Securing A Deal: What Really Matters

If you are trying to get ahead in business and you want to make sure that you are approaching it in the right way, one of the main things to look into is the potential for new deals. Business is built on deals, and it’s something that you need to make sure you are thinking about if you want to do them effectively. The truth is that there is something of an art to securing a deal, and it’s likely that you are going to take some time in perfecting the craft.

In this post, we are going to help by looking at some of the elements that really matter when you are trying to secure a deal for your business. Of course, you’ll want the deal to be beneficial to your company, so how can you ensure that? Let’s take a look now at some of the necessary details.

A Foundation Of Trust 

You need to make sure that there is a lot of trust there if you are going to be able to make a deal that everyone is happy with. People do business with people they believe in, basically, so it’s vital that you are going to do all you can to get people to believe in you. A polished pitch can get attention, but trust closes the gap between interest and commitment, and it’s something that you are going to need to make sure you are thinking about. 

Where does that trust come from? Most of all, it’s about being honest about what you can deliver, what you believe in, and making sure that you are consistent in your communication as well. That shows that you are reliable, and is a huge part of getting people to trust you. It’s also important to be willing to acknowledge limitations - again, this shows honesty which helps build trust even more. Deals built on half-truths almost always unravel, so it’s important to make sure you are aware of that. As long as you build trust, you will find that making deals is much easier and simpler.

Clarity Over Complication 

A lot of negotiations end up falling apart because the terms are vague, or buried in the fine print. It’s really important that you are avoiding this common mistake. That means being clear and concise, which is going to help you when it comes to knowing what is being agreed upon. Clarity means that everyone involved knows what is being said and in the specifics as well as the general terms. That includes the deliverables, the timelines, responsibilities and risks, just to name a few. 

The clearer the deal is on the whole, the fewer chances for friction will arise down the line. This is hugely important and the kind of thing that you are going to need to bear in mind for sure. 

Alignment Of Interests

The trick to a deal having staying power is when both sides feel as though they are winning. And to make that a reality, you need to make sure that you are aligning your interests as fully and as clearly as possible. When one party is squeezing every ounce of advantage, there is going to be a lot of potential for resentment building up quite fast, and that is not how to build a healthy deal. The best deals are structured so that incentives align well, and success for one party fuels the mutual success for the other. That is also why such deals can be so hard to bring about. 

It can take time to try and develop a deal like this, but it’s always possible, so don’t give up and simply stick with it. You should find you can get there soon enough.

Showing Responsibility & Care 

You will want to make sure that, at all times, you are showcasing a lot of responsibility and care. This is something that you are going to need to think about if you want to ensure that you are going to have a deal that works, and it’s vital to make sure you are aware of this. How can you show responsibility and care? One traditional way is to go the extra miles, literally, by physically visiting the person and doing the deal that way. 

This might mean you need to travel a great distance. It could mean going abroad, having to book flights, getting global entry, and so on. But that is worth it if it means that the other person knows you are taking it seriously. You’ll be amazed at how much it can help when you do this, so it’s definitely something to think about.

Flexibility Matters

One of the realities of the business world is that markets shift constantly, priorities can change, and circumstances throw a curveball. Because of this, it’s important to make sure that you are making deals that allow for some flexibility. Deals that last are not rigid, but able to move. So make sure that you are leaving some room for adjustment if you want your deal to withstand those kinds of bigger changes and market forces. This is a simple thing that will really help a lot when it comes to the ongoing success of the deal for both parties.  

Relationships Over Transactions 

Finally, remember that a deal is not the end of a process, but the start of one. It’s the beginning, or should be, of a working relationship, and you need to make sure that you are paying homage to that right from the start. If you focus on building something sustainable together, it’s much more likely to last and to be powerful, so this is a really important thing that you need to make sure you are thinking about. It means that you can open yourself up to bigger and bigger opportunities as well.

Those are the main things to think about when you are trying to secure a deal.