Avoid These Mistakes When Closing That Big Deal

Two of the principles of my blog are Financial Literacy/Money and Business/Entrepreneurship. A key aspect of conducting most forms of business is striking deals. Some are better at this than others and there are mistakes that prevent closing deals. The following contributed post is entitled, Avoid These Mistakes When Closing That Big Deal.

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Striking any type of business deal can be tough, particularly if you lack confidence or experience. Whether you’re acquiring a new client or discussing a potential promotion, it’s important to have the right skillset.

As well as knowing what to do in the boardroom, it’s equally important to understand where you’re going wrong. If you want to improve your deal-making skills and succeed in business, be sure to avoid these mistakes…

Poor preparation

If you’re underprepared, it’s going to be apparent when it comes to striking a deal. No matter who you’re meeting with, it’s essential to take the time to research them, their company and the potential contract you’ll be entering into.

As well as giving you the background information you need to strike a good deal, proper preparation shows that you value their time and business. With a personalized pitch or knowledgeable presentation, you can showcase your abilities and successfully secure your deal.

Missing deal coaching opportunities

Few people are born with exceptional deal-brokering skills. In fact, it requires a great deal of expertise to become a successful dealmaker. If you want to ensure you’re at the top of your game, deal coaching is a must.

If you have a big opportunity coming up or you want to improve your skills, getting expert help can be a great option. With a good negotiation consulting company, you can access the specialist skills you need to create the perfect pitch and strike a lucrative deal. What’s more, you can access practical and professional negotiation support for upcoming meetings, pitches, and presentations.

Talking too much

When you’re brokering a deal, it’s easy to talk too much when you’re trying to persuade the prospect to sign on the dotted line. However, this is one of the most common mistakes when it comes to negotiating. Sometimes, it’s best to be silent and listen to what the other party has to say.

As well as garnering useful information that could help you to subsequently close the deal, this affirms that you care about their concerns and queries. By giving them the floor, you’ll have the opportunity to incorporate a more targeted approach to your pitch in the future.

Lacking confidence

Brokering a deal can be nerve-wracking, especially if you don’t have much experience. However, being underconfident can cause a prospect to waiver, which may mean you miss out on a deal altogether. Although it’s natural for your confidence to increase as you gain experience, boosting your confidence now could lead to greater success.

Practice makes perfect, so be sure to run through presentations and pitches numerous times. Additionally, try confidence-boosting techniques, like meditation, mindfulness and neuro-linguistic programming, to ensure you come across as poised and self-assured.

Brokering the Best Deals

Having good negotiation skills and being able to broker deals is extremely advantageous and it’s something employers are always looking for. If you want to enhance your own career prospects or boost your workplace performance, enhancing your deal-making skills will put you on the road to success.

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct Examiner.com, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.

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