Building new partnerships comes under Business Development. Apart from the skills needed for Business Development, there are several other things that you need to focus on in order to close that deal. Whether you are an executive looking to expand your business, or a college student looking to get sponsorship for any college event, it is important for you to deal with people who would invest their time and money in your plans. Here are a few tips for you to nail that closing:

  • Be clear: In order to make people believe in your prospect, first of all know all aspects of the deal you are offering. Know the upsides, downsides and basically all the sides of it. Use SWOT analysis for this. (Read our blog on SWOT analysis). The entire point of knowing everything about your project is to make the person you are pitching it to believe that you are actually serious for it and measured every pros and cons about it.
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  • Give and take: No one will ever accept your offer if you have no profits to offer them. Nobody will spend their money on you, unless you are their relative or close friend. So always be clear with what you expect that person to do, and what they will gain by working with you.
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  • Be calm: If you are new to business development or there is an important deal, going to close that deal might make you nervous. Being nervous is a good thing, it actually keeps you on your toes. But don’t ever become so nervous that you start freaking out and have no idea about what you are saying or doing. Try to stay calm and think straight.
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  • Work on your communication skills: If you want to close every deal without much ado, you need to hone up your speech skills. There are people who enchant everyone just by the way they speak. There are several tutorials on the internet for this. Speak fluently and comfortably. Don’t fumble for words while you are introducing your part of the deal. It creates a lot of confusion.
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  • Encourage yourself: You can’t always score the home run. You will face failures more times than you can imagine. But instead of being discouraged, take every pitching as lesson for future. Point out your mistakes and mend them in upcoming pitches.
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  • Do whatever it takes: Don’t debate whether a lead is a “good opportunity” or not. Debate whether you understand what it will take to win and have an information advantage. Making your meetings about what it takes to win and how to get an information advantage will set the right expectations and help train your staff.
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  • Proposal: The best proposals are written from the customer’s perspective. They should not describe your company, they should describe why your company’s qualifications and approaches matter to the customer. You need to understand what matters to the customer in order to achieve this.

by Piyush Barskar