probably deserve it. If they think you’re a lowlife, you could be headed for trouble.

I’ve long believed that a good reputation is the most valuable asset you can have in business. What’s odd is the role your competitors play in creating one. Their opinion, I believe, counts more than the view of any other group—because of their credibility within the industry and with potential customers. Competitors have a unique perspective of yo

about what the other party is thinking. Right or wrong, your assumptions will cloud your mind and keep you from hearing what’s being said. The second rule is: always assume that everyone else in the room is smarter than you. If you get the idea you can outsmart other people, you stop paying attention to them.

make sure I listen by following two more of my negotiating rules. The first is: don’t go in with any preconceived notions. By that, I mean don’t make any assumptions

A face-to-face meeting of the principals is always a crucial point in a negotiating process, and most people blow it by concentrating all of their attention on getting what they want. Negotiating is give-and-take. To get what you want, you first have to find out what the other party wants. There’s only one way to do that—by listening.

That’s another one of my rules: negotiate first about a secondary matter, understanding that—at the end of the process—you’ll probably let the other party get most of what it wants on the issue in question. Your concession on the first negotiating point will give you additional bargaining power when you bring your number one issue to the table.

Indeed, the best businesspeople I know all have certain key numbers they track on a daily or weekly basis. It’s an essential part of running a successful enterprise. Key numbers give you the financial information you need to take timely action. Business moves too fast to wait for the monthly, quarterly, or annual statements from your accountant. By

avoid two common mistakes made by people desperate for cash. When you absolutely must get cash right away, you naturally go to the customers most likely to pay you quickly—namely, your best accounts, those that already pay on time. You put pressure on them to pay early or you ask for favors, neither of which helps build good relationships with the

Point Four: Your time is more valuable than money, and you should be careful not to waste it.