When it seems like a great business deal is on the horizon and then - suddenly - that horizon disappears and we're smacked in the face with a, "Thanks, but no thanks," it can be difficult to wipe the look of surprise off our faces and end with a genuine smile of gratitude.
Just because closing a business deal wasn't in the cards for you today, doesn't mean you can't carry on tomorrow.
Here are some ideas on how to cope with losing a business deal:
If you consider all business deals to be an educational opportunity, then you're well-primed for a lifetime of success.
We don't just learn from the deals we close. The defeats teach us a thing or two about business, too.
When the deal falls flat, remember this: defeat is but an education. Gather together with your trusted colleagues, and pull out what you did well in the deal (also known as an after-action review process) and what you can improve upon for the next pitch.
When you receive the bad news, don't delete the e-mail or slam the phone down. Use it as an opportunity to flex your professional muscles and demonstrate gratitude, not frustration.
Thank the potential client for their time and encourage them to remain in contact should they ever require your services in the future. Reiterate the fact that you'd be glad to work with them at any time. Most of all, wish them (genuine) success as they move forward with their business.
Ask yourself this question. Did you really want to work with that client, anyway? Would the workload have been fulfilling? Did you connect with the people? If you can't immediately answer yes, then it's time to breathe a deep sigh of relief.
In fact, you may have dodged a bullet! What if that client became one of those "problem clients" and started to suck the life out of you? More to the point, the loss of that client - whether you truly wanted them or not - has left your plate open for the next big (and right) thing.
Whatever you do, don't strike up the band for a pity party. What will wallowing do? It won't force the client to change their mind.
The best you can do is call an internal meeting to reflect what you did well and what you can improve upon. Then, shake the dirt off your loafers, start the bidding process again, and wait for the bigger, shinier fish to swim downstream.
Want to learn more about how you can leverage a business deal even when it’s lost? Pick up a copy of The Currency of Gratitude to learn how small gestures can turn into powerful business results.
Why is it important to have gratitude for the progress you’ve made?
Highly motivated people always seem to be moving forward. They use goal-setting to map out their future and challenge themselves to achieve more.
The tendency to push forward comes naturally - psychologists call it action bias: the inclination to act in order to have control over one’s life. This instinct is necessary and results in progress being made. However, according to researchers, taking the time to stop and look back can have an astonishing positive effect on your forward motion.
Reflection is an instrumental part of making progress. When you utilize reflection effectively, it can help you develop a sense of gratitude for your journey and the successes you’ve already had.
Self-reflection allows you the opportunity to evaluate how far you’ve come. When you pause to consider where you began and compare it to where you currently are, you may be amazed at the progress you’ve made.
Reflection also allows you to make course corrections as necessary. You may notice areas where you could have reacted differently, situations that could have been avoided or problems that could have been solved more efficiently. By identifying these areas, you can learn to recognize them in the future and improve your responses.
As you reflect on your journey, it will help you develop a sense of awareness for the interactions and influences in your life. You may become aware of specific individuals or situations that played a role in helping you move forward.
The experiences that you had, both good and bad, helped to shape you into the person you are. It can change your perspective of the hard times and encourage you to push forward even when things get difficult in the future.
No one reaches success without help. As you reflect on the journey to your goals, you may notice the important part that others played in your success. They most likely include:
Friends and family who encouraged you to pursue your goals, mentors who guided you and counseled you through difficult decisions, co-workers or employees who helped you finish projects, and managers who encouraged you to take a professional leap into a new position.
This awareness should motivate you to share your success with them and thank them for their help in your achievement. In addition, it should inspire you to do the same for others.
Research suggests that gratitude can affect your mental and physical health. The hypothalamus, the region in your brain that controls body functions such as eating and sleeping, is affected by the dopamine that results from feelings of gratitude. Gratitude can increase your metabolism and decrease your stress. The result? You sleep better and feel better.
