Close a Business Deal

Closing a business deal can be an unnerving experience for most small business owners. The prospect of the whole thing unraveling is very real, and the onus lies squarely on the salesperson to maximize the chances of sealing the deal. You don’t have to be a glib talker with tough tortoise skin to secure that all-important signature. But you do need to keep certain key points in mind when in talks with a prospective client.

The first question that arises is when and who should initiate the closing of the deal. In truth, there are no hard and fast rules about this. When the time is right, you will be able to gauge it. Once you do, seize the opportunity and initiate talks. Never prolong talks for so long that the right time to ask passes you by. If you sense positive vibes from your prospective client (try to listen for buying signals) throughout the meeting, needless to say, you can start the closing process.

At times, situations may compel you to ask assumptive or personal questions. If the prospect responds enthusiastically, you can take it as a good sign and proceed. However, if your question gives rise to some hesitation or leads to another query, you know that the time isn’t yet right to proceed. In such situations, do not get disheartened and lose confidence. This will be the death knell for your deal.

Many salespeople are unsure of how to actually initiate talks. Should I directly ask if he’s going to be able to sign the contract? Or should I ask him if there’s something specific he wants? The fact is, either could serve the purpose. Alternatively, you could highlight the benefits of your product or service in a way that brings the meeting to a close, leading to the making or breaking of the sale.

Another effective way of handling the situation is to offer your client two choices—both leading to the advancement of the sale, without providing the option to say no. For example: “Mr. Satyadas, which delivery date would be best for you, the 8th or the 12th?” Mr. Satyadas responds, “I need to have it in my godown by the 10th.” If Mr. Satyadas had been unsure about the deal, he would have raised an objection or subtly changed the subject.

Any of these methods could be effective. Find one you’re comfortable with and go for it. But remember to do one thing: ask! A survey conducted by Tom Hopkins Inter-national showed that the reason many prospects didn’t go ahead with the offer was simply because they weren’t asked. And this is despite being convinced of the value of the offering.

Once you get the go-ahead from your prospect, talking about money is the natural follow-up. This is an uneasy area for most. But it’s important to both the buyer and seller, so don’t be afraid and discuss the matter openly. Avoid speaking too much, maintain eye contact and don’t be intimidated by silence. Once the client has signed on the dotted line, remain friendly. This is important if you want to build a long-term relationship.

Practice is the keyword when it comes to sealing business deals. Preparation, too, goes a long way. Before the meeting, write down all the possible objections or problems the client might have with your service or product. Then, frame suitable responses to each of them. Remember, the more time you put into the thought process that goes into a business deal, the more confident you’ll be. And the more confident you are, the more chances you have of sealing that critical business deal.