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jerryking : aligned_interests   7

Can contracts use pictures instead of words? | Financial Times
Bruce Love OCTOBER 22 2019

* David Sibbet in "Visual Meeting"
* Dan Roam in "Blah Blah Blah: What To Do When Words Don’t Work" 
Both writers advocate the use of graphics and charts to better communicate ideas between people.

Visuals and plain language make an adversarial process more constructive.

Every contract the company writes represents a business relationship that a company would prefer to see fulfilled mutually.....unwieldy contracts stand in the way of harmony.....you spend  so much time building customer relationships that you don’t want a contractual negotiation to then dismantle that relationship brick by brick.....redraft contracts using as much plain English as possible......Making contracts more faithful to the relationships they represent is a popular goal with commercial contracts.....businesses should write contracts that specify mutual goals and governance structures to keep the parties’ expectations and interests aligned over the long term........especially for “highly complex relationships in which it is impossible to predict every ‘what if ’ scenario”.....a curious innovation gathering steam in the legal world: visual contracts that incorporate images alongside or even replace text. The underlying idea is that a picture paints a thousand words.....visual contracts can be used for simple and complex agreements.....there are growing libraries of contract terms that can be assembled as modules to build complete agreements. The goal is to provide businesses with best practice examples of the most frequent and least divergent contract clauses.....While there are many benefits to visual contracts, “simple is difficult”..... It is counterproductive for negotiators to codify every minute detail of a relationship when instead much can be ascribed to a spirit of agreement, more similar to a constitution or code of ethics.
aligned_interests  books  charts  Communicating_&_Connecting  comprehension  contingencies  contracts  deal-making  graphics  infographics  legal  negotiations  plain_English  visualization 
november 2019 by jerryking
Globe editorial: Answering the bully in the White House - The Globe and Mail
Since reasoning with the President is off the table, the only options for Canada are to stand firm as long as possible in terms of retaliation, to continue to negotiate with state governors and Congress members whose economic interests align with ours, and to make hay of the fact that the U.S. is a less stable and safe place to invest when it is led by a President who changes the rules every week.
bullying  Canada  Canadian  crossborder  Donald_Trump  editorials  tariffs  White_House  aligned_interests 
june 2018 by jerryking
Boost your sales with tips from Warren Buffett
DECEMBER 18, 2012 | The Globe and Mail | by HARVEY SCHACHTER, SPECIAL TO THE GLOBE AND MAIL.

How to Close a Deal Like Warren Buffett
By Tom Searcy and Henry DeVries
(McGraw-Hill, 217 pages, $24.95)

The authors recommend a process they call "the triples" that will help you make the case for your product or service:

Triple 1: The prospect's three problems

First, find out – and write down – the three biggest problems the prospect faces in the area your product or service can help. This aligns you with the buyer's interests.

Triple 2: Your three-part solution

Now think carefully about how you can solve each problem. As you write it out for the client, remember that generic language such as "improved," "better," and "big difference" are not that compelling. Use actual numbers and refer to specific pressure points to focus on the outcomes your prospect can expect.

Triple 3: Your three references

The third step is to identify at least three references you can share who have experienced similar outcomes when using your products and services. This may be sensitive, given confidentiality and competitive issues. But the authors stress: "The most effective way to get the attention of prospects is to drop the names of others just like them."

The authors urge you to become a student of psychology and develop profiles of members of the prospect's team. Try to determine each person's fears, since those qualms may send your pitch into the ditch. Determine each person's point of view about your solution, as well as any other personal trait or event that might be of importance. At the same time, study the team dynamics, from where people sit around the table to who they defer to.

The most dangerous person will be "the eel." The authors insist that "in every deal, and at every prospect's table, there is always an eel – a person who is against the deal. Always. Eels have a tendency to hang out in the shadows. They are hard to get to, and they usually talk you down when you're not around."

Usually eels are driven by fear that they don't want to acknowledge, so instead they insist they are against the deal on principle. They are dangerous, and must be identified early. Then you can try to co-opt them, taking the eel's ideas and baking them into your proposal.
aligned_interests  books  deal-making  eels  enterprise_clients  Harvey_Schachter  indispensable  JCK  management_consulting  obstacles  pitches  problems  problem_solving  psychology  references  salesmanship  solutions  tips  think_threes  Warren_Buffett 
august 2017 by jerryking
11 tips for freelance success
Thanks in part to globalisation and the state of the world economy, the number of
freelancers and freelance opportunities have grown rapidly in the past
decade.
For individuals, freelancing offers the possibility of an
entrepreneurial lifestyle and a level of self-determination that is hard
to find at a nine-to-five.

For businesses that may not have the luxury
of hiring a full-time employee or need expertise that is hard to find
and/or develop in-house, retaining a freelancer may be the most
attractive way to get a job done.

