We’re at the end of the quarter and the year, and the heat is on.
Everyone is stressed with one goal in mind:
Closing!
Winning!
Bringing it Home!
Since there isn’t much time for either closing or reading, here are a few pointers that might help you out (and not just for Q4):
BREATH - Take it easy
Don’t stress yourself. Be aware that you’re going through an agitated period, and resilience is key. Find someone to talk to about your deal and what it’s putting you through. Call me! (I’m not kidding!) There’s a strong connection between the stress you feel and the struggle your mind is experiencing.
MCP - Mutual Closing Plan
If you don’t have one, create one. If you already do, polish it. Make sure you and the buyer know and agree on exactly what’s going to happen:
- Pricing
- Timeline
- Approvals
Without a clear understanding of how the deal will close, it might not be heading in that direction. (See #LoseTheDeal below.)
Procurement
Not every company has a formal procurement team (it depends on company size), but when they do, you NEED to make them your best friends. This could be a topic for a stand-alone post, but here’s the key takeaway: Procurement is critical for deals with mid-size companies and above. They control:
- Budget
- Negotiations
- Key decision-makers
- The signing process
Signing Process & Legal
This is, statistically (OK, I made that up, but I’m 99% sure), the most common reason deals fall through after a “YES.” These basics are so simple that sales teams often overlook them:
- Who signs? How many signatures are needed?
- Board approval: Does the board need to approve, or is it someone else?
- Legal: Get this started even before negotiations. It’s a time-killer and a deal-breaker if left too late.
AIR - Take it easy (again)
Yes, it’s worth repeating: Stay calm and resilient. Talk about your deal with someone you trust. The stress can cloud your thinking and make everything harder.
Lose the Deal (and win the long game)
Sometimes, the deal might not close, and you find yourself throwing everything at it to try to win. Sales is a lot like physics:
Opportunities have an energy curve that peaks just before closing. If you win, that energy explodes into infinity. But if you don’t (not necessarily “lose”), the energy dissipates, and it becomes almost impossible to reignite the next quarter.
If it’s a ‘Hail Mary’ situation, don’t throw everything at it. Communicate your intention to the buyer and focus on keeping the energy alive. That way, you can pick up where you left off next quarter.
