I believe the real key to success over the long term is planning, preparing, research, carrying out thorough homework prior to any meeting, any deal, any prior discussions, infact anything that you embark upon and want to do well in.
I have touched on these areas in other posts, however because of their importance and relevance in life and as a skill set, whatever your journey, whatever stage you’re at of your journey, I thought it would be apt to write a full post on these subject areas and really try to do a deep dive into them.
This is a skill that I have developed at and acquired over the years, when I first started, I was just trying my luck, it’s the only way to describe it. I would go into things unprepared, no prior thought or preparation into any aspect. However, what you find is when you are working at a higher level, you can’t blag your way into things, it just won’t work.
So, my planning now always starts with an agenda the night before of the things that I want to achieve the following day, I have an old-fashioned notebook that I bullet point what I need to do the next day, and my whole day belongs to that. We can’t manage time, but we can manage our activities.
After that, It’s so important to have a clear vision of what you want, and how you’re going to achieve it, in order to do that you have to cover all basis of individuals that you are meeting, what do they want, what do you want out of them, what is fair and reasonable, that is why the more thorough the research beforehand, the easier the meeting will be, and the easier the conversation will flow.
Then I will begin to do thorough homework on the individual/individuals I am dealing with. A lot of people I deal with, someone somewhere will know them, or I carry out the usual search engine social media searches, as well as carrying out the work-related research, I also I find out personal things such as what makes them tick, any interest they have, how they’ve made their money.
Now that I have some information on them, I can have a conversation with them away from work, after all people buy from people, and it helps build a connection and some level of rapport. I also do my due diligence on the organisation the person/persons are part of, how long they have been there, and any other relevant information that may help.
A recent example of a meeting that I had and the kind of planning I did on the individuals beforehand and how it he led to a business relationship that I am hoping will carry on for the next 20 years was, I know someone who was looking for land to develop on, and he was looking for some project, someone else I knew had the opportunity of the land, I knew the land would cost X amount.
I knew the individual selling the land but I didn’t really know the other person, so I carried out my research on him, what he was about, what made him tick, what his background was, where he made his money, how he made his money, what companies he had, as well as what kind of place he wanted to live in, in short I did a lot of background research on him.
I then had a coffee with him, pitched that deal according to his needs, based on the information I had collected about him and according to the type of property he wanted to live in, the area he wanted to live in and the type of budget he had. I closed this deal on the basis that I really understood what he wanted, and what his needs were. You can only sell someone something knowing what they want, you can’t sell someone something who doesn’t want it.
Because I knew what this individual wanted, what he was about due to my thorough background research on him, he really had no reason not to do the deal with me. I got him the property, and really connected with him based on rapport I was able to build, based on the information I had about him personally.
I also structured the deal to take a chunk upfront and invest the rest back with him which I will get back in 2 years’ when the property is developed on the land, and the initial amount will triple which I will also get a percentage steak in. Because I had invested my time and effort with him, because I was showing him my commitment over the long term, (as I only took a small percentage upfront) that then helped in building a level of trust with both parties.
My relationship with this individual has started because that is how he likes to work. I know that tomorrow when a deal comes up, it’ll be a lot easier for me to close, he will offer me opportunities because in a sense I am a partner with him in this property deal, so, I think of long term and longevity, and how to maximise each deal.
You’ve got to plan out that some deals will be short term, some will be long term, you’ve got to have a strategy for both, so with this guy it’s a long-term strategy. He’s a very wealthy individual, and I knew I wanted to work with him, for 20 years and not just make a quick buck and run.
So right from the outset, even before entering the deal I had a clear vision, so my thought process was how could I structure the deal to be with him for the next 10 – 20 years, because I just took a small amount of money upfront I have another amount tied up with him that will be released in 2 years, I have built an open working relationship, hence we speak every other day, he’s offered me things and I’ve only known him 3 months and he has also invited me to go to Ibiza.
Now we are really focused on building a relationship for the long term.
I am fortunate in my position in life that I don’t need to chase short term deals, when you first start out you need the money you are chasing, you are blagging, you’re just hoping to make a quick buck here and there. When you grow and you are dealing with serious businesspeople you cannot turn up to meetings unprepared, you just can’t. Unless you’ve done your homework and research you will get found out and go home with your tail between your legs.
This lesson in this post is really to emphasise and it doesn’t matter what level you are at; that you must have a clear vision or outcome as to what you want to achieve with a person, a meeting an organisation, right from the start. That way you can plan and pitch accordingly.
Embark on the journey by carrying out as much research on the individual’s as possible, you want to build rapport, build a relationship, build trust. Find out what makes them tick and what they are about, find out what they want to achieve. Be able to have conversations away from work, a common subject, a common interest.
Make it about building a long-term relationship it will serve you better for years to come.
Because this is such a key area I am going into more detail in my next post, so until then, keep chasing your goals, keep chasing your dreams and never give up!!
To your success – always AD