Negotiate and Do Deals
Do you sometimes have the feeling that you could have got a better deal when buying or selling? If so, you are not alone, as there is almost always a better deal to be had.
With Brexit around the corner the whole country is looking to do deals internally and internationally, the modern entrepreneur needs to gear him/herself up for doing better and more frequent deals.
When I was on the BBC’s television show ‘The Apprentice’ I managed to lead my team to the highest ever deal values ever seen on the show in its entire 13 years of existence.
We sold £4.2 million pounds’ worth of 1 and 2 bedroom flats, off plan, in 8 hours.
I was also proud to be my season’s highest billing candidate, making me the best deal maker in 13 series.
I have a passion for sales, but I am never pushy, in fact I am more fun, informative and personable.
It is your job as a deal maker to look after everyone’s interests; if done correctly there is always a great deal to find.
When I do deals I always adopt the same five principles, regardless of whether I am buying or selling:
1. A better deal for you doesn’t have to mean a worse deal for them
Work to the basis that there is a deal to be uncovered that is better for both parties – a ‘I win and you win’ deal. Your job is to find that win / win each and every time.
2. Make sure you understand and explore the other side’s situation and pressures
Does it help him/her if you buy this week instead of next, have it in blue not green, arrange delivery yourself, and pay now instead of 30 days? Explore all the options that you can think of.
3. Develop add-on’s or parts of the deal you can trade
Work out in advance what aspects of the deal are essential for you and which you can play with, together with the value of those add-ons to you. Do you need that ‘free’ printer with the PC? Their value may well be very different to the other party.
4. Know your absolute bottom line
You MUST work out in advance where your bottom line is and be prepared to walk away from the deal if it doesn’t at least meet it – just knowing this yourself will give you the confidence, body language and tone of voice that will in itself translate into better deals.
5. The biggest deal may not be this one
You will find that applying these ideas will improve the feeling and the ‘win / win’ nature of your deals. If both parties walk away happier then this is the best basis for building long lasting business relationships. In the long run this will mean more deals from this one relationship in the future, plus they may also tell their friends.
In the new post Brexit world, the deal makers will help to win the day, keep your eye out for them whenever you can.
If you are not a natural, learn the skills but also look to align yourself with a natural deal maker and harness their abilities to progress your business.