Have you developed a sense of gratitude for the progress you’ve made? Schedule time for self-reflection regularly. Pick up a copy of The Currency of Gratitude to learn more about the positive effects gratitude can have on your life.
‘Hustle culture,’ ‘burnout culture,’ ‘ grind culture.’
The mentality that one must work non-stop in pursuit of their professional goals has been glamorized in the media and through those who have already ‘made it.’
Countless leaders have expressed sentiments that extolled the virtues of pushing through - that success depends on the hours you put in and the sacrifices you’re willing to make.
If you’ve set lofty goals for yourself, you may be inclined to hustle in your quest to see success. Any time not directly working towards your goal is wasted… Right?
When you’re working towards a goal, it may feel as though any moment you aren’t actively pursuing it is wasted. This is the mindset behind a recent study which revealed that more than half (55%) of Americans are not using all their paid time off.
The ‘no need to rest’ phenomenon is not partial to North America, workaholics are found all over the world.
The thinking that drives this behavior is that - by pouring every spare moment into your goal - you are more likely to reach (or exceed) your goals. While your competitors are sleeping, you are charging ahead towards success.
In spite of the individuals who seem to survive on caffeine and adrenaline, however, studies have proven that taking the time to refuel is actually more beneficial to your success.
Your body (and your brain) have been hard-wired to need rest, and the science is beginning to be heard.
According to one study, your productivity levels go up with regular breaks. When you take a break from working on a task, even for just a few minutes, your brain can reset, reversing any negative effects of work and allowing your subconscious to solve problems you may have been experiencing.
As individuals become more aware of the harmful effects of pushing through work without a break, organizations are beginning to take notice.
The idea of allowing people to refuel is gaining momentum, and has been adopted by companies looking to boost productivity and increase employee wellness. Giving individuals the opportunity to shut off the incessant push of productivity has proven to be beneficial, for both the individual and the organization.
Individuals who stay “on” all the time are more likely to experience depression, burnout and anxiety. When you don’t give yourself adequate time to rest and refuel, eventually your brain and your body will give out. The constant push can have detrimental health effects, negatively affect personal relationships and cause you to become disillusioned with your goals.
For most people, the idea of taking extended amounts of time to refuel seems out of reach. If you’re not sure where to get started on refueling, start small.
Here are three tips to get started:
Do you feel like you’re stuck in a rut? It may be time to refuel.
Interested in learning more about refueling? Check out our blog, where we explore new topics regularly.
Does the topic of personal finance make you feel uncomfortable?
If so, you’re not alone. A Wells Fargo survey found that 44% of Americans would rather talk about death, religion or politics than discuss their personal finances.
Just because people aren’t talking about it, however, doesn’t mean they aren’t thinking about it. The same survey found that nearly 40% of people named finances as their biggest source of stress and report regularly losing sleep over money.
Not talking about money can have a negative influence on your life. Money is listed as one of the leading causes of relationship turmoil and can affect your happiness and health. So why don’t people like to talk about it?
Here’s how goal setting can help you tame the money monster and take back control over your finances:
With strategic financial goals, you’ll get a clear picture of the current state of your wealth and will develop a plan to improve your financial health.
Whether you just want to get out of debt or want to invest in developing long-term wealth, the first place to start is with your budget.
Goal setting will help you recognize your financial habits and make the necessary changes for the future
Goals can help you stay motivated as you work to improve your financial situation. Part of a long-term plan for wealth building may include strategies for getting out of consumer debt. As you begin to prioritize your spending, you will watch your debt shrink and your wealth grow.
Once your budget is under control and you’ve removed consumer debt from your life, or have learned to manage it, the process of building your wealth goes to the next level.
One of the primary means of accumulating wealth is by investing – that is having your savings work hard for you and multiply into more money.
When you set wealth goals, you take back control over your finances and can start to see money as a tool to help you get to an end-goal instead of looking at your money and finances as something to fear.
Attaching a purpose to your financial goals will help you stay motivated and on track. A purpose is the “why” behind the goal.
