Deals are a constant in the business world, particularly as we approach 2022. Even though the mergers and acquisitions period is over, large corporations continue to buy companies to improve their balance sheets.
The trend reemerged after the dotcom crash during the early 2000s. Google began buying tech startups that were nearing the end of its life span. Other corporations have followed the same strategy.
Deals are happening every day, even on the smallest scale.
Sometimes you have to travel to finalize a deal. Sometimes both parties must travel to a neutral area to discuss the details.
Your company may send you on a trip to help close deals. There will be some pressure. Additionally, expectations are set because travel is an investment.
These seven tips will help you to strike a deal during your next trip.
1. Identify the Decision-Maker
Prior to the meeting, find out who the other side has in mind. Your goal is identification of the decision-maker. It indicates a few points if the decision maker does not travel to the meeting venue.
For example, they might not expect to sign a contract during your trip. Sometimes, the decision-maker cannot be reached. Instead, they give their proxy or another member of the team.
You can pitch the professionals. However, it is important that you also make sure that the decision makers hear your pitch.
2. Establish Benchmarks
Before any business trip, the foundation for a deal must be laid. The process will be more efficient by setting benchmarks. They are a way to gauge the true passion of each side.
If things aren’t going at your desired pace benchmarks can give you time to adjust.
It is important to have a clear understanding of the terms before your trip.
3. Choose the Right Setting
Business veterans have high expectations. In their long careers they have been approached for business deals numerous times. Executives who have achieved great success know that their company offers a lot. That is why it’s still here.
The setting must be right for the meeting.
If you get to know your partner enough, choosing the right venue shouldn’t pose any problem. Sometimes all you need is a professional location for meeting. Hotel Engine offers a few suggestions about Austin, Texas.
4. Learn about the Other Side
You must research before making any business and financial decisions. You have to show the value of your company if you are the proposer. The best business agreements benefit both sides.
What is your company’s motivation to partner with them first?
If you want to make a deal that is attractive, identify the problem that your partner wants to solve.
5. Draw out your Solution
Now, outline your solution. Now outline the reasons why you would not accept the deal from your potential partner. Each reason should be rebutted.
Make sure that your solution is bulletproof. It helps to add relevant statistics, data, and forecasts. Another strategy you should consider is appealing directly to the human side.
An uncooperative partner isn’t the best. You need to research and present more information the harder your partner plays to catch.
Don’t let the situation slip through your fingers. Keep your presentation brief. It’s important to highlight the solution, and remind your partner why this is a good fit.
6. Test the Waters
Be sure to test the waters prior to the trip. You can either speak with the decision maker directly or with the second in command. If the deal has been reached, you might want to ask probing queries.
By making sure they confirm reservations for entertainment and restaurants, you can gauge their excitement about the upcoming trip. When people talk too much, the truth is bound not to come out.
7. Ask for the Deal
They say that a person who keeps their mouth shut doesn’t get enough food. If you notice that deal conservation is slowing down during your trip, it’s a good idea to take a second and ask for the deal.
A successful business professional knows how to make it easy for someone to ask them for something without seeming pushy. It is a skill worth considering.
If you want to make sure that your deal is done successfully, do your homework before you travel.
You never know what might happen. There are times when the wind suddenly blows in a new direction. An opponent can get a taste of the deal, and decide that they want a piece.
So keep calm and collected at ALL times. Be open to the possibility of a deal. Even more importantly, you should ask for it if the other party needs it.
Closing a partnership agreement can be a difficult process. In some cases it is a natural match. Therefore, it’s easy. Your job is not to be a shrewd buyer, but to make the deal appealing and to close the deal when it’s time. If the right time is not available, you can engineer it or ask for it.