Losing a potential customer that we thought has already made a firm purchase decision is truly disheartening. And just imagine all the efforts and resources that go to waste. As such, these experiences can cause us to lose our confidence. But also cause us to question whether we are even capable of attracting new clients to our business. However, despite this discouraging experience, we must not lose our focus. Moreover, we should identify the reason why an almost done deal came undone. This is crucial to prevent the death of your sales deals.
TIMING
Sometimes it is better to be selling when the horizon is bright. That is when the significant upside looming is yet to be realised. When a business comes off a stellar year, owners understandably want the value based on that year. However, what if during the following year things begin to dip? Realistically, a buyer will typically buy and value the business based on a multiple of the trailing 12 months. Or perhaps even a similar rearward-looking metric. Many business owners ask “How do I sell my business?”. Well to answer that is simple. Considerably, it is very important to continue running your business aggressively during the sale process. Let the investment bankers and business brokers take care of the deal dynamics. Business owners need to focus on their companies every day.
According to statistics, only 3% of potential customers are actively seeking for the right solution provider. It means that only 3 out of ten people who enquired about your offerings are actually looking at doing business with you. When you successfully convinced them about your product or service – you need to close the deal F-A-S-T.
Unfortunately, that is the area where many sales professionals lose traction. Not all sales agents know this but the longer a deal takes to close, the less likely it will. Therefore, time is the #1 killer of all sales deals.
