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Deal management is a process that involves managing and coordinating every stage of a deal, starting from the initiation of the business to its closure. It’s goal is to maximize value and minimize risