acceptable for purchases and the minimum for sales to maintain stronger negotiating positions.
• A firm limit builds confidence, making you appear more assertive to the other party.

Communication Strategy

• Minimize talking during negotiations; excessive dialogue can weaken your position.
• Focus on asking insightful questions to uncover the other party's weaknesses and needs.

Opening Offers

• Encourage the other party to make the first offer to gain advantageous information.
• As a seller, ask open questions about their budget to guide the negotiation.
• Use precise figures instead of round numbers for credibility in offers.

Trading Techniques

• Use conditional statements like "If you... then I..." when negotiating trades.
• Prepare a list of items you can offer during trades to facilitate the negotiation process.
• Approach trades incrementally to leave room for further negotiation.

Non-Verbal Communication

• Body language plays a crucial role; a flinch can indicate the other party's price sensitivity.
• Maintain a neutral demeanor, appearing disinterested in items you care deeply about and showing reluctance with less vital ones.

Maintaining a Positive Atmosphere

• Generate goodwill and rapport by being pleasant during negotiations.
• Positioning at a 90-degree angle during interactions reduces confrontation.
• Avoid lying; instead, express uncertainty regarding figures to maintain an honest approach.

Recognizing and Countering Tactics

• Be aware of common negotiation tactics, such as breaking down offers piece by piece or feigning disinterest.
• Push back on aggressive tactics like price objections by linking back to previous agreements or values.

Concluding Negotiations Effectively

• Be cautious about splitting differences; it often signals readiness to accept whichever offer and should be declined.
• Be wary of last-minute requests for more benefits post-agreement; negotiate for additional value instead of acquiescing immediately.

Project Management

• Everyone is involved in project management, even if indirectly.
• Projects are defined as tasks that involve doing something new, a leap into the unknown. Processes are straightforward tasks that have been done before.
• Project management is a crucial skill for managers, as they are constantly tasked with improving and changing things.
• There are 12 steps to successful project management.

Clear Objectives

• The first step in project management is defining clear objectives.
• The three major components of project objectives are cost, quality, and time.
• The cost, quality, and time of a project need to be defined and agreed upon by all stakeholders involved.
• Stakeholders should be included in a kick-off meeting to discuss project objectives.
• Starting the second step of the project before the first is complete is possible and can be beneficial.
• Maintaining a safety margin is essential for successful projects, even if there is a reduction in project length.
• Reducing project length is called 'crashing'.

Gantt Chart

• A Gantt chart provides a visual representation of project tasks with a timeline.
• The best way to produce a Gantt chart is using Excel.
• The critical path of the project is plotted first, representing the tasks that directly determine the project's duration.
• The critical path usually has no gaps between tasks.
• Floating tasks are then added below the critical path with consideration for their dependencies (what they come after and what must be completed before them).
• Gantt charts can be used to analyze resource requirements for a single project.
• A 'Gantt of Gantz' is a diagram that allows for the visualization of resource requirements across multiple projects.
• The Gantt chart can be used to prioritize projects, determine resource needs, and monitor progress.

Reducing Risk

• Step eight of project planning involves risk assessment.
• A risk list can be generated by brainstorming potential issues that could arise.
• Sub-plans can be created for individual tasks, providing a more detailed view of the project.
• Project management can be simplified using a high-level plan with sub-plans for individual tasks.

Monitor Costs

• Monitor costs in relation to project progress.
• A planned spend profile can be generated using the Gantt chart by placing cost values along the tasks.
• The planned spend profile allows comparison between actual spending and planned cost for completed tasks.

Project Review

• A project review allows for learning from mistakes and improving future projects.
• The review should include an assessment of good, bad, and better aspects of the project.
• A post-project review should be conducted 1 or 2 years after the project’s completion.
• Assess whether the outputs and outcomes of the project were successful.

Time Management

• Objectives: Maximize time spent on important things by minimizing time spent on unimportant things.
• Time is a limited resource like money, allocate wisely.
• Time wasters arise from lack of self-discipline or lack of assertiveness.
• Goal setting helps with self-discipline and assertiveness, leading to fewer time wasters.