But freelancing isn't all roses. Most individuals who become freelancers
aren't billing themselves out at thousands of dollars a day, and many
fail to earn more than they used to earn (or could
earn) as full-time employees.

Some, sadly, are unable to find their way
and are forced out of freelance-dom.
For those wanting to 'make it', here are 11 life-saving tips.

Dot your i's and cross your t's
While few freelancers like dealing with legal issues and attorneys, having a formal agreement in place for each gig can help protect you against non-payment and avoidable legal headaches.

As such, savvy freelancers will seek out competent legal counsel early on, and at a minimum, invest in the drafting of a solid template agreement that can be applied to common projects.

Demand a deposit for every project
New freelancers in particular are often hesitant to require an up-front deposit from clients, believing that it will cost them business. But the truth is that no reasonable client will refuse to pay a reasonable deposit, making the deposit one of the best tools for filtering out the clients most likely to be deadbeats.

Once a long-term client relationship is established, it may be appropriate to consider alternate arrangements, but it's wise to treat those arrangements as you would a loan that doesn't require a down payment.

In other words, understand what you could lose if the loan is not repaid, and make sure that loss is tolerable.

Don't get distracted by the "hourly versus fixed price" debate
While it's not always the case, the general belief is that freelancers love hourly engagements and clients love fixed price engagements.

At the end of the day, however, the "hourly versus fixed price" debate is usually a red herring. If you're billing hourly for a project, your client is going to want an estimate of how many hours the project will take to complete.

And if you're billing a fixed amount for a project, you're going to base the amount on an hourly rate and the number of hours you believe the project will take to complete.
The key is making sure that you have enough information to establish the scope of the work required, and that you have enough skill to accurately estimate work time based on scope.

If scope isn't established and/or you're not capable of estimating accurately, the project is at risk regardless of whether you're billing by the hour or for the whole shebang.

Invoice well, invoice religiously
One of the most common reasons individuals fail at freelancing is that they don't generate the cash they need when they need it. In other words, they have clients and gigs, but it's a constant struggle to pay the bills.

Many freelancers find the lesson that strong revenue does not necessarily equate to strong cash flow to be a harsh one, but once learned, it's much easier to address the matter.

Building strong cash flow starts with invoicing. First, you need to set fair if not favorable invoicing terms (hint: net 45 or 60, or higher, can be painful).

Then, you actually need to submit your invoices in a timely fashion (eg. when they're able to be submitted or due), something that, surprisingly, many freelancers fail to do even though there are plenty of cost-effective tools that can make the process easy.

Minimize your ratio of new client acquisition to billable work
Freelancing can be very profitable -- when you're billing. But many freelancers spend a lot of time not billing, and for many of these freelancers, new client acquisition is the biggest source of non-billable time.

It shouldn't be. While you probably don't want to be dependent on one or two clients, if you're spending more than 25-30% of your time each month looking for new ones, you may eventually find it hard to be successful.

Find your optimal rate
One of the best ways to minimize the amount of new client acquisition you need to engage in is to find your optimal rate and pricing structure. Charge too little and you'll find it hard to thrive. Charge too much, however, and you'll find that your clients may send you a lot less work than they'd otherwise like to.
At the end of the day, finding your optimal rate is effectively the same thing as maximizing your revenue. A freelancer who bills 120 hours a month at $100/hour makes more money than a freelancer who bills 60 at $150/hour, and incidentally, is probably more likely to be staying sharp and working on interesting things.

Focus on what you do best and what you want to do, not on what you can do
Many freelancers make a huge mistake: they make their sole criteria for taking on a project the answer to the question, "Can I do this, and make money?" Instead, it pays to focus on what you do best and take on work that's aligned with your long-term positioning and goals.

Everything else can distract you from getting to where you want to go, even if it helps pay a few bills in the short-term.

Be realistic about scale
Service businesses have unique scaling challenges, and individual freelancers will obviously find it difficult to grow revenue beyond their hourly rate times the number of hours in a working day.

For ambitious, established freelancers, building a team or outsourcing may seem like a good way to grow revenue. But growing the number of hours you can bill in this fashion and maintaining quality can be very difficult to do.

Also consider that this type of expansion may force you to do more project management, so make sure your project management skills are sufficient and, more importantly, than you're willing to trade some of your 'real' work for project management.

Don't underestimate the importance of location
The stereotypical freelancer lifestyle can be attractive, but don't get too infatuated with the notion that you can live on the beach in some exotic, inexpensive land while billing out design or development work at London day rates.

The market for freelancers is competitive, and location can matter. If the majority of your clients are based in, say, New York, and you're based in Phuket, the distance between you and your clients could eventually become a major liability.

Don't be afraid to part ways with clients
Few things are as rewarding than long-term client relationships. But that doesn't mean that you should maintain a client relationship for the sake of maintaining the relationship.

