Businesses operate in different ways. Some feel that winning is everything, and there must be a winner and loser in every transaction. Unfortunately, businesses with that kind of approach have difficulty keeping customers and building trusting relationships. Another business style, and the one we follow, is a win-win approach. I believe businesses can be successful and still make a profit by giving customers what they need. Since I founded Newport 30 years ago, I have always taken a win-win approach with our customers, clients and sales offices and expect all of you to do the same.
As Newport has grown, I am no longer dealing directly with most customers, clients and sales offices. Therefore, it is important for each employee to follow a win-win approach in business dealings. The win-win approach starts with a thorough understanding of what the other party needs. If we do not understand what they need, how can we know whether what we want them to do is even possible? Next, we need to understand Newport’s needs. That means knowing the costs, work involved, and possible returns of what we are offering. Finally, we need to compare the two positions and propose a solution that ideally satisfies both sides.
It seems a simple rule to follow, but I feel all too often that we do not make enough effort to understand what the other party needs. Though it may be difficult to reach a win-win solution in all situations, if we make the effort, we will end up building trust and better business relationships. Please give some thought this week about how you can better utilize a win-win approach with your customers and clients.