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Key Steps to Managing Business Deals

Deals are the lifeblood of business and negotiating them successfully requires finesse and understanding of the negotiation process. If you’re a business seeking to expand, sell some of your business or just make the best decisions to maximize your profits Here are the main steps to managing business deals:

1. Know your market and be prepared to leave.

In the excitement of a successful negotiation it’s easy to become entangled and agree to a deal that isn’t optimal. It is important to consider the long-term implications of a poorly thought-out deal, whether that’s the perception of your brand being slashed or a loss of valuable profits.

2. Use data-driven decision making.

Your team’s performance is contingent on the accuracy and completeness of your sales data, so ensure that your reps have access to the latest information when they negotiate. This data can be difficult to obtain from multiple sources, including spreadsheets and emails. If this isn’t done properly, it could cause delays that may cause you to lose the sale.

3. Ensure your team members are able to act on the information.

It is crucial to have an effective system in place that allows your team to act on their data, and it is not enough to have access to the right data. Utilizing software such as Revenue Grid to convert your sales data into interactive, personalised alerts allows your teams to respond when they’re required to. This can stop opportunities from being missed by keeping everyone up-to-date in real-time.

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