Deal World Rule #4 - Use Maps to See the Deal Landscape

Ernest Shackleton, Robert Scott, and Roald Amundsen were among the great explorers of the modern world. Armed with their passion, knowledge, and tools, these intrepid souls boldly ventured into the unknown, in search of great rewards, yet keenly aware that tragedy might befall them instead. Deals are like expeditions. Dealmakers are the explorers. We embark on a journey into new territory, relying on our passion, knowledge, and tools in the hope of reaching our business goals, yet recognizing that the risk of a bad deal is ever present. One critical tool that explorers use is a map.

Dealmakers should use them too. A deal map allows you to see where you are within the whole landscape in relation to the desired destination. Maps clarify and simplify complex terrain. Where are you now? Where is the destination? What risks & obstacles lie in the way? How can they best be navigated? Are you on the best course? You should start with a deal map based on what you know at the outset, and add detail as you uncover it during the expedition. This will help you in the deal, and it will foster greater knowledge transfer and retention beyond the deal.

A picture is worth a million words. Just as it’s better to show than to tell, a deal map is superior to the old memo. Memos may have their place in certain situations, but deal maps should also be added to your toolbox.

This Deal World Rule #4 is about seeing the whole landscape. When you can see what you are doing, in context, you have deeper understanding that makes you more effective at achieving better results.

How do you map your deals? Do you do it in a visual way that allows you to see the whole? Do you fill in the deal landscape with more detail as you move forward? If so, congratulations. If not, start today.

(click picture for the full view)