One of my least favorite business phrases is: “What’s in it for me?” Business… real business… is about establishing and maintaining relationships, not just unilaterally deriving a benefit from another party. Too many business owners get too focused on a winner take all mentality that they lose sight of the power of collaboration with business and the benefits that come with it. When business owners change the question to: “What’s in it for us?”, business becomes more meaningful. Here are three reasons why “us” is a more powerful form of business:
1) “Us” focuses on the relationship-
The best kind of business is one that persists. When you are able to retain a client and do work for them year after year, it maximizes the initial investment that was made to secure the business. Also, if you have development a good relationship with a client/customer, that will more often than not translated into additional business in the form of referrals. Also, it will allow you to generate a better reputation, especially if that individual or company provides a positive review or testimonial.
2) “Us” leads to negotiation-
When you are focused on consensus and collaboration, it is far easier to negotiate a beneficial deal for all involved. It also makes it more likely for parties to be able to openly and frankly discuss current and future opportunities without fearing that information would be “used against them.” This type of disclosure would leave to more meaningful and informed business decisions and allow for business owners to create more effective and profitable business ventures over the long term.
3) “Us” minimizes conflict-
If both parties are focused on us instead of acting self-interestedly, they are more apt to seek resolution of their problems in collaborative ways instead of through litigation. Parties will be more flexible and make reasonable adjustments because they know that it is better for all involved. People are more willing to create payment plans or alternative requirements when they are committed to a collectively beneficial agreement.
What are some of the pro’s and con’s that you see to a more “us” focused business?
No business wants to have to deal with litigation, especially not a small business. The cost of initiating or defending a lawsuit can be crippling to a business owner. While not all litigation is avoidable, here are 5 ways you can seek to minimize litigation risks for your small business.
1) Do you homework
Doing your necessary due diligence before entering in to a deal is a great way to minimize litigation risks to your small business. What is the nature of the other party? Have they been involved in litigation in the past? What is their capacity to do this deal? What is your capacity to do this deal? How are they structured? When you take the necessary time to properly evaluate the deal before you, you are more likely to make an educated decision which in turn often minimizes risk. This helps weed out the bad parties or individuals that are most likely not going to perform adequately.
2) Clearly define relationships
A well-drafted contract or agreement can go a long way in protecting all parties to a business deal. Critical to this is using clarity in defining what the duties and responsibilities are of all involved. When each party knows and understands their duties and those of the other party, it is less likely that there will be confusion down the road about what should or should not be happening in a business deal. It also helps to clearly outline what the penalty is for failure to perform under a given deal. When you have done your homework as outlined above, it allows you to better be able to define duties and responsibilities of each business party.
3) Be flexible
Especially in an economy such as this, once you are engaged in a business relationship, it is critical to have a necessary level of flexibility. Sometimes unforeseen things happen and people are going to need to make adjustments to the original agreement or payment schedules. Be willing to engage in reasonable changes to the agreement and be clear about what those changes do and do not entail. People are going to be more likely to work with you now and in the future if you are flexible and understanding in how you deal with them. If your due diligence has sufficiently removed bad actors from the pool of clients or customers, it is less likely that you flexibility will be inappropriately taken advantage of.
4) Stay level headed
Also, it is critical that you as a business owner keep a level head and resist the temptation to make things personal and become excessively confrontational. It can be frustrating when a deal falls through or other individuals fail to perform as they had agreed. If you are level-headed and solution-oriented in your approach to the situation, you can more often than not come up with an amicable settlement and a new plan going forward. Ultimately, this route is also just better for your peace of mind.
5) Seek alternative resolution methods
Businesses also have access to alternative dispute resolution methods such as mediation and arbitration. You can set these up through formal mechanisms and via contract or you can also create a more informal structure with each individual party. Setting up a day when both parties can re-evaluate their position and communicate about concerns can go a long way to diffusing a difficult situation.
Although, not all litigation is avoidable, doing the above with help to minimize litigation risk for your small business.
Who doesn’t love a client who sells chocolate? Here is a great product to get for the mothers in your life. This is a special sales event on Saturday, May 8th, 2010 in Miami. For more information on the chocolates, or if you are unable to attend the event but still want chocolate, visit the Native Gardens website.
Native Gardens @ Walgreens
Greetings!
Please support Native Gardens by sampling and purchasing our delicious Dark Chocolate Truffles at Walgreens on 123rd & Biscayne, Saturday May 8, from 11:00 - 1:30.
The success of this event (sales) will determine additional opportunities with Walgreens. Thank you.
Cordially,
Cynthia Hill
Everybody loves chocolate and Mother's Day
is the perfect time to give the gift of chocolate.
Made solely with plant-based ingredients,
Native Gardens vegan truffles are Dairy Free,
Low Sugar and Gluten Free.
Hear the Native Gardens story and learn about the
health benefits of dark chocolate. Say Happy Mother's Day
with love and Dark Chocolate Truffles!
