It’s not enough simply to offer impressive goods or services. To succeed in the competitive world of modern commerce, your firm must also master the art of securing business deals. Landing the best contracts can be tricky, but there are ways to improve your chances. The following five steps may help your firm to secure the business agreements you’re after.
1) Dress your boardroom to impress
If you’re to impress potential customers, investors and other parties, your business will need to look as well as sound the part. This is why it’s so important to get your boardroom design bang on. This space is the setting for those all-important discussions, and it can help to make or break deals. As office furnishing supplier Calibre Furniture Limited notes, boardroom design should reflect companies’ success. After all, people are more inclined to do business with organizations that exude professionalism and quality. When you’re selecting your seating, tables, media walls and other furnishings and accessories for this room, make sure you go for the best you can afford. Always keep the space spic and span too, and pay attention to every last design detail. For added impact, place branded signs in the space, and you might also benefit from including your corporate colors in the décor.
2) Perfect your pitch
Spend time perfecting your pitch too. A slick presentation is a must if you’re to woo customers or investors. Make sure you also do plenty of research on the organization you’re dealing with so that you have a clear idea of their priorities and preferences. It’s vital that the team who deliver the pitch have all the relevant facts at their disposal. If they are caught off guard and can’t answer questions, they risk looking amateur and may scupper any possible deal.
3) Do your sums
Prepare for the negotiations too by doing your sums and deciding on a price floor that you won’t sink beneath. You don’t want to end up shaking hands on a deal that you later come to regret, so you have to be prepared to say no to suggestions that you’re not happy with. As business mogul Donald Trump once famously said, ‘sometimes your best investments are the ones you don’t make’.
4) Keep it professional
Especially with big deals, expect things to get tense. During the negotiations, you’re likely to be pushed hard on certain points and it’s important that you don’t take this personally. Bear in mind that everyone’s out to get the best possible terms, so you shouldn’t be offended or let your emotions or ego cause you to react unprofessionally even if you don’t like what’s being said. If you fall into this trap, discussions could quickly turn sour and you might end up costing your company a potentially lucrative contract.
5) Seal the deal
Once you’ve managed to agree on terms that both parties are happy with, it’s time to seal the deal. Remember to get the agreement in writing, and be sure to follow through with the commitments and promises you make.