A day in the life of a wheeler dealer

In the final stages of business negotiations where even smaller contracts may be at stake, things can get very frustrating and time consuming, especially if something has been in the pipeline for a while.

It is important at this stage never to rush negotiations or overlook details as there is certain etiquette to be observed in the deal making stage:

Keep accurate notes of all meetings and clearly summarize all points agreed. This will help to minimize going back over old ground.

Agree time scales by when the contracts should be agreed, backed up by consequences if they are not met, such as delayed installation, clash of resources, stock not being guaranteed etc... Or simply stress the benefits that the customer can enjoy, as soon as things are sorted out.

Concede points slowly, even minor ones.

Never give a concession without receiving something in return.

Never call a person's bluff unless you have a winning hand.

Understand the customer's viewpoint before explaining your own.

Make sure you are dealing with people who have the authority to negotiate.

Let the customer win the points that mean the most to him, in return for you winning the issues that are most critical to you.

Keep your ego out of the way! More deals have been lost because of stubbornness and the inability to back down, when a little humility would have won the order.

Don’t give up, even if you seem to be locked in a stalemate situation, business does not have to be like a day in the life of a wheeler dealer.