Where & When
Walgreens
12295 Biscayne Blvd.
Saturday, May 8th
11:00 AM - 1:30 PM
Here are some events coming up for small business owners in the greater-Miami area:
Latin Business Club of America: Networking Event-
Join Latin Business Club of America
for another fantastic
Networking Event
Tuesday, May 25th, 2010
6:00 pm - 8:00 pm 
20 Biscayne Blvd.
Miami FL 33132
Where Flagler Meets Biscayne
www.MIABiscayne.com
FREE ADMISSION
COMPLIMENTARY DRINK & APPETIZERS
Over $1000* in Cash Raffle and Prizes will be given away
Valet parking available: $10
Our last cash winner went home with almost $500
In 2009, we gave away over $15,000 in cash and prizes
*$1000 refers to the combined value of cash and prizes that will be given away
FIU Alumni Networking Event-
SAVE THE DATE!
MAY, 19 2010 I 6:30PM
VICEROY MIAMI
485 Brickell Avenue
Miami, FL 33131
The FIU Alumni Association &
The FIU Frost Art Museum
invite you to a complimentary event
Diversity in Art and All Things Artistic
Special Guest:
Professor Juan Martinez
Author and FIU Chair of the Department of Art and Art History
Professional business networking, Cocktails,
Light hors d'oeuvres, Music,
Raffle and more....
For more information call 305-348-3334
RSVP (with your contact info.) to alumni@fiu.edu
Miami Finance Forum: Networking Event-
US Commercial Services: Europe Export Event Miami-
At a time when millions of Americans are out of work, boosting our exports is a short-term imperative. For this reason, 2010 marks the launch of the National Export Initiative—an ambitious effort to marshal the full resources of the United States government behind American businesses that sell goods and services abroad. The National Export Initiative is a single, comprehensive strategy to double American exports in the next five years and create two million new jobs.
Explore European Markets
Transatlantic trade between the United States and Europe is the single largest trading partnership in the world, with U.S. bilateral trade with Europe totaling nearly $600 billion. European markets offer significant opportunities for U.S. businesses, whether small or medium-sized, new-to-export, or new-to-market.
Export Now! European Business Opportunities Forum
The U.S. Commercial Service, the global trade promotion organization of the U.S. Department of Commerce’s International Trade Administration, is pleased to welcome you to this event with 28 of our Senior Commercial Officers from U.S. Embassies across Europe. Via a program of seminars and individual counseling sessions, the U.S. Commercial Service will educate you about tools and opportunities available to help you reach foreign buyers and export your products and services with an emphasis on the markets of Western, Central, and Eastern Europe.
All U.S. manufacturers and service providers participating in this World Trade Month kickoff event will benefit from sessions on:
• Export Basics—Keys to Success in Overseas Markets
• Export Financing and Logistics
• Overview of Market Opportunities in Western, Central, and Eastern Europe
• One-on-one counseling sessions with U.S. Senior Commercial Officers to help you identify market opportunities for your firm
Register Now! buyusa.gov/florida/exportnow.html
Venue: Hyatt Regency Miami 400 SE 2nd Avenue Miami, Florida 33131-2197 (305) 358-1234
Date: May 6, 2010
Cost: $129/person
Registration includes:
• All Export Now! conference sessions
• Individual counseling sessions with Senior Commercial Officers (minimum three countries)*
• Breakfast, lunch, and breaks
• Conference program with 28 European country overviews
* Choice of countries and additional individual appointments subject to availability
Europe is waiting for your business!
Here are some articles to take a look at this week to help out your small business. As an extra treat, I have included the link to the blog post that I did for The Small Company Blog. Enjoy!
Waiting on the Recovery Isn't an Option: Bloomberg BusinessWeek “Today’s Tip”-
Real recovery is going to be generated by small businesses and individuals taking the necessary initiative to go out and find opportunities. Here are some basic ideas about generating that recovery in one’s own small business.
How to Manage Without Micromanaging: The Daily MBA-
Leadership and management skills are critical for any small business owner. Here are some thing that you can do today to improve your small business management.
Lead Generation: What Works Today: MyVenturePad-
Here are some tips on small business marketing and lead generation for small business owners. Key: incorporate online marketing to your small business marketing plan to level the playing field.
Basic Training: Unwritten Agreements--Are They Valid?: Entrepreneur Daily Dose-
Small Business owners need to know the impact of all types of agreements and contracts on their company. Here are some insights about unwritten agreements.
The Challenges of International Collaboration - Us and Them: Ezine Article-
International small businesses need to be aware of potential pitfalls with partnering internationally. These principles can be applied to all small businesses seeking out a new collaborative relationship.
Should Small Business Give Twitter A Twirl?: America’s Best Business Practices Blog-
How one of the most popular social media sites, Twitter.com, can benefit the marketing practice of your small business.
- and -
My Article-
5 Ways to Immediately Improve Your Small Company Operation
Tips to improve your small business operations. Have a great week!
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