Template:Waiting: Difference between revisions

How do these waiting periods arise? Well, it’s not hard to understand. The [[negotiation]] process requires client input. {{wasteprov|waiting}} on that is largely but not entirely outside your control — if the client doesn't read emails, there’s only a certain number of polite, passive aggressive reminders before you just have to shut up and wait.<ref>But see {{wasteprov|overproduction}} — a client who isn't answering your emails is disinclined — or maybe isn’t under that much pressure  — to respond to you. What does this say about how much it values your business? Is that really the million  buck prospect?</ref> But let’s say the client ''is'' looking at the document: the ''shorter'', ''easier'' and ''less objectionable'' your document is, the faster the client’s review, all other things being equal,and the faster it will come back ''and with fewer comments''. Each comment requires action and implies more waiting. Right?  

So, how to make your client documents easier and less objectionable?

:*'''Make it ''shorter''''': the fewer words there are to read, the faster the client will read it.

:*'''Make it ''nicer''''': Don’t include terms you don’t ''really'' need.<ref>See {{over-processing}}.</ref> Do you really need that [[NAV trigger]]? Before you say yes, ask yourself, ''“how many times have I ever actually used a [[NAV trigger]]?”''<ref>The answer you will get is I have absolutely no idea because we don’t keep data on that. The actual answer, for the fiendishly interested, is ''never''.</ref>  

*'''[[Escalation]]''': Eventually the client comes back to you, and they don’t like that NAV trigger. The negotiator needs to escalate this to the [[credit]] team. This involves composing that email, sending it and {{wasteprov|waiting}} for [[credit]] to read it  and answer. [[Credit]] will, eventually, be fine with dropping the [[NAV trigger]] — that is a 15 sec decision, but it took 24 hours to achieve. Reduce this wait time by:

:*Standardising terms to pre-approve obvious giveaways empowering negotiators to approve common points of contention

:*Recalibrating standards to reducing gap between “starting offer” and “walkaway point” so that escalation not necessary:

:*Standardising escalation process to capture metadata about necessary variations from the originally requested terms

:'''Post-negotiation approval, execution and storage processes''': Once the negotiation is finally approved there is a lot of time preparing execution agreements, summarising terms and submitting them for final formal approval, obtaining signatures and filing approvals, execution copies and capturing key agreement metadata in the firm’s risk and trading systems.