Deal Making Basics

Deal-Making: The Basics Explained

Here are some deal-making tips for negotiating your way to a smooth sale:

Always have a balanced commitment.

Both parties need to be equal and build loyalty and equity within the relationship bank account. Every time you do something, ask your prospect to do something of the same or even greater value toward making that commitment of working with you.

Depending on the situation, here is an example of what you can say to your prospect, “After our meeting, I’m going to ask your organization to sign a letter of intent.” This means, in the beginning stages of the business relationship, you should give your contract, terms and conditions in a document. Also, make sure to include potentially challenging clauses and then ask for the prospect’s input.

Directly ask for leadership.

There is a good chance your prospect likes to give orders. You can ask your prospect, “What do you think we should do next?” If for some reason you have not had your chance, you can say something like this to your prospect, “Which one of your team members, Susan, Bill or Joe, would you like for me to continue this conversation with?” You must specify the names of the team members. If you don’t say specific names, you will not get the proper result you are looking for.

Here are some things you should avoid and never do when it comes to deal-making:

Make guarantees that you’re unsure about.

You can always give a written copy of something instead of a verbal overview that could be misunderstood.

You should ignore early signs of unevenness between your business’s culture and your prospect’s business and culture.For example, your business sells the most expensive office equipment available while your prospect’s business sells the cheapest.

Those are some basic hands-on tips to follow when it comes to deal-making and negotiating. I hope these ideas and suggestions help you with your business’s sale process.

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