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The 3 Rs of Bigg Success – Part 3

Back-to-School on chalkboardIt’s Back-to-School time and we’re in the middle of a ten-part series on lifelong learning. We started by talking about the 3 R’s from our school days – reading, writing and arithmetic. Now we’re talking about the 3 R’s of BIGG success.

So far we’ve discussed two of them – responsibility and resiliency. Today we’ll chat about the 3rd R of BIGG success – relationships.

We are living in the age of interdependence. It’s amazing how much can be accomplished by working together.
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Creating Wealth in the Next Generation Economy

balance Last century, we saw wealth created by large companies using economies of scale to keeps costs low so they could dominate markets. In the next generation economy [pdf], new wealth will be created by entrepreneurs through a network of great relationships built on trust.

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Trusting relationships will save you time and make you money. The question is, “How do you build this trust so you can build relationships?”

There’s a concept called equal consideration of interests – you place your interest equal to the other party. That sounds so simple, but we believe it deserves emphasis.

Win / lose. “I win, you lose” doesn’t work because it doesn’t build the trust that is necessary to have good relationships in tomorrow’s business world. Yet there are a lot of people who place their interest above everybody else’s.

Lose / win. “I lose, you win” ultimately fails because fulfilling relationships can’t be one-sided. Eventually frustration leads to anger and the relationship (if that’s what you call it) dissolves. Yet there are a lot of people who place everybody else’s interest above their own.

Neither one is the best path to building fulfilling relationships. There is a better way …

Win / win.
This is the perfect combination in today’s business world. Win / win is equal consideration of interests. Even if it benefits me, I won’t do it if it hurts you. We’ll work together to find a better way that is mutually beneficial. That’s the key to innovation – another 21st century necessity. What works today won’t be good enough tomorrow. By working together, we can find a better way than either of us could find on our own.

Moving quickly on a new venture

We just launched a new offline venture. We had an idea for a product. We talked it over with people in our network. Based on their recommendation, we revised it … a lot! But it was much better. We reached out to potential strategic partners and got them in place. Last week, one of those strategic partners began selling our product across the nation.

It probably would have taken us six to twelve months to do this if we didn’t have the right relationships in place. Instead, this all happened in about two months. That’s another 21st century mindset – once you spot an opportunity, you have to move very quickly.

It’s hard to do that if you have to develop the concept from scratch. You need to reach out to people and firms who have the infrastructure in place to help you capitalize on it. If they aren’t already in your network, it will take longer. So building trusting relationships is essential. But there are (at least) two points to consider …

Relationship building is a long-term investment.

It takes time to build your network. We have years of goodwill built up with some of our strategic partners. This helps get revenue-generation going quickly once you have the right idea. Don’t wait to build your network until you need it. It will probably be too late then. Make relationship building an everyday thing.

Trusting people solve problems quickly.

When you trust your partner and your partner trusts you, problems can be solved much more easily. As we’ve had issues, we’ve been able to deal with them very quickly. We can hear our partners considering our interests along with their own; they can hear us doing the same thing.

The best way we know to capitalize on an opportunity quickly is when two or more people, with trust already in place, consider their interests equally and seek mutually beneficial solutions. It’s the way to create wealth in the 21st century!

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Join us next time as we celebrate our one year anniversary! Until then, here’s to your bigg success!

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Failure to Do This Harms Relationships

3 Keys to Effective Networking

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Crisis Creates Opportunity for Great Leaders

maple_leaf_foods_logo
Recently, food-borne illness was found to have caused the death of eleven Canadians. After a thorough inspection, it was concluded that the problem originated in a plant operated by Maple Leaf Foods.

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At a press conference, the President of Maple Leaf Foods, Michael McCain responded:

"Certainly knowing that there is a desire to assign blame, I want to reiterate that the buck stops right here. This week, it's our best efforts that failed, not the regulators or the Canadian food safety system. I emphasize: this is our accountability and it's ours to fix, which we are taking on fully. We have and we continue to improve on our action plans."

Honesty builds goodwill

It was so refreshing to see a leader step up and accept responsibility in an incredibly difficult situation. The report on the conference says you could see the pain in his face. He was completely honest. He took a hard stance and accepted full responsibility.

In today’s legal environment, it’s harder than ever for executives to accept this kind of responsibility. Lawyers often advise against it because it costs money. But it builds goodwill because people appreciate people who stand up and do what’s right without regard to the cost.

The 3 phases of a crisis

We found a great special report, Crisis – A Leadership Opportunity [pdf]. It discusses the three phases in the lifecycle of a crisis:

Preparation
During this phase, complacency has set in. As problems boil to the surface, leaders often ignore them to avoid any conflict. This failure to respond early leads to the crisis.

Emergency

Now the threat has been ascertained and the very existence of the organization may be threatened. Leaders direct all their energy to eliminate the immediate threat.

Adaptive
All possible attention has been given to crisis. There has been an urgency to get to the source and take corrective actions. With the crisis still at the top of everyone’s mind, now is the time to make the changes necessary to prevent the crisis from happening again. People are receptive and open.

However, many leaders fail to take advantage of this opportunity. Instead, they push the organization back to the status quo. The result? The crisis returns!

The report [pdf] goes on to discuss the seven essential success strategies for leaders in crisis. It also discusses two famous cases of leadership in crisis – Johnson & Johnson’s handling of the Tylenol poisonings and Rudy Giuliani’s response immediately after the events of September 11, 2001.

We highly recommend that you check out this fantastic resource. It will help you learn to adapt to little problems so they don’t become a major crisis. 

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Here’s another great resource –
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Next time, we ask, “Are you solving the problem or the symptom?” Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Related posts

Have A Problem? SOLVE IT!

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00248-102208.mp3
ttp://media.libsyn.com/media/biggsuccess/00248-102208.mp3

(Image by mapleleaf.com)