If a once-solid client becomes a headache (eg. they're not paying you on time or are treating you disrespectfully), you shouldn't feel obligated to keep providing your services. And sometimes, your areas of focus may diverge from a client's needs.

In these cases, doing what's right for you (moving on), as difficult as it may be, is probably also what needs to be done if you're going to do right by your client.

Become a business owner
Most freelancers start off thinking of themselves as a 'freelancers', but at some point, a successful freelancer should recognize that she's really a business owner.

That means learning about, and taking responsibility for, business activities like bookkeeping, accounting and marketing. Doing this can often mean the difference between success and failure, as there are many talented freelancers who fail to succeed because they're poor business owners.

As an example, consider the importance of building a cash position. A good business owner will try to build a solid cash position, as this can provide a safety net for a rainy day, expansion capital, or the ability to offer more flexible payment terms to clients.

A freelancer who is not a good business owner, on the other hand, is less likely to think of her freelancing operation as a business for which a strong cash position is desirable or necessary.
aligned_interests  charge_for_something  emergency_funds  freelancing  gig_economy  hard_to_find  jck  owners  safety_nets  screening  via:Memeserver 
december 2016 by jerryking
TED2012 and Why conferences will never be the same | engineers don't blog
March 8, 2012

1. Perfect your speed pitch/introduction — a laser focus introduction of who you are, and why this person may be interested in connecting with you. I really thought I had a good speed pitch prior to TED. But the first day of TED, I attended a session of speed meetings. Each speed meeting was three minutes in duration. Each time I met someone, I learned how to adjust my pitch based on the questions people asked. I learned from their questions that there were certain things in my pitch that weren’t clear or didn’t convey the heart of my mission. It really took about an hour of speed meetings, before I felt as if my pitch was clear. During the second hour of speed meeting, I realized there weren’t nearly as many questions. I took this to mean that either my pitch was better, or people were just tired of meeting. Either way practice your speed pitch, and learn to adjust it based on the feedback you receive from of questions or reactions.

2. Attend a conference with a purpose — I find it helpful when conferences or events publish their list of attendees. Its worth it to do a little ‘research’ on those in attendance and make an effort to meet people of interest. Often the person of interest is not the ‘celebrity’ of the conference. But someone who may be more accessible, but you can still learn their experience and their connections. It also helps to set goals before attending a conference. What are you trying to accomplish from attending the conference? Be specific in your goals. ‘Meet people’ is not a specific goal, plus you can meet people at the supermarket. One of my goals from TED was to ‘Connect with developers working with Big Data.’

3. Be present in conversation and listen (i.e. living_in_the_moment)

4. Become a connector — Everyone you meet at a conference may not be in direct alignment with your current goals. However, networking in its purist form is actually just building a network. You become a node in the network and have the ability to connect others and align goals. Plus its just good networking karma.
TED  African-Americans  women  entrepreneur  conferences  productivity  howto  Communicating_&_Connecting  preparation  networking  goal-setting  living_in_the_moment  aligned_interests 
june 2013 by jerryking
In search of genomic incentives - The Globe and Mail
JONATHAN KIMMELMAN

The Globe and Mail

Last updated Wednesday, Dec. 19 2012

how drug development is failing science. Medical innovation involves a peculiar mix of seemingly contradictory motivations. Scientists and sponsors are driven by the pursuit of knowledge and a desire to relieve human suffering. But they also seek fame and fortune. Medical journals want to foster progress as well, but they sell more subscriptions when they report breakthroughs.

With the right balance of incentives, these often parochial motivations can work together and propel the best science toward the clinic. But countless failures in drug development – and their burdens for patients and health-care systems – should prompt a hard look at whether we’re striking that balance properly.

Consider the tensions between: (a) truth and compassion; (b) Truth and fortune...Physicians, patients, payers and public health programs depend on the research enterprise to supply a steady stream of medical evidence. The process of creating this social good, however, is driven by a mix of parochial interests. Personalized medicine – and other ways policy-makers are trying to prime medical innovation – will only deliver on its full potential if policies bring these motives into alignment with the goal of generating reliable and relevant medical evidence.
drug_development  genomics  innovation  medical  personalization  personalized_medicine  aligned_interests 
december 2012 by jerryking
Eight Principles of Strategic Wealth Management
August 09, 2006 | Knowledge@Wharton | by Stuart E. Lucas.
1. Take charge and do it early.
2. Align family and business interests around wealth-building goals and strategies.
3. Create a culture of accountability.
4. Capitalize on your family's combined resources.
5. Delegate, empower, and respect independence.
6. Diversify but focus.
7. Err on the side of simplicity where possible.
8. Develop future family leaders with strong wealth management skills.
wealth_management  rules_of_the_game  Wharton  personal_finance  wealth_creation  accountability  strategic_thinking  leadership_development  simplicity  JCK  business_interests  family_interests  diversification  focus  Michael_McDerment  aligned_interests 
august 2012 by jerryking

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