Tact

tact
• noun adroitness and sensitivity in dealing with others or with difficult issues.
— ORIGIN Latin tactus ‘touch, sense of touch’, from tangere ‘to touch’.

source:http://www.askoxford.com/concise_oed/tact?view=uk


I've had an amazing learning experience yesterday during a client visit to conduct due diligence. I brought away 3 main lessons from this 2 hours session,

1. Fruitfulness of discussion depends on preparedness
2. Do not assume that you are dumb because you don't understand the issue
3. Be tactful when asking and answering question, it is important to empathize with the other party


1. Level of preparedness

There is no reason the other party should provide you with more information other than on a "need to know" basis. However, they are often willing to share information when you've asked the right question.

Asking the 'right question' depends on the thoroughness of the background check that was conducted. "Stunning" the other party with the depth of your knowledge is a great way to gain an upper hand.

2. Dumb questions and answers

Don't be afraid to ask seemingly 'dumb questions' like "Why?" and if you don't understand the answer given, ask for further explanation..."Sorry, I still don't get this. Could you explain it again?"

Often, not understanding the complex and convoluted reply may not be fault at our part, but that the other party has something to hide. It was amazing how much information could be dug out from this type of innocent question. There could be nothing sinister afterall, but it is almost always good to know more.

3. Be tactful

The way my bosses probe for information is done in a gentleman manner. They first thank the other party for their time, accentuate the fact that the other party are people of high integrity, and get them to agree on harmless issues first.

After 'accepting' the praise that they are men of integrity and worth, it is hard for them to contradict themselves by blaming issues on people who are not at the table or lie thru their teeth. They co-operated in a friendly manner and many grey issues were laid out on the table and dealt with accordingly.

Last month I attended a briefing by a listed company. Looking through the financials I came across some weird accounts. I pointed this out to the CFO who was the presenter. She garbled some accounting standards and tried to avoid the question. I asked further question in a non-too-friendly manner. She gave some useless reply and moved on to the next question. For the rest Q&A I didn't get to ask any other questions cuz she don't want to pick my question.

I must conduct myself in a manner such that the others are willing to share more with me. Put down my pride and I'll be able to learn so much more.