“So, in conclusion, I would like us to start discussing cost” Funke Rotimi-Thorpes, CEO of June’s Innovations ended her business pitch.
The room which held 6 investors and 3 legal advisors went silent as everyone sat amazed at the audacity with which this boss lady ended her pitch. Aside from her impressive presentation, she stood tall, holding down the forte not giving even the slightest inkling of her nervous state.
“Do we all agree on the stipulated terms and conditions?” asked Mr. Tega Ade-Jacobs, the legal advisor to Feenex Globals. Everyone in the boardroom nodded their heads as they rose from their seats clapping and shaking hands amidst smiles, giggles, and small chats.
“This is one of the fastest deal closures I have ever made and it is indeed a good one”, commented Tunde Philips, CEO of Bricks Oil and Gas.
As they chatted some more, Felix Ope-Williams, MD of T&J Legal Practises, shouted to the hearing of all, “Drinks on me at Quilox”. There was heavy applause in the room as they all filed out to have themselves a good night out.
As the only woman in the group, Funke Rotimi-Thorpes couldn’t be more proud of her accomplishment, closing her 5th deal since the inception of her tech startup two years ago.
Isn’t this the dream of every business entrepreneur, particularly female entrepreneurs?
In this era where Africa women entrepreneurs are still trying to get a solid footing in the business world, securing startup capital is still a challenge faced by most. Getting investors to be interested in these businesses is not an easy feat hence they have to work extremely hard and smart while putting their best foot forward.
Closure of deals which is an integral part of a business is not for the faint-hearted. Even though you expect to get the team of investors on board, there is every tendency your business pitch may be rejected. To reduce the possibility of this happening, it is advised to always come to the table well prepared. Take your audience on a journey through your business and the benefits you are offering while convincing them of the reasons they need the product/service more than they think they do.
The secret to successful deal closures is to keep your audience enthralled all the way to the final closing of the deal and get that resounding “Yes” your heart yearns for.
There are no hard and fast rules to close business deals in this ever-evolving global economy. It is a really dynamic one that requires constant reevaluation of your business strategy with your team. Deal closures are somewhat a delicate and sensitive area in the business world because finding the right balance between being persuasive without becoming arrogant or annoying may be tricky.
While this may require a meticulous and strategic plan, you may want to bear in mind, these few effective pointers which can be applied in any business industry:
- Be sure to identify the key decision-maker as this is vital for fast deal closure. Identifying the key decision-maker enables you to put yourself in his place and in that character, finetune your sales pitch to suit the person’s interest. Better for you if you can have an actual sit-down with the person. So try your hardest to set a meet.
- Stay original and authentic. You want to be genuine in the course of the sales process.
- Make the deal important enough for the client or partner to want to commit immediately.
- Ensure your sales pitch is well prepared enough to have already thrashed out any potential objections that may arise.
- Research your contenders/competition and utilize your unique strengths to have a quick close. THIS IS VERY IMPORTANT.
- Don’t dally outside the areas of your expertise. Stay focused and professional.
In preparing your pitch, make the most of your team and don’t prepare the pitch alone. Do a number of practices, having your team members come up with objections from various possible angles around the business. Holding your head high, walk into that room, and close that deal in heels.
You are a boss lady.