If you own your own business, one of the most important parts of keeping your company running is your ability to close a business deal. Because of this, many business owners and salespeople feel an immense amount of pressure when it comes to making deals. But while each salesperson likely has their own way of doing things, there are some principles that work in almost all sales situations.
To help you learn what these go-tos are, here are three things you should try to do when sealing a business deal.
One of the most important things to remember when you’re trying to close a business deal is to have confidence. We’ve all heard the old adage that people aren’t actually buying what you’re selling; they’re buying you. Knowing this, you’ve got to project the right amount of confidence.
What goes against this image of confidence, according to Deborah Mitchell, a contributor to Entrepreneur.com, is when you negotiate your deal from a place of need. This can make you too willing to back down. And while you might think that this will help you close the deal, it can actually make you appear to not value yourself or your goods. So rather than doing anything you can to make the sale, try to remain confident in yourself and your price point during negotiations.
Build A Solid Rapport
Another thing that you need to do in order to effectively close a sale, according to Jake Newfield, a contributor to Inc.com, is to build a rapport with your prospect.
In general, the bigger that sale you’re trying to make, the more time you’ll want to spend building this rapport. To do this, you’ll need to really get to know your prospect. With this information, you can do things like go on a hunting trip together, give them tickets to an event, take them to dinner, or send them a gift that will show to them that you care about the relationship that you’re building together. And if you can show that you care, you may have an easier time getting them to care about you and your proposition.
Streamline Your Processes
One thing that can kill almost any business deal, according to Geraint Clarke, a contributor to Medium.com, is too much friction during the decision making and finalizing processes.
Knowing this, you should do everything in your power to make finishing the deal as easy as possible once the decision has been made to go into business together. If this means totally revamping your processes or going about your business in a different way, so be it.
If you’ve been struggling with sealing your business deals, consider using the tips mentioned above to help you with this process.