When it comes to your business, there are five big blunders that you need to avoid. Each of these blunders can turn into deal enders with potential clients.
- The expectations of the client go unmet
- Crisis situations are botched
- Biting off more than you can chew
- Having all of your expectations on one deal
- Not having enough operating cash for your business
These blunders are so big that not only could they potentially kill a deal or partnership, but they may even end your company. As these blunders are very important to understand so you can avoid them, we’ll go over them over the next few blogs to get a real feel for them. We’ll go over the first two in today’s lesson.
The Expectations of the Client Go Unmet
When going into a deal, both parties will have certain expectations of what they expect from it based on the negotiations building the agreement. Not giving your client what they expect out of this deal is a surefire way to kill the deal. If something comes up that makes it so that your client’s expectations aren’t met, you have to not only fix the situation but also determine how to prevent it from occurring again with this client or the next.
Potential reasons for this type of problem:
- Communication breakdown. A lack of communication between the deal makers and the department that handles supplying the service can result in the client not getting what they expect.
- Poor sales skills. Your salesperson may have been seeking the deal in such a way that they didn’t really pay attention to the client or what they needed.
There are some steps to take in creating an action plan that will prevent this blunder from occurring:
- Take a moment before speaking to think about what to say.
- Take breaks.
- Practice makes perfect for your process.
- Take the time to format your over-deliverables in advance.
- Don’t be hands-off during the process, but get involved.
- Have a definition of success.
Crisis Situations Are Botched
People expect for a crisis to happen, and often, that’s not enough to sink a deal. What will make or break your company is how you respond to the crisis situation. This response and the fix are what defines your company in the client’s eyes. This fact means that you have to react efficiently to avert the crisis quickly. Being the company that steps up in the right fashion when things go wrong will build confidence and trust between you and your client.
Here are some tips for handling a client crisis:
- Borrow from the British: Keep calm and carry on.
- Take control of the crisis yourself.
- Be first to apologize and take responsibility for the crisis.
- Avoid placing blame on other parties involved.
- Don’t wait to respond, but be swift and useful in your actions.
- Keep up constant communication during the crisis to keep a sense of transparency.
- Don’t take your eye off the ball until the crisis has been successfully dealt with.
There you have it. The first two big blunders, and how you can avoid them.
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Don’t miss out on our next blog where we’ll go over the 3rd and 4th big blunders that you need to avoid.
Previously, we discussed gearing up for the big first meeting, and it can seem for some people, that means it’s okay to stop pushing on the accelerator that the hard part is over. While it’s true that getting the first impression over with can help to break down potential barriers, it’s not time to stop or slow down. You want to pick up speed. This speeding up is all about building and nurturing the relationships you’re building with your champion.
You want them to be your biggest cheerleader not only in the meeting but beyond. You’ll want to show them appreciation to keep your partnership profitable with your champion by keeping them loyal to you.
You can accomplish this in a few ways.
- Don’t take up all the limelight. Let them take credit for their accomplishments in getting the deal signed. Give them a chance to thank their team and company with new services and products.
- Help them to be connected emotionally to your brand.
- Find ways to make them happy.
- Be vigilant for when something needs to be addressed right away.
- Have the foresight to know when they need to be left alone.
Each of these techniques can help you in building that rapport which can lead to a solid working relationship. It’s important to continue networking with a company as more alliances can help you to bring in more clients. Word of mouth referrals can make your business. You can often build more relationships by having something to offer in exchange.
Things you have to offer include:
- Improved experience at work
Each of these offerings can help to build more alliances. When determining if a new champion is right for you and your business, you should determine what beyond the money they have to offer your company.
What to look for includes:
- The ability to help your business grow
- The ability to gain more experience and the opportunity to learn about growing your business
- The ability to advance the way that you currently do business or your systems and processes
Following these tips can help you to build a powerful and useful network while keeping your partnership vital and current.
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