For small businesses, closing a deal is critical. You may have the best product or service available but without a wise strategy to close a deal or complete a sale, your business will suffer.
Here are some tips that might help you close the deal:
PREPARE A WRITTEN PROPOSAL: Come prepared with a written proposal as you are negotiating and preparing to close a deal. Make sure it isn’t just a verbal agreement; everything needs to be in writing. If you and the client have been negotiating costs, come to the closing meeting with a written offer. You can leave room for negotiation but be prepared with something on paper. Having it in writing makes people feel more comfortable throughout the process and brings a sense of professionalism and trust.
DESIGNATE THE APPRORIATE AMOUNT OF TIME: Make sure you allocate the correct amount of time for the closing meeting so you can address all the details of the proposal and more importantly answer any questions. Don’t tell the client that it will only take five minutes and don’t rush the meeting. It doesn’t matter how large or small the client is, treat him/her with the same respect you want to be treated with. Arriving early shows your client how important he/she is to you and that you are interested in his/her business.
BRING SUFFICIENT COPIES OF IMPORTANT DOCUMENTS: When both parties are ready to close, make sure there are enough copies of the proposal and contract for every party involved. This includes the client or business representatives on both sides of the deal, and, depending on the size of your client’s business, an accountant, attorney or other team members. Be prepared with plenty of copies.
KNOW WHEN TO STOP: Remember that every person is unique and each company has its own culture. Be clear and concise in your offer, answer all questions and then stop and listen. Some business owners refuse to work with someone who is pushy, so make sure you become familiar with the potential client beforehand so you don’t push the product or service to a level that makes him/her uncomfortable.
SET A REALISTIC START DATE: As a small business, you may need more time to start providing the service or product after closing the deal. Make sure you have a realistic start date, and be clear with your client on when that date will be. Don’t create unrealistic expectations for the start date that might cause problems when closing the deal.
DON’T LET A “NO” DISCOURAGE YOU: Another thing to keep in mind is that the economic uncertainty we are currently facing may be holding some companies back financially. This may result in a client not being ready to close deals right now but that doesn’t mean it’s a “no” forever. He/she may be ready next month or even next year. Keep in touch with clients on a regular basis to show them you are still interested in their business and are ready to close on their time table.
Let Zions Bank’s Business Resource Center assist you in. Call us for a free appointment at (801) 594-8245. We are open Monday thru Friday from 9 a.m. to 5 p.m.