Mackay: Use these street-smart ideas to assist with personal growth

You learn to be book smart in school, but you better not forget that you need to also be street smart. As I like to say, knowledge does not become power until it is used!

I succeeded because I have street smarts that I either developed or picked up throughout my career from some of the world's smartest and most interesting people.

I have done four previous columns on street-smart ideas, which have generated terrific reader feedback. Here are some more of my favorites.

First idea: Know thy competitor. Walmart founder Sam Walton once walked through a Kmart store with his CEO, David Glass. David told me this story personally. Sam suddenly stopped in an aisle and said, "How come we're not doing that?"

Sam Walton spent more time in Kmart stores than his own stores.

Interesting fact: Both Kmart and Walmart started in business the same year — 1962. Walmart's sales last year were $482 billion, while Kmart sales were a paltry $10 billion.

Next idea: Channel your inner child. We start out as pretty creative beings — children let their imaginations take them to places they've never seen and do things that seem impossible. We encourage this as fun and playtime, but we should celebrate it as the potential for great discovery and accomplishment.

Next idea: The most important term in any contract isn't in the contract. It's dealing with people who are honest. The second most important term is including the right to inspect all their books and records, including tax records, correspondence and so on, pertaining to the agreement. Once that clause is in there, people with a tendency to get cute usually don't.

Next idea: Everything is negotiable. Everything has a price. A deal can always be made when the parties see it to their own benefit. Nine out of 10 lawsuits are settled on the courthouse steps before proceeding to trial. Even the most bitter of adversaries will sit down at the same table when they can be shown there is a greater advantage to themselves in negotiating than in fighting. The worst settlement is usually better than the best lawsuit.

Next idea: The given reason is seldom the real reason. You must find out the real reason to be successful. In sales, you are asking for the order your entire career. When a person says no, they seldom tell you the real reason.

For example, way over half the time, the prospective buyer will tell you that your price is too high, there isn't enough difference in price to switch, they are concerned about your delivery schedule, they have a long-standing relationship with their current supplier — a myriad reasons.

It's your job to discover the real reason. Then and only then can you can work to overcome their objections.

Next idea: Call on people on their birthdays. I always make it a point to visit my customers on their birthdays. If you can't get to them personally, call or e-mail them. Send them a humorous but tasteful birthday card. Stress this tip with your sales force.

You won't believe how much business we write up on our customers' birthdays. They are in a good mood. Bring them a creative gift. You are not buying their business, you are building a relationship.

I once figured out that I make approximately 300 phone calls a year to my customers and friends on their birthdays. I always try to put a smile on their face by singing "Happy Birthday" in a humorous voice.

Mackay's moral: Using your street smarts will put you on the road to success.

Harvey Mackay is a Minneapolis businessman. Contact him at 612-378-6202 or e-mail harvey@mackay.com.