Closing a deal comes with a plethora of challenges and hurdles. Realtors, salespeople, buyers, sellers, entrepreneurs, bankers, investors – the struggle is real for every professional vying to close a deal. One has to sell a product, service, or an agreement in a manner that offers value to all parties. Unfortunately, ruthless strategies of closing the deal rarely work, if ever.
Clients, investors, and buyers refuse to agree to terms that do not represent their needs and preferences. Back in the day, mediators and business leaders would cut ethical corners to secure high-profile investors and close the deal. Today, these unethical and fraudulent practices do not work, for the emphasis on transparency reigns supreme.
Do you want to enhance your mediation power and enjoy more leverage and control on the negotiation table? Then, keep reading to learn how you can polish your mediation and deal-closing skills.
Do you have any formal training or education in dispute resolution and conflict management? If not, you probably don’t understand the hurdles and challenges that keep you from closing lucrative deals.
Numerous challenges thwart ambitions on the bargaining table, restricting both parties in limbo of indecisiveness and inaction. In some cases, discussions and negotiations drag on for years with no resolution in sight. In others, both parties are unwilling to compromise and accommodate each other with a compelling, mutually beneficial offer.
Most entrepreneurs struggle to overcome the competition of rivals, making more lucrative offers to their investors or clients. In every case, formal training in dispute resolution and conflict management proves instrumental in closing deals. Luckily, professionals can build a dispute resolution acumen with an online MBA no GMAT AACSB requirements to acquire formal training.
The eLearning infrastructure has made higher education and training more accessible, convenient, flexible, and affordable. An MBA in dispute resolution will sharpen your mediation skills, enriching you with strategies that work wonders in the real world. Ultimately, it all boils down to the skills and arguments you bring to the negotiation table.
Without any formal training in handling business mediation and the legalities of closing a deal, one cannot expect much luck.
Do you walk potential clients or investors through the processes of negotiation, reflection, and closing the deal? Professionals who fail to explicitly explain and negotiate the process before initiating negotiations struggle with closing. Both parties need to agree on a roadmap to discuss the various issues and negotiations.
Discussing how the negotiations should work out allows both parties to remain fully onboard and equally involved in the process. In addition, setting ground rules eliminate the possibility of conflict, allowing both parties to negotiate with ethical and moral arguments.
Here are some questions that will help you negotiate a lucrative deal and ensure speedy settlements:
- What formalities, rules, and regulations are needed?
- Which party will host the meetings?
- Which issues or contract clauses require negotiations to move towards closing?
- What is the timeline to discuss various issues based on their significance to the deal?
Creating a roadmap for the process prevents people from making adopting false perceptions or overshadowing the other party. Mapping the negotiation process creates realistic expectations on both sides, alongside streamlining the process for efficient handling.
Do you usually define milestones or set deadlines to map out the negotiation process and set a closing date? Unfortunately, most professionals struggle to seal the deal because they aimlessly chase after clients and bore investors with lengthy, unanimated discussions.
Setting short-term milestones and realistic deadlines are instrumental in working towards an agreement. Realistic timelines and benchmarks allow professionals to get ambitious and pursue their deals with a pragmatic strategy. It’s essential to discuss these schedules and milestones with the other party to meet the deadline.
Don’t worry too much about missing the deadline or failing to meet a milestone. Both parties need to embrace the deadline, so you don’t end up chasing after them to no avail.
How does one deal with lucrative offers made by competitors to dissuade a client or investor from dealing with you? It takes a simple and effective strategy: the shut-down approach.
Academicians and ace negotiators believe that the shut-down move is effective at screening out competitors and rivals. For instance, you will request the other party to review and negotiate your offer for a week-long period. In this period, the other party will agree to avoid receiving and mulling over offers from your rivals.
But, how will you encourage the other party to agree to a shut-down? You will have to highlight the uniqueness of the advantages you bring to the table. These advantages include your unique selling points, such as extensive PR networks, unlimited funds, or a robust technological infrastructure.
Naturally, the goal is to persuade the other party by emphasizing your strengths. And request them to allocate exclusive time to review your offer without entertaining competitive offers.
Most professionals feel encouraged to continue chasing clients and deals until the deed is sealed. That’s an annoyingly frustrating strategy that works wonders at driving people away from the bargaining table. After all, you don’t want to sound like a broken record or an incessant salesman trying to sell insurance.
It may sound hard to believe, but taking a break will help you speed up the negotiations and close the deal. Give the other party a day, week, or even a month to mull over your offer will work in your favor. In addition, this break from negotiations will help both parties unwind and escape the stress of corporate negotiations.
Closing a deal isn’t easy, especially if you lack formal training in negotiation and client management. However, embracing formal training and incorporating the strategies mentioned above will help you build mediation skills. Be sure to start the process by understanding the other party’s comforts, understandings, and preferences. People are naturally amicable and accommodating towards people and businesses that are mindful and respectful of their needs.