Closing the Deal: 6 Savvy Entrepreneurs Share Their Secrets
Negotiation is a form of art if you ask me. It’s not just exchanging sentences and nodding to approve what you like and shake your head if you disagree.
There’s much more to this than meets the eyes. Or ears, in this case.
When two people negotiate, they exchange thoughts, ideas, and energy.
The purpose of this process is to have both sides happy and satisfied. It may sound easy, but not everybody is capable of achieving that.
Why is that?
That is because it takes a lot of courage and skills to find that perfect balance. People who know how to do it become very successful, and those who don’t… Well, ones strive to learn and build their own success step by step.
The others fail or give up, decide not to try. No one is to blame, as many aspects play important role in building the ideal circumstances.
Here are some smart thoughts and tips from people who managed to stand out in this field.
Each of these people has his own strategy and the vision of how the success looks like.
GRANT CARDONE- BE CLEAR CONFIDENT AND POSITIVE WHEN YOU COMMUNICATE
Believing that a way will show up as long as there’s will, Grant Cardone points out these three characteristics as essential for closing the deal. If these three are not present, people won’t trust you.
He believes that coming to an agreement is always possible, regardless of what people around say. One has to have a “believing” mind set because it significantly speeds up the agreement.
Moreover, it is really important to eliminate the negativity from the environment. Simply put, it’s a disease, and unless you cure it, things won’t work well.
Cardone gives a fantastic idea of how to exercise these skills.
You can record yourself for a longer period of time and analyze if the communication comes across the way you intended it to go.
By watching those recordings of yourself over and over again you can easily spot and mark your disadvantages and correct them, or spot your advantages and grow them. This is the easiest way to follow your personal progress and development.
A smile is a powerful weapon – one should open and close all the deals with a smile. It might not sound complicated… However, smiling isn’t always so simple, as people don’t always feel like doing it. But the good news is that you can practice it.
When you negotiate, argue, agree, and disagree, whatever you do – always remember to keep on smiling.
But, be honest while doing so.
The purpose of the smile is to make both sides feel comfortable while communicating and to create a positive and relaxed atmosphere.
In this way, you overcome all the negativity, and certainly, make room for some positive decisions. Once negativity succumbs you, the only outcome can be something negative. Makes sense, doesn’t it?
TOP FERRY ON BEING OMNIPRESENT
This outstanding gentleman transformed good businesses into great, closed a huge number of significant deals.
Throughout his highly successful career, here are the four steps that he finds very important:
- If, by any chance, you already have some wishes about who you would like to work with- make a list. Of course, by “who” I mean big players and huge companies, not friends and family members. Get to know your weak points and try to work out on the way to solve them the fastest and in the best possible way. Of course, with as little cost as possible. The goal is always to have the problem solved in a quick and a budget-friendly manner. That doesn’t mean to lower the quality of your work, just mind the costs. The revenue value of a deal is what you should be aware of because that way you reverse engineer your annual costs.
- You have to work on the opportunities, to nurture them. This means that you should become aware of the fact that every meeting is an important chance, even if it doesn’t seem so at first sight. Even jobs that are not among top-paid ones are valuable opportunities to learn, grow your experience and knowledge. By acting this way, you show that you can understand things from a wider perspective, on multiple
- One significant and big thing a year will keep you right at the forefront of your prospect’s minds. While working on that, still keep in mind those big players from your “wish list”, as it will give you strength and motivation to perform better and surpass yourself.
- Be a winner! That’s what huge companies like, and they choose winners to work with them. You have to be an authority in the industry. Keep your eyes open for the awards, and do your best to get some of them. No-one expects you to be cream of the crop overnight but work on your business reputation and recognizability as soon as possible.
To put Tom’s wise tips in a short form- don’t skip meetings, accept jobs that are lesser-paying, be aware of the pain points and let people know your way of creating value.
When you have all that- half the battle is yours.
That’s the way to make contacts and create relationships.
THE ART OF THE DEAL BY COM MIRZA
You don’t see big deals so often, but they happen from time to time.
And when they do you have to seize the opportunity, grab that moment and get the best of it! Each of these figures has his own strategy, and this is what Com sees as a path to success:
- Respect yourself, and your priority terms and conditions. If the other side is not willing to meet them, then nothing stops you from walking away. I know, it sounds easy, but in the real things are different. The first time is always the hardest, but once you do that, it becomes a routine in cases where you are not satisfied with the direction where the communication goes on. After all, how can you expect people to respect you if you are not respecting your own principles? The goal is to get the deal working for you.
- When it comes to terms and conditions which are of lower priority- that’s where you can lose things a bit and negotiate. Let’s put things this way- first is to get what you want, the second that the other side gets what they want as well. There you have it- a compromise, a sort of paradise when making agreements. Sometimes you will get the impression that you are investing lots of energy into something that’s insignificant, or at least seems like that. But the trick with that is to leave the impression that you care and confuse the other side what actually matters to you. That “reverse logic” tactic is a bit sleeky, but sometimes it works!
