Business Deal Making

Six Key Steps to Masterful Deal Making

Here are 6 key steps to masterful business deal-making:

1. Know your value.

Make sure that you understand what you or your offer can do for the other party. This means researching all the potential benefits and ways that your idea, product or service could help them.

It is important and well worth it when the other party knows that you understand their needs and have their best interests. If your argument is lacking in any way, it is up to you to figure out how to modify it so that it can serve the needs of your target audience.

2. Personal Relationships.

This is a very important key to deal making. You learn about them and they learn about you. Relationship management is the key to showing the other party who you are as a person, what you can do, where your values stand and how the deal at hand will benefit everyone involved.

From then on, handshakes are offered and agreements are signed. Deals can close easily and quickly because people have gotten to know and trust you, making them comfortable to do business with you.

3. Getting others on board with you.

This can be difficult, especially when there are many people involved. It is very to convey and articulate your vision of the outcome in such a way that the other party will desire that very same outcome.

As you present your position, the “WIIFM’ Factor – “what’s in it for me” – must be made clear to the other party.

4. Be Humble.

Always respect the other people involved in your deal-making no matter what. You have to be humble, but firm to broker a deal effectively.

It’s important to be honest and fair about the negotiation. Keep your intentions genuine. People need to know that you have the ability and desire to perform your task.

5. Finesse.

Problem-solving with a twist. Almost every deal, big and small, takes finesse. This is where natural abilityand skill meet. This is where you get to have fun and allow your personality to shine. It means being able to explore different angles and try the somewhat crazy.

6. Have Swagger.

Swagger is an attitude implemented through finesse. Swagger is about having an authoritative disposition and demeanour without being arrogant. It’s also about knowing how good you are and what you are capable of without being pretentious.

When it comes to deal-making, your swagger should emit confidence and fearlessness. If you are successful with your swagger, you’ll walk away with what you want.

Remember, deal-making is an art. Follow these six key steps outlined above and in due time, you will be a deal-making master.