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Closing the Deal – Five Deal-Making Tips

Business Deal Making

What should you do when you have done everything right, yet deal not closed?

Here are 5 deal-making tips on what you should do to close the deal:

1. Identify the hurdles.

This is where you take a hard look at what’s standing between you and a mutually acceptable deal. Here are some things you can do:

Enlist a trusted, unbiased third-party to help you diagnose any barricades.

Do Not give in to psychological thinking. Psychological factors in deal-making could also prevent you from closing the deal, too. Try to avoid that trap in your own thinking and be careful not to trigger that reaction from others.

Try a tag-team approach. A fresh team may bring to the table a new perspective without the burden of personality problems developed by their predecessors. A tag-team approach can be especially useful if early negotiators have limited authority.

2. Use the clock.

Having deadlines is a good thing to have when it comes to closing the deal. Of course, you might not like to make important choices at the spur of the moment. If you can expect these moments, understand your priorities, and keep communication channels open and you’ll be able to move quickly and wisely when you need to.

3. Make sure to count your change.

You must be aware of any tricks as the negotiation winds down, even if you’ve done everything correctly. When closing the deal, make sure that all the key provisions have been covered. You don’t want any surprises.

4. Have a written contract.

Sign here. A written contract is required in most important deals. This is where many battles are won or lost. It’s smart to have your own lawyers write up the contract for you so the language is done correctly. You have control over your own lawyers, so you can tell them where you need protection and where you are willing to take risks.

5. Let your counterpart brag.

Grace is important at the finish line. In the start, you may not have liked your counterpart and you might still not like them in the end. Yet to close a deal, you may have to make your correspondent look good to his constituents. To do this, you may even need to figure out the concluding moves in the negotiation.

Sometimes you feel like you have done everything right and yet that deal just hasn’t been signed and closed. Follow these 5 closing the deal tips and they will help you get what you want at the bargaining table.

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