How To Close A Deal Like Warren Buffett
Tom recently had the pleasure of doing a podcast with Will Barron from Salesman.red discussing his book How To Close A Deal Like Warren Buffett. Check out the recent podcast episode and note the rules are pretty simple and they tie in directly with success in sales –
1) Only Deal With Dealmakers
This is sales 101 but it can sometimes be tough to get in front of the decision maker. Don’t back down from getting those meetings as it speeds up the sales process considerably.
2) Go Big
Why close a bunch of small deals that require just as much energy each to close that big one?
3) When You’re Going To Eat An Elephant, Don’t Nibble
You can add massive value by simply respecting a prospects time. Don’t faff around, jump in with your offer when negotiating and take the deal off the table.
4) Victory Favours The Ready
One of the easiest medical device deals I ever closed (£230,000+) happened in the space of 2 hours over 3 phone calls.
The hospital had money they needed to spend before the end of the month and I was the quickest sales person to respond to a group email that went out to suppliers.
Have you got processes in place to enable you to move quickly?
5) The Last Step Is Always Slippery
The deal isn’t done until the money is in the companies account. “If something can go wrong, it will go wrong” so plan ahead.