If you are looking for an expert guide on how to present your ideas and seal a business deal, then you are in luck. Here is an article with professional tips and tools from a business development consultant that you can implement into the development of your enterprise.
Pocket the decision-maker’s first
When you walk into any company with your idea, you will go through different personnel. However, not all of them are as important as the decision-makers of the organization. They are the ones who’ll approve your idea or reject it. So, with that in mind, the first people you should deal with and have on your side are the decision-makers. These are the people that will determine whether your idea is going to be financed or stalled.
Therefore, before walking in with your proposal, try and figure out who are the people who can sign off your deal. Once you have done that, the next goal would be to spend more time getting them to sign the deal. Doing this will save you a lot of time with putting pen to paper on the deal.
Don’t be scared, prepare
Only a fool would walk into a meeting without being prepared. Suppose you were to walk in for a deal with an investor, there are things you should have done. These things include researching your patterns and running a background check on them. For this, go to sites such as LinkedIn, read the articles, check their website and find out how they operate. The information is out there. Therefore, revise the company like you did your last paper, don’t leave any stones unturned. You have to be bulletproof when it comes to discussing your potential deal.
Talk less, ask more
While presenting your idea, you might be tempted to talk about how great your product is and how you offer your services. Doing this will only bore the board, and you’ll be losing them one by one as the minute goes. To avoid this, make the presentation more engaging, ask the board what they are looking for and what they need. Afterward, build your presentation around a useful solution that will land you the contract. So, with that in mind, start by asking the board what they need instead of draining them with a 50-page presentation.
Provide as limited information as possible
Sharing your idea with a company is not a bad idea. However, sharing too much about the business might cost you. In most cases, it might turn off the interest from the investor or, worse, expose your idea to being copied. Therefore, if there is no paperwork /signed agreement between your enterprise and the investor, share as little information as possible. Don’t spend too much time putting together an elaborate presentation of how the idea and the business development works. The aim of this is to save you time and energy spent on presentations that will lead you nowhere.
A picture is worth than a million
When you get to the point where you are about to send someone information about your company or proposal, use pictures. Unlike words, pictures are more affirmative of what you are doing and what you’ll offer. Sending pictures is a way of showing them what your project solves. With a picture, you can tell a story to the client while and keep their attention. On the other hand, if you decide to write a lengthy proposal, you risk losing the board due to boredom. So, with that in mind, if you are going to send a document for review, send a document with more images and be sure to win.
Manage the follow-up process, please!
The actual test in making a deal a success comes when you are about to be signed. When a deal is almost past the line, most individuals develop confidence that it is over the line. In turn, they end up toning down the energy they started with, leaving the follow up to the sponsoring company. However, this is usually a wrong move; why? Because most companies are overloaded with a million priorities. No one will take their time to see that the deal goes through; unless, of course, you take charge.
If you let them do the follow-up, they will ghost you and throw your project below the curtains. Therefore, it is paramount that you manage all the follow-up activities, set a timetable, and a to-do list. So, if you want your deal to cross the line, be the person that pushes the communications to achieve the milestones you’ve set.
Be persistent. It matters
Persistence is vital in getting your deal over the line. It determines whether the deal will happen or not. There are so many activities that companies do in a day, and if you are not persistent with the company, then they will forget. With that in mind, develop a habit of commitment to what you want and remind them when they forget. Just do it in a manner that doesn’t show desperation or in an irritating way. Do it politely and patiently. Good things come to those who wait and are persistent.
Start with the same energy, finish with the same energy
When a deal is nearing completion, most individuals tend to become sluggish. However, this is the time when you need to put in more effort. This is the time when the deal goes back and forth through emails for reviews and validation. Afterwards, it goes through lawyers to get the nitty-gritty right. This is the time when the deal will most likely stall. That’s where you need to put in more time and effort. To implement this, distribute your energy through the various stages of the deal. When it’s almost at an end, put in more time and effort. Only rest once the deal is over the line.
The sale begins after the deal is done, not before
Yes, the negotiations were great, you’ve earned their trust, and they’ve earned yours. But now comes the real value, doing a deal with our partners, that’s where the transaction starts. Unless the t’s and I’s of the deal are crossed and dotted, don’t agree to any favors or tasks. If you do, then it’ll be the end of you since you’ll be underpaid.
Contact a consultant if you want rapid development
As much as the internet is crowded with knowledge and information, it’s also good to go for coaching. A business development consultant will help you grow your business and offer real-time examples. Unlike the internet, the business development consultant will listen to your woes and offer advice accordingly. Therefore, if you are looking for more than general knowledge, it would be wise to visit a business development consultant.
Author: Eve Becker
Eve is a professional writer for Technical Writers with a first class degree in Business Management. She originally captured her passion for all things business related when she gained her work experience at an estate agency, helping to manage the accounts and finances.