Ensuring That Your First Business Deal is Successful
Congratulations, you have started a business! Once the business is incorporated and set up, you’ll need to actually create deals with other businesses in order to get your operations going. This includes suppliers, vendors, and any other outfitters that you will need to start selling products or providing services to customers, other businesses, or some combination of the two. To accomplish this, you’ll need to start signing deals with companies that can help you achieve this goal. Strategic partnerships like this can not only help you gain new financial backing via investment or fundraising, but they can also help introduce you to other businesses that you may want to work with down the road.
However, before getting ahead of yourself, you will need to sign your first deal. This requires a delicate negotiation process, and you will also need to make sure the deal is totally secure. This is particularly important if you are planning on hammering out the deal virtually, as there are a huge amount of hackers and cybercriminals that could disrupt a potentially lucrative partnership. If this happens, it will be very difficult for your nascent business to recover. With that in mind, here is what you can do to make sure that your first business deal is a successful one.
Negotiate respectfully and straightforwardly
A first business deal is not hard to come by. But a good first business deal is. Make sure that you are respectful in your negotiations with the other party, but that you also advocate for your own needs and push your own priorities. Just because you are a new business does not mean that you need to act like it.
That being said, it is important to understand your place in the business hierarchy and not to push the terms of the contract you are trying to get sign too far. Don’t create terms that are unfavorable to the business you are trying to sign a deal with. If they are a supplier or vendor, it is likely not their first rodeo and they’ll know exactly what you are trying to do. However, also make sure that the contract terms are helpful to you as well, and will help you create the type of long term business partnerships you are looking for.
Secure the business deal
If a business deal is not done in a secure manner, the details of it might become leaked. This includes financial sheets, contracts that are in negotiation, or other sensitive data or information. While it might seem like you can negotiate a deal via Gmail and Google Drive, the truth is that these are not secure platforms. Instead, you should prioritize the security of the deal by using software that is specifically made for deal making such as a deal room. A deal room can help you expedite the negotiation of a deal by tracking changes in documents, set user-based permission to access documents in the first place, and also password protect documents so that they are not accessible. This can help to create trust with the other business you are dealing with, as they will see that you are serious about security and are willing to invest in both their security and your own.
Securing your first business deal can be easy. But making sure it is successful is what is challenging. Make sure you always advocate for your own business, all while being respectful to the business you are looking to sign a deal with. Furthermore, you should use a deal room or a similar software to secure your business deal so that it does not become a victim to a hacker. Doing this will help to make sure that your first business deal is successful and sets up your business for continued success moving forward.
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