Main Reasons You Are Not Able to Get New Business Deals

Originally published by Tallahassee Democrat. Re-posted with permission.

A business survives and thrives when its owners secure new deals that allow it to grow. When this becomes a struggle, a company’s potential for growth is compromised. If this challenge continues, that business might face closure.

Deal brokering is not always easy, especially in a cutthroat, competitive market. Making your voice heard amid the clamor of hundreds of competitors is difficult. However, it is what you need to secure to get the deals you need. Let’s take a look at the top reasons you might be struggling to get new business deals.

First impressions

Having potential clients and suppliers visit your premises is essential for scoring deals with them. However, if your company makes a poor impression on visitors, it could count against you when they decide whether to do business with you. For example, if you do not have visitor management systems like those from Greetly, the premises come across as a free-for-all, where anyone could walk in and make off with valuable information.

Do not fall for the argument that your company’s product speaks for itself. Your business environment also influences people’s perception of the organization and how it operates. No one wants to deal with unprofessional partners who create an unfavorable first impression, and you do not get a second chance to make an excellent first impression.

Presentation and negotiation skills

As a business representative, you need to be relaxed, confident and in possession of the necessary facts and information. When clients or suppliers ask questions, you appear unprofessional when you dither about, shuffling through papers. This will make these companies think twice about doing business with you. How you present yourself and the company profoundly impacts whether others can see themselves building a lasting relationship with it.

Getting a deal requires negotiation skills. Negotiation is a soft skill that many business owners and representatives struggle with. They are either too aggressive or a pushover that everyone wants to take advantage of. Hone your negotiation skills and learn to read a situation to determine what approach to use.

Inexperience

Your company’s status as a market newcomer might make other organizations hesitant to do business with you. It is challenging to establish a proven track record and reputation when no one wants to give you a chance to achieve it.

The only way to overcome this obstacle is to remain persistent. Do not give up on securing deals. Instead, double down and work even harder to get them. Think of innovative ways to inspire other people’s confidence in you and the business, prompting them to enter deals with you.

Marketing

Your brand marketing should be on-point to entice others to want to make deals with your company. Mixed messages, poorly chosen marketing efforts, or a complete lack of marketing will not do you any favors. Marketing and advertising are more expensive than you might think. Managing on a shoestring budget will not deliver the desired result.

An essential component of marketing is knowing your target audience and gearing your efforts toward reaching them. Few businesses achieve this by coincidence. Instead, they rely on thorough research and professional marketing services.

Poor planning

Panic sets in when business owners have not planned adequately. For example, if you have failed to make sales and sit with too much stock of your product, you will run around trying to offload it. Other businesspeople and consumers can sense when you are desperate and will take advantage of it.

Planning is an essential component of running a successful business. If you fail to plan, you plan to fail. Despite the best-laid plans, not adapting them to a changing environment will see you lose business.