An example may be you saving for a home or for retirement.
Use the SMART method of goal setting for an effective way to reach your wealth goals. Like all goals, your financial goals should be Specific, Measurable, Attainable, Realistic, and Timely.
What exactly do you want to accomplish?
Attach a measurable element to your financial goal.
How much do you want to save and how often do you want to contribute to those savings?
Is it possible, given your current financial state, to reach the goal you’re setting?
Create a financial goal that is based on your current financial reality rather than where you hope to be in the future. You can always change your goal post later as your finances grow.
Don’t use nebulous, open-ended goals. Be diligent to attach an end date to your goal.
If you were working towards health goals, it wouldn’t seem strange to seek the assistance of a personal trainer or a doctor. When it comes to your finances, seek professional help. Trusted advisors, your financial planner and educational resources can help you develop realistic goals, and can help you identify strategies and techniques that will propel you to your goal.
Interested in learning more about goal setting? Check out our blog, where we explore new topics regularly.
The need for recognition has never been higher. And a moment of gratitude from a colleague or leader can go a long way to boost morale.
Here are a few tips on how to recognize your employees and clients in today’s environment:
Building a relationship with those you work with takes time and energy; two things that may feel in short supply. But building a strong personal relationship can pay off and will allow you to understand when moments of gratitude are needed.
Personal milestones like birthdays and work anniversaries are important to your staff and recognizing these can go a long way in building relationships. The more time you take to build a relationship with co-workers, the more chances you will have to celebrate those milestones together.
Depending on your company's working environment, face-to-face interaction between teams may be limited. Therefore, we need to get creative with how we show our gratitude and recognize our teams. Here are a few ideas you can start doing immediately:
Recognition does not always need to come in the form of a plaque or salary increase (though they are nice). Taking an extra minute or two after a conference call to say “good job” and to point out some strengths will keep morale high and build confidence in your team.
Interested in learning more about employee recognition? Check out our blog, where we explore new topics regularly.
It takes more effort to land a new client than it does to retain an existing one. Instinctively, most business leaders know this, but the nature of client retention is changing.
Faced with the difficult task of engaging and retaining your clients who are bombarded with information, shiny object syndrome and sales pitches from every angle, you must find new ways to maintain your edge.
What compels a client to remain loyal, rather than signing on with the ‘newest, noisiest supplier of the week’?
Fundamentally, business owners understand that to retain clients, their services must provide value. Many businesses, however, think that value is tied strictly to pricing, and try to provide their services at the lowest cost.
While pricing is important, trying to compete on pricing alone is a losing battle. To inspire client loyalty, your business needs to add value to the services you offer. What does that look like?
Successful client retention strategies can include proactive services. Rather than waiting until the client needs something, businesses who are proactive in their approach will surprise, delight and help their customers grow their own business.
A primary means of building a relationship with clients is through the development of shared values. By demonstrating that you are invested in the success of their business, you begin to strengthen your relationship with them.
When you invest in the success of your clients, you become a trusted adviser, and can develop a relationship that will last for a long time.
Saying ‘Thank You’ through words or deeds can have a lasting impact on how your clients view you and your services.
One idea is to offer them a chance to attend a workshop, seminar or gain access to training they likely couldn’t attend on their own.
Hosting a professional development program that provides long term benefits to your clients is an excellent way of demonstrating your gratitude and cultivating a shared value and vision for how to work together for the long term.
Offering a MY BIG IDEA® program as an exclusive, invitation-only event for your best clients allows you to position yourself as a valuable resource, and instills loyalty within those clients.
Hosting a workshop for selected clients not only demonstrates your commitment to their future success, it shows your recognition of their importance to your company.
Our goal setting workshops provide your clients with additional tools they can use to build their business, which will in turn help you build your own.
Contact us at MY BIG IDEA® to find out about our proven track record of success and how we can strengthen your relationship with your clients and support the goals of your organization.