Things to Remember When Closing a Deal
For an entrepreneur, a moment cannot get grander and more eventful than striking a business deal. The time when hands are shaken and mutual growth is agreed up on, all the days of hardships and turmoil for an entrepreneur come to an end. Right from the time a lead was referred or contacted by you to innumerable follow up calls, providing value as a service to finally getting them convinced about your product or service, we know that the journey is not easy.
Plus, as entrepreneurs with bootstrapped ventures, we hardly have a sales team to do this for us. So, if you have struck your first business deal and are in cloud nine, all you need to do is rest there for a while and ponder over some of these factors.
Do Not Overpromise
It has happened to us and to over 95% of the entrepreneurs out there. Driven by an unstoppable force to win the client and the cash register ringing, we generally tend to nod our heads to any conditions put forth by a potential client. We tend to go overboard in fulfilling their requirements and overpromising in terms of our service, commitment, deliverables, deadlines and what not. In the longer run, it only comes in the way of you and your brand because in two weeks time, they would find out about your promise and see the difference between what you have committed to and what you deliver.
To avoid unpleasant situations like these, say no wherever you have to! If you cannot deliver a prototype in three months or cannot bring 10,000 followers to the page in a month, tell them the practicality of it. Do not go bonkers over losing the deal because with false promises, you will lose it eventually – and on a bad note.
Know Your Worth
This is the other side of the concern we mentioned before. Some
entrepreneurs go the other way by quoting too less for the services or solutions offered. Being new could be an excuse to fix a low cost but if your brand solves a substantial concern, you should price it for its worth. Think from a brand and business perspective and not from that of your clients’. Do not quote too high that will scare your clients off or quote too low that it will allow people to take you for granted (or a ride). Quote your worth.
Arrive on the Same Page
The times when you meet clients are too fast that they seem like a dream. Unless you have a written reminder or notes of what was discussed in each meeting, it is difficult to be on the same page as that of your client and vice versa. So, one of the first things you should do is draft a written agenda of sorts to clarify your difference with respect to work approach, understanding, deadlines, payment and procedures, contracts and anything that could pave way for a dispute in the longer run. When both of you are on the same page, work gets a better direction and becomes more quantifiable. Also, it keeps misunderstandings at bay.
These were the crucial three lessons we learned when started working with clients, pitching services and making deals. Also, these are some factors that never get the attention they deserve. If you are on the verge of closing a deal or if you are closing one in future, make note of these factors. They would help.