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Discovery

Sep 15, 2011

It's the beginning of most relationships - personal or professional. It's part of an investigative process. A child learns how to interact with their environment through trial and error, and a gradual understanding of how one action leads to a desired response, while another action can create different results entirely.

As in life, business relationships are built on the cornerstone of discovery. Whether meeting with a potential client, vendor, employee or investor, it's important to know who you are talking to. When I meet with a new contact, I take the time to talk with them about their Company. I want to learn where they have come from and where they seek to go. I like to meet with multiple people from the company so I can get a sense of what I like to think of as the three C's: commitment, communication and culture.

If employees believe in their executive team, it generally comes from good management. Employees feel that leadership is committed to the growth and health of the company, and communicates the mission and strategy to the team. Culture is positive in a deliberate, carefully managed way.

Because I'm a known numbers geek, I also like to know their size (number of employees, annual revenue, etc.) and competitive share. (Hmmm... Maybe I should call it the 4 C's?)

I constantly seek new angles from which to view my clients - what haven't I already considered? And if I can't think of anything new - could I compare data that doesn't seem directly related, but that might give us an "Aha" moment if viewed in a new way?

Phrased another way, without curiosity, and an interest in learning something new, it's possible to stagnate. According to Daniel J. Boorstin, "The greatest obstacle to discovery is not ignorance - it is the illusion of knowledge."

So go exploring and let me know what you discover - about your business, your industry, or maybe even yourself.

More from Wendy…

About the Author

Wendy is a licensed Certified Public Accountant with over 19 years of CFO, accounting, and M&A experience. She started her own CFO service business through B2B CFO® in January, 2010, and has helped multiple clients with their forecasting, Board of Director reporting and cash flow management needs in the past year.

View Wendy’s Personal Website

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