- Don’t sabotage the deal! Those tiny cunning tricks are okay, even a polite persuasion is allowed, but as long as you respect each other. A win-win situation is what works the best for both sides. After all, it’s business we’re talking about, not small children’s silly games.
We could express his strategy in a form of a recipe. You have to give and take as ingredients- combine and mix them well.
What you get as a final product is compromised.
Which is good, as long as the primary principles are respected, and the overall situation is working for your benefit.
TAI LOPEZ TAKES HIS TIME TO NEGOTIATE
Making a deal is not something you can learn at school.
You don’t get prepared for that, instead, you have to learn how to swim, like a small child upon entering the swimming pool for the first time.
It’s a combination of some knowledge, improvisation, strategy, (in)experience and your own thoughts and feelings.
But, each next situation is better than the previous one, because you have a valuable experience behind yourself.
Here’s how Tai Lopez does it:
- People get upset if the initial offer isn’t accepted. That’s wrong, says Tai. What comes as a conclusion after a quick acceptance of the first offer is- not enough negotiation!
- Counterbalance is the key! The best deal is not necessarily always the best option! Oh, that sweet, sweet irony! But, what one wants if not the best. Yeah, that is so true, but what he tries to point out is that we should put quality first. He says that it’s absolutely reasonable to pay a bit more if you get something of good value, instead of paying less for some junk.
- And the last, but not the least important-counselors are there so you can make war with them. Many of them, to be precise! If you cannot spot all the things yourself, they hire a lawyer to do so. Never ever sign anything unless you’ve read it carefully. Read it when you are relaxed because that way your mind will work with more productivity.
ROBERTO ORCI WALKS AWAY TO MAKE THE DEAL EVEN BIGGER
Like we already mentioned, sometimes you must make some moves which seems risky and difficult in order to make space for new opportunities to happen. Sometimes time is more valuable than the money.
Particularly because you cannot get it back.
We all have a limited amount of it here, so walking away may see just…the most shocking thing one can do!
Don’t be afraid to walk away bravely. Don’t let the thought that someone will be offended discourage you from making that huge step. You know, people prefer to hear a firm “No!” than a long, dragged out “Maybe”.
Have no fear, because walking away saves lots of unnecessary waiting and brings more new opportunities. Have faith and the rest will come.
CHRIS PLOUGH TEACH US TO PRIORITIZE RELATIONSHIPS
Being in a situation where he had to negotiate and close some really massive and complex deals almost at the same time, he learned a very important thing.
A mutually beneficial agreement was of vital importance because that’s what strengthens a relationship between business partners.
Of all the useful things he learned, here are the most outstanding ones:
- Negotiating and closing the deal are the smallest parts of the process because it all begins long before that. The secret of signing a contract and making a successful agreement is actually getting what you want before then deal. Both for a personal and business relationship, trust and empathy are important parts. Build a foundation before negotiations and get to know people prior to any agreement.
- Win-win is what great deals are about. Negotiation makes sense only if both sides are aware of what is truly important to the other side. When you give someone something that matters to them, you will get something that is of value to you in return. Asking what matters to the other side is quite a legit thing to do. If you are still not knowledgeable about what matters to you, then go ahead and find out.
- Even after the contract is signed, you continue working as a team. So, grow that relationship, care about it. That way when the tough times come, it’s easier to go through them. It makes you stronger and more successful. The trick of a truly good deal is working with the right people. That way you will never have to enforce the contract because your relationship will be based on some deep values.
- If you want his wise thoughts in a shorter form, it would be something like this: Knowing each other needs and wants brings you to a win-win situation. And if you want that, let empathy, trust, and communication be your starting points.
GET TO KNOW THE 6 MAGNIFICENT
We have described all the important aspects of making a good deal from various points of view.
There are some things in common, but some of these gentlemen have a completely different strategy and starting point. What matters is that things work.
Who are those wise men? Let’s have a closer look.
Being a New York Times best-selling author, Mr. Cardone is so far the best sales trainer in the world. Leadership, real estate, investing, social media, finance, entrepreneurship- you name it! He’s a well-recognized speaker on all those fields.
Motivated by the idea that success is our obligations and responsibility, he really did a great job in promoting the essential values for negotiation.
Ranked as a No1 real estate educator, Mr. Ferry is a founder and CEO of a company that bears his name. He’s a current leader in estate coaching and training, and there are also some amazing books he wrote.
With countless hours if useful coaching experience, he delivers fresh and up-to-date tips.
His goal is to help agents balance between professional and private life. A strong charisma is his highlight and a powerful weapon to captivate an audience around the globe.
Com Mirza started his prosperous career at the age of seven, by establishing a lemonade stand on the corner of the street.
