The statement, “simple questions can make you money,” isn’t a get rich quick scheme, but rather, an invitation to stay curious in your business encounters.
Let me give you an example…
One of my clients owns and operates a small business.
He landed a big partnership in the early stages of his business, and has worked with them ever since.
He’s grateful for the business; however, his profit margins have been on the smaller side.
During one of our recent coaching calls, I encouraged him to renegotiate their agreement….
He responded by asking, “How do I do this?”
My immediate response was to, “stay curious ”…
…..”Go into the conversation being curious about their business, and ask open-ended questions”…..
- How has your experience been working with us?
- How much value do we provide you through our partnership?
- What would an ideal partnership look like for you moving forward?
He decided to ask these, and other, questions…..
As a result, he received a plethora of information about the state of his partner’s business, margins, struggles, etc.
AND….by asking these questions….
- His partner felt heard.
- His partner felt valued.
- His partner felt that my client gave a shit about the partnership.
In the end, after successfully renegotiating, my client was able to 5x his profit margins!
By no means am I suggesting that this type of questioning is guaranteed to 5x your profit margins.
In fact, it may have the opposite effect.
You may ask these types of questions and determine that it’s best to conclude the partnership all together, saving you time and money as a result.
Either way, I encourage you to stay curious in your business encounters, as it will undoubtedly open the door for more meaningful conversations and provide you with the clarity you need to make educated decisions.