Making deals does not mean that you have to be in an office. Today’s office world is your devices. You no longer have to make so many face-to-face meetings.
Making a deal may seem like it’s all about mastering the art of negotiation, but a lot more goes into that than just being a smooth talker. When you’re a business owner, it’s essential to do your research and be prepared to make sure you’re able to navigate the process and confirm the terms that are beneficial to your organization.
Below are some essential things you should do while making any deal virtually
Identify Your Must-Haves
When making a business deal you’re not likely to get everything you may want, but if you go into the process knowing your absolute must-haves, you’ll be much better off. Dealmakers can eliminate future business deals by either going for everything or not knowing exactly what they want. Do not forget about the most important efficient online tools.
Evernote – note-taking tool. This is a tool that will save you time and decrease your cost. You no longer have to purchase tablets and pens to take to the meetings. You will never have to worry about a pen that is not working. One of the great things in Evernote is that you can record your meeting. You can take notes by using a stylus or iPen, type your notes, or just record the entire meeting. Just in case you missed something or either party don’t remember what was discuss in the meeting. This can cut back a lot of confusion.
Podio – This tool is used for project management. Anything you are working on with team members and clients. It does not matter how small or big the project, you should always have some type of project management tool to ensure deadlines are meet.
Insightly – A CRM (Customer Relationship Management) tool can be used as your client database. You can document everything about your Client or Lead. You can set up Welcome or any other email templates for new and current contacts.
Proposify – This tool is an proposal/agreement tool. Not only can you send agreements for electronic signatures, but you can design this agreement to include videos and stock photos. This truly give it a step up to your same old boring agreements.
QuickBooks – Manage you invoices and payables with this effective online tool. Easy to set up accounts and send invoices. If you are not comfortable with Quickbooks because you are not an Accountant, no problem. This not the same Quickbooks from 5 years ago. The online version is inexpensive and really simple to use.
These are only 5 online tools that I have shared with you, but this is nowhere near what is out there. I would recommend to do you research and see what works best for you business, but these are the most inexpensive for anyone starting a business and if you have an existing business. Start now to decrease your cost and get your time back.
Now let’s get back to making your future business deal and get your new contract signed.
Learn to Identify People Who Aren’t Serious
Trust your gut! If you’re attempting to make a deal, it’s essential to know where to spend your time, and where not to waste it. You need to hone in on your skills when it comes to identifying people who aren’t planning to buy from you but are instead just picking your brain.
Research Proactively
A good rule of thumb with any negotiation is to come in armed with information. The more background information you have, the better. If you’re prepared with information about the company and the deal, you’re more likely to do well during the negotiation process. When it comes to negotiations, knowledge is power. When you have the experience, you’re more likely to avoid being taken by a quick talker or someone who’s bluffing.
Don’t Be Afraid to Walk Away
In the business world, you should always be ready to walk away if the situation. I know sometimes we work hard to be prepared to do what we need to do to make a deal happen, but it seems like nothing you do is enough. That’s ok. If it’s meant to be, then it will happen. Even if you are told to go back to the table and come back with another solution. If that happens, now you have a second chance to make it work, or they like you so much they want to offer you a more significant opportunity. If it seems like a deal is dragging, you might look at it as your opportunity to leave the conversation. While that particular deal might not have worked out, it is likely to be best and leave it behind.
Trust
Negotiators that focus on building relationships first will develop confidence and can easily create collaborations with others. The strong-arm tactics many negotiators depend upon are not effective long term. Going straight in with a business deal without a trust-worthy relationship can be detrimental to your business. Remember, people, talk more about the bad than the good. Just know the most important thing is for you to learn from your mistake.
Clarity
Transparency is key. Clarity is something every organization should strive for to seal the deal and to gain the confidence of your client. In a negotiation setting, lack of transparency can be more than just a nuisance; it can be a genuine danger. It can be taken as if you are hiding something or you are doing a shady deal. Documenting any agreement that is reached is crucial. This way there is no hearsay, or 6 months later no one remembers. If you are documenting in a meeting before an actual agreement, you can use Evernote to document and record the conversation. After the conference is sure, you copy everyone that is involved. This makes you transparent and that all are on the same page. If there are any questions, the notes are easily accessible. This may seem tedious, but drafting specific legal contracts—rather than relying on verbal agreements—you ensure that both sides understand entirely what to expect of each party. You may also wish to record the meeting for future meetings—be sure that you have all parties’ consent before doing so.
Dependability
It’s certainly not something to be proud of, but human beings are generally comfortable with lying. When it comes to business deals, reliability should be a basic policy. Any agreements you make or contracts you sign are good as your willingness and ability to carry them out. Before you make any promises, be sure you can deliver what you promised and meet all deadlines. It’s always better to have a deal fall through than to renege on a contract after it’s been finalized. Be dependable as you expect the other negotiators to be, and you will develop a trusting reputation that can affect any future deal.
Accept Your Freedom
If you’re working virtually, you have a lot more freedom to follow your rhythm. If you work better in the pre-dawn hours, do it and take a nap in the afternoon. Alternatively, work in slots throughout the day, taking the time to be with your kids when they come home from school or go for a walk. So if you feel like staying in your pajamas all day, why not? Turn on some music and blast it to boost your productivity.
Keep Your Focus
When working remotely, distractions are easy to access, especially if you’re working from home. The laundry needs to be done, and dishes are piled in the sink, and so much more. It’s essential to use your calendar to schedule personal tasks (family, kids, spouse, errands, etc…). This is just as important as your business meeting. Remember you are only one person and that you can be in one place at a time.
