By Younas Chaudhary
How do you make a deal? Can you teach someone? I have been asked these questions many times. I learned through trial and error. Some of my best deals were made when my back was against the wall and I used various techniques that led to successes.
In a series of upcoming blogs, I will share my experiences and 16 tips on how to close a deal.
Keep in mind, I do not have a formal business degree or training on how to make business deals. I believe anyone can learn how to make deals by following the simple steps in my upcoming blogs. They are based on personal experiences as I don’t read many business books, nor do I follow any marketing gurus. I’ve followed my instincts over the last few decades and this has helped me develop winning outcomes.
The basic model and principles in any winning deal are simple. You must have clarity and precise intentions when you enter a deal. You should have clear, established plans about your next steps once a deal is closed. Often, the deals that go wrong teach us more than the ones that are successful. We often think how a deal can be advantageous to us and we sometimes over-leverage a deal. In the long run, you will realize that this is the wrong approach.
Always strive to make a deal that is mutually beneficial to all parties. Avoid sour deals for lack of sincerity, transparency, and trust as they will haunt you for years to come. As a seller, talk less. If you are a buyer, ask more pertinent questions. The best deals are made when you listen more and talk less.
Each deal is unique and some of these concepts might be familiar to you. They can be used in different scenarios with varying outcomes. Here are my 16 tips to close deals and I will explain each one for you in upcoming weeks!
16 Tips to Close Deals
By Younas Chaudhary
1. Do your homework.
2. Assess your market.
3. Expect the unexpected.
4. Change is a constant.
5. Negotiations are key.
6. The hard out.
7. Be true to your lenders.
8. Confused? Sleep on it.
9. Avoid the slick salesman.
10. Bring a third eye.
11. Silence is golden.
12. Data is key to success.
13. Emotion and business are separate.
14. Relationships matter.
15. Stick to your core values.
16. The end game: A summary
Find out more about me in my best -selling book “From dirt roads to black gold.” Note that 100 percent of the proceeds from the sale of this book will help people in need through my foundation, the YBC Foundation.
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