How to make a good deal? There are a lot of creative individuals in the world, although not everyone manages to close good deals. Highly qualified individuals oftentimes make mistakes by not properly establishing connections between themselves and their potential business partners. In this article, I’m going to share some of the practical steps I follow when it comes to closing deals with potential clients or business partners.
Practical Steps to Make a Good Deal: Know Your Counterparty
The first step is to know your counterparty. You need to understand your counterparty’s incentives and whether you can be valuable in helping them achieve their goals.
Practical Steps to Make a Good Deal: Make a Valuable Proposal
After you know what your counterparty wants, the second step is to make a valuable proposal and price it, based on your belief of the value. This is, perhaps, the only moment you will have to outline the value of your contribution. (If your proposal is not valuable, you can still preserve the relationship. However, do not waste too much time on selling something that is not valuable to your potential client or partner. It will negatively impact the relationship.)
Practical Steps to Make a Good Deal: Deliver More than You Have Promised
Step three is to execute and deliver more than you have promised. The best business relationships are long-lasting business relationshipsthat span generations. Do not be afraid of getting your hands dirty and walking the extra mile to achieve outstanding results.
There are no perfect deals. You should not waste too much energy on trying to achieve the perfect deal when you are trying to preserve a relationship. Just keep one key idea in your mind: the majority of business partners are emotionally intelligent. Every word of yours will be scanned, and every gesture will be noticed. If your proposal comes in a package with good intentions, it will increase your chance of closing a good deal.