I heard an entertaining veteran shopkeeper recently.
With a message of particular relevance to looking afresh at your forecast as the new year dawns.
Peter Williams just enjoyed another retail success. This time taking one to an IPO.
His speciality though appears to be the turnaround. Most famously with Selfridges.
When asked how he spotted winners, his reply was revealing. He simply stated that he works with the wounded, not the dying.
A neat turn of phrase.
Online I found him deliver this in longer form in a previous guise.
“My aim is to heal the wounded, not read the last rites to the dying.”
How he distinguishes the two remains largely his secret. Although he gave some kind of decision overview a few years ago. These are his three core questions before deciding to engage;
Do I see that I can add value?
Is it a business that interests me?
Are the other people on the board people I can trust and like?
Interestingly, these are fairly well applied to a stalled line on our forecast.
No salesperson should tolerate spending energy where it will be utterly wasted.
A deal that is dying/wounded is usually obvious. Calls unanswered, messages unreturned, invitations declined.
Yet determining precisely which is which may not be straightforward.
So applying these “retail paramedic” principles might well lead you somewhere profitable.
– Would you happily entertain the bid if you were the buyer yourself?
– Does the business issue at hand genuinely excite you?
– Are kindred spirits also keen to work towards the desired outcome?
If these apply, then you may be able to stem the bleeding and reach a pleasing destination.
If they do not, then perhaps it’s time to get to work on filling your funnel with a different type of deal. And plenty more of them.