by Rob Joseph, Director, BeaconCFO Plus
Advice From an Experienced Virtual CFO
In the business world, closing deals effectively is both a talent and a skill. One of the many benefits of working with a seasoned fractional CFO is that he or she likely has decades of experience closing deals on behalf of organizations and businesses—and they can help you do the same.
While it is impossible to tell you exactly how to go about closing better business deals, these tips will point you in the right direction.
Understand your counterpart.
You need to know the other party’s needs, motivations, and pain points. Research their business, industry trends, and any previous deals they have closed. The goal is to tailor your pitch and demonstrate how your proposal aligns closely with their objectives.
Build strong relationships.
Successful deal-making is built on trust and rapport—and genuine relationships. This takes time. Show sincere interest in their success and learn to be an active listener who is attuned to their concerns. If you establish a strong foundation, you can foster a mutually beneficial partnership that will go beyond just one single deal.
Prepare, prepare, prepare.
Meticulous preparation is the key to a successful negotiation. You need to define your key objectives and desired outcomes early so that you can anticipate potential objections and develop persuasive arguments and responses. Your goal is to demonstrate that you have carefully and thoroughly considered all aspects of the deal.
In a competitive market, the value proposition is everything. Clearly articulate the unique value your offer brings: How can your product or service solve the other party’s problems? How will it enhance their operations? How will it generate cost savings? Have success stories with past clients in your back pocket to demonstrate proven results.
Focus on the long-term.
A short-term mindset prioritizes immediate gains over long-term relationships—and this is a mistake. You must be forward-thinking in your negotiations. Emphasize the benefits of a lasting partnership and position yourself as a strategic ally who is invested in their continued success.
Timing is important.
In closing deals, timing plays an important role. It can be a delicate balance: You want to allow the other party to consider your proposal thoroughly, but you don’t want to lose momentum. You will need to work carefully to keep the negotiations moving forward.
Benefit From Our Outsourced CFO Services
Do you want to start closing better business deals? Consider how working closely with an outsourced CFO—and tapping into their expertise and strategic insights—could help you take your business to the next level. We are here to discuss this more at any time and talk about specific issues or opportunities that you are navigating. Simply request a free consultation with one of our CFOs.