Proving that big dreams come when one fulfills some smaller ones, he’s done business in many different countries.
His companies are involved in various fields such as – cryptocurrencies, luxury rental, real estate, investment and so on. A dream chaser (obviously!) and a philanthropist, he’s a great mentor to learn from.
Entrepreneur Magazine voted Mr. Lopez as a No1 Social Media Influencer. He shares his precious pieces of advice with people worldwide, showing what’s the true importance of love, happiness, health and wealth, and how to achieve them.
His grandfather taught him that finding the answers from many people is a valuable thing, and one may consider him/herself lucky if manages to do so. He enjoys reading a book a day because he sees it as a simulation of the future.
A screenwriter and a super producer, Mr. Orci is responsible for many masterpieces we have been enjoying. Those would be Transformers, Sleepy Hollow, The Eagle Eye, The Proposal, and many many more.
They are all strong proofs that one can make huge successes even if he/she turns down some attractive offers. He is a living example that big things come after making a risk.
Knowing that change is constant, Chris Plough makes and remakes the world on daily basis. With the mission to equip epic entrepreneurs for the upcoming world, he unites inspiration and execution.
He tries to make the most of every moment, and that’s the passion which fuels both his personal and professional life. His strong and cheerful personality motivates many people around the globe.
Becoming an outstanding entrepreneur-the secret ingredients
Now that you know more on these fantastic gentlemen, is there a way to make a parallel? What is it that unites all of them? What are the most important characteristics that make one stands out in the crowd?
- Charisma in the first place, as definitely the most recognizable feature all of them have. It is a powerful weapon, something like magic that some people have and know how to use it. It may sound silly, but not everybody has it. And even when they do, they don’t know how to use it. There are people with a good base of knowledge but without charisma, and that means no matter how useful is what they know, they don’t have a way to share it with other people. The good thing is that once you realize you have it, you can work on expressing it and getting the best of it.
- Mutual respect is another important aspect of successful communication. It is a rule that works both in private and professional life. If you want people to respect you, you have to respect them as well. That way you get that win-win situation. Sometimes things may not go as smooth as you expect, but remember that making compromises is worth it. Always look further than your nose when you make a deal. But remember that you shouldn’t give up your initial ideas and values. The whole point is that both sides get what they want. When a relationship is built on such an emotionally firm foundation, it is deemed to succeed.
- Make a good plan, because popping into things just like that, unprepared and unaware of what’s going on is so wrong. Not only will it look unprofessional, but it will bring you nothing but wasted time. And time is precious! A good plan means exploring the details that involve negotiations, getting to know your own terms and conditions and values, as well as the same things with the other side. That way you will be able to react appropriately without unnecessary delays.
- Educate constantly, as things change way much faster than you can imagine. It’s technology that develops rapidly, and since it is an inevitable part of our lives, we have to catch up with it as quick as possible. And this goes for any other fields, as trends are different from day to day. So, be aware of where you are and how complex is your current knowledge, and find out what it is that you need to educate yourself more on.
- Have no fear to say no! If a situation requires so, it is absolutely justified to say no to a deal that you find unsatisfactory. Sometimes it is a necessary step that opens the door to some other, even better possibilities. That’s why you need to know that saying “no” is risky but worth it. Of course, provided that you are well informed on the overall situation. Business partners like people who are able to make strong decisions, even if the answer to a possible agreement is negative.
- Dream big! It all goes along with the abovementioned qualities. Every big step in life is preceded by many small ones, and you need to have a clear vision of what is it that you want. Some people manage to make that vision early in the childhood and have some interesting start-ups (that’s right, it’s Mr. Mirza’s lemonade stand we’re aiming at!). They are excellent opportunities to get to know various aspects of any business, to see how things work from a smaller to a huger level.
FINAL THOUGHTS ON BECOMING A SAVVY ENTRPRENEUR
Those were all some truly wise bits of advice from people who made a huge success in the industry, and they continue to do so. Six gentlemen revealed their secrets and strategies which helped them get the best of any negotiation.
They are all examples of prosperous people who know what they want and do their best to get it.
Moreover, we have discovered all the main characteristics a successful entrepreneur should have.
Your task is to find out which of these you have, and those you don’t…well, wait no more, see how to get them!
An individual’s personality is of great importance.
If one believes that success is possible if one is optimistic and a type of a person that doesn’t give up, it’s more or less the halfway to the success.
Such a mindset is something that one should apply both in private and business life.
No one says you should drink coffee every day after work with your colleagues, but maintain a friendly and compassionate yet professional attitude.
It’s not an easy path to take. No-one ever said that. But knowing what you want and knowing how to achieve it is something that guarantees success. Don’t expect the big things to happen overnight, as it is a childish imagination.
Work on yourself and your goals, upgrade your knowledge and skills constantly and you will certainly notice many positive things going on in your business life. And in private as well.