3 Steps to Better Deals
Reflect, Strategize, Act
We’re halfway through the year, and momentum is high. Whether you’re hitting your stride or feeling the pressure of goals still unmet, this is a good moment to pause and reset. I wanted to share a brief “note to self” that I often return to—something that’s helped me stay grounded and make better decisions, ultimately leading to better deals.
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.
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 the second half of the year as a continuation of your previous 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?'. I love the old saying: Chess players don't roll dice.
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, so even if there is some disagreement, It's always a win-win scenario.