Deals keep the business world churning, especially entering 2022. Even though it’s not the same as the mergers and acquisitions era, large corporations continue purchasing companies that round out their balance sheet.
The trend reignited after the dot-com bubble crash in the early 2000s. Google started scooping up technology startups that found themselves on their last legs. Other corporations have continued the strategy.
Therefore, business deals take place daily, even on a small scale.
Sometimes you need to travel to close a deal. Other times both parties travel to a neutral location to discuss the details.
If your company sends you on a trip to make a deal happen, a few degrees of pressure do exist. Plus, they have expectations since travel is an investment.
We offer seven tips on how to seal a deal with a partner during your next trip.
1. Identify the Decision-Maker
Before the meeting takes place, understand who the other side has slated to show up. Your goal is to identify the decision-maker. In cases when the decision-maker does not travel to the meeting site, it indicates a few things.
For example, they may not expect to make a deal during your trip. Sometimes the decision-maker is not available. Instead, they give their proxy to another member of their team.
You can pitch the professionals who attend. However, you want to ensure that the decision-maker hears it too.
2. Establish Benchmarks
The groundwork for a deal should take place before a business trip. Establishing benchmarks keeps the process productive. They provide an opportunity to gauge the true interest from the other side.
If things don’t move along at your desired pace, benchmarks allow you time to make adjustments.
By the time your trip arrives, a sound understanding of the deal on the table should exist.
3. Pick the Right Setting
Business veterans have expectations. In their long careers, they have received business deal offers several times. The most successful corporate executives know that their company has a lot to offer. That’s why it’s still in business.
Therefore, you must pick the right setting for the meeting.
If you know your partner well enough, picking the right setting should not pose a big challenge. Sometimes, all you need is a professional meeting space. Hotel Engine offers some suggestions for Austin, Texas.
4. Research the Other Side
Research is important for choices that carry large magnitude and business deals. If you sit on the proposing side of the deal, you must prove your company’s worth. The best business deals benefit both sides.
What is the reason your company wants to partner with them in the first place?
To make a deal attractive, figure out the problem your partner wants to solve.
5. Outline Your Solution
Now, outline your solution. In your outline, anticipate the reasons why your potential partner would decline the deal. Then, add a rebuttal for each.
Make your solution to their problem bullet-proof. It helps to add relevant data, statistics, and forecasts. Appealing to the human side of the deal is another strategy to consider.
A partner who plays hardball is never ideal. The harder they play to catch, the more research and data you need to present.
If you feel that the situation is slipping from your fingers, keep your presentation concise. Highlight the solution and remind the partner why it’s a good fit for both parties.
6. Test the Waters
Before the trip takes place, test the waters. You may speak with the decision-maker directly or the person ranked as second in command. Since the deal is already on the table, consider asking probing questions.
Gauge their excitement over the upcoming trip by confirming restaurant and entertainment reservations. When someone talks long enough, the truth is bound to slip out.
7. Ask for the Deal
They say that a closed mouth does not get fed. During the trip, if the deal conservation seems to stall, pick a moment and ask for the deal.
Successful business professionals know how to finesse asking for something outright without coming off as pushy. Therefore, that’s a skill to consider acquiring.
Ideally, the groundwork before the trip will lead to successfully sealing the deal.
Things can change. Suddenly, the wind blows in a different direction. A competitor can catch a whiff of the deal and decide that they want a piece of the action.
So, remain calm and collected at all times. Ask for the deal knowing that it benefits both parties. More importantly, ask for it because you know that the other side needs it more.
Conclusion
Closing a business deal with a partner can present a delicate process. In other cases, it’s a natural match. Therefore, it’s easy. Your job is to identify how to approach the deal, make it attractive and close it when the timing is right. If the right moment does not arrive, engineer it and ask for it.
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