Someone has to succeed, so it might as well be you. As a small business owner, resources are always limited and timing is everything. Your decisions are crucial, so when great business deals present themselves you have to know how to close it. Everyone can’t close deals like Warren Buffet. And everyone doesn’t have the following of Beyoncé to make any deal irresistible to the other party. But you can properly prepare with these 4 tips on how close your next business deal:
- Identify the Decision Maker
This is key. No matter the industry, you need to know if you are pitching the actual decision maker. All too many times, people close the wrong person. Why? Because all too often the true decision maker allows their closest person to vet the deal first. They want them to acquire all of the information they can about the deal. Here are two ways to try and circumvent: (1) Ask if they are the person who will make the final decision upfront; (2) If they aren’t – ask as much as you can to make sure the sales pitch will be customized for the actual decision maker, so they can’t say no when you are finally in front of them. No matter what, always try your hardest to get in front of the actual decision maker, it will make the entire process a lot easier.
- Be True.
Don’t be salesy. Clients can sense it and it’s an immediate red flag. Be true and honest. Why do you care about the business, the investment, or this deal so much? That genuineness should shine through in your pitch. If you are prepared, and understand why the calculations make sense on both ends it makes you trustworthy. If you’ve really thought about this on all sides, and can answer any question with honesty and integrity it will shine through to the other side of the table and make the decision as easy as pie. They will clearly see that this isn’t just about your interests, but theirs as well.
- Know the Competition
You have to know what they value, need, and dream of. It will help you know what they’re looking for and how to properly close the deal. Understanding someone’s motives and needs is important. If you understand their financial situation, management style, and their biggest problem – you will be able to provide a solution that’s irresistible in the deal. So in the closing meeting, establish the whole picture and finalize each point in writing so they can see it in black and white. You should provide an explanation of why each of the smaller parts of the deal, make the entire deal irresistible and amazing. Use ranges whenever possible, whether its for pricing or timing. That way you gain an understanding of where on the spectrum they are looking to fall. If you don’t provide ranges, you risk being totally out of perspective and that can easily cause you to lose the deal.
- Stay Confident
Making your intentions clear early on will make the closing super easy. Believing that no matter what, you can close this deal. You’ve researched it, you’ve crunched the numbers and it all makes sense. If your mind is set on reaching an agreement, you can confidently close any deal. So, lighten up and smile. Feel good about this deal.
You shouldn’t be afraid to close potential customers. These steps are to help prepare you to close your next deal.
Remember, give your brand The Good Life, the Empire Life.