Resisting Unimportant Things

• Identify your goals to determine what's important and unimportant.
• Resist unimportant tasks by saying no or negotiating.
• Saying no is essential, even at work, to prevent overwhelming demands.
• Negotiating can involve adjusting deadlines, reducing meeting lengths, or changing where meetings take place.
• Accept incomplete work when acceptable for tasks like forecasting, reports, or timesheets.

Overcoming Procrastination

• Use strategies to overcome the tendency to delay important tasks:
  • Ask a friend for accountability and encouragement.
  • Visualize the positive and negative outcomes of completing or neglecting a task.
  • Recognize that procrastination causes stress.
  • Delegate tasks to others when possible.
  • Leave tasks visible to remind yourself.
  • Tackle the most difficult tasks first.
  • Start a task without overthinking it.
  • Prioritize physical and mental well-being.
  • Turn tasks into routines.
  • Break down large tasks into smaller chunks.
  • Reward yourself after completing a task.
  • Schedule appointments in your diary for completing tasks.

Managing Emails

• Check emails regularly, ideally 4-6 times a day.
• Keep your inbox empty by moving tasks to your to-do list.
• Resist using your inbox as a to-do list, have a separate system.
• Address the root cause of excessive emails, which may include:
  • Improving "saying no" skills and delegating tasks.
  • Reviewing work processes to streamline communication.
  • Evaluating if personal micromanaging habits are contributing to the issue.

Preparing for a Meeting

• Successful salespeople prepare thoroughly before meeting with customers.
• Research the customer on LinkedIn and ask colleagues for insights about their preferences and dislikes.
• Understand the company's background and information readily available on their website.
• Check your company's contact database for any previous meetings or communications with the customer to avoid repeating information or proposals.
• Arrive early for the meeting as punctuality shows respect and indicates you value their time.
• Dress slightly smarter than the customer to create a professional impression.

Building Rapport

• Customers decide whether they like you within the first 30 seconds of meeting you.
• Building rapport immediately is crucial – if they don't like you, they are unlikely to buy from you.
• Compliment something genuine about them, their office, or the company; this makes customers feel good and increases their liking of you.
• Find common ground by identifying shared interests, experiences, or background information. This helps establish a sense of familiarity and trust.
• Use body language to convey positive feelings: smile, make eye contact, and practice a firm handshake.

Effective Questioning and Listening

• Being a great listener means asking questions and actively listening to the customer's responses.
• Effective questioning provides valuable insights into customer needs and preferences.
• Remember to engage in active listening, focusing on what the customer is saying to demonstrate interest and build rapport.
• Prepare a table of features and benefits and have it ready in your mind during the meeting, which allows you to quickly connect customer needs with your product's benefits.
• Focus on providing valuable information and demonstrating a genuine understanding of their needs to show your commitment to their concerns.

Closing the Sale

• Use a favourite "close" - a standard, comfortable phrase to prompt a purchase decision without putting pressure on the customer.
• Have a preferred closing statement prepared in advance to reduce hesitation and avoid feeling unprepared during the meeting.
• Use a closing phrase that encourages a smooth and positive conclusion, such as "So, should we do the paperwork then?" or "When would you like it?".
• Avoid leaving the purchase decision hanging open after the meeting as this loses the opportunity for a sale.
• Ensure you have a clear and concise closing process, reinforcing the value proposition and encouraging a final decision.

Monitoring and Tracking

• Balance your sales efforts between acquiring new customers and nurturing existing relationships.
• Track conversion rates at each stage of the sales process (calls to visits, visits to proposals, proposals to sales) to identify areas for improvement.
• Analyze conversion rate data to understand the level of activity required to reach desired sales targets.
• Investigate and record the reasons for lost sales to identify patterns and address specific issues to improve future sales performance.
• Be scientific about sales efforts by monitoring performance metrics and taking action to continuously optimize your sales process.

Time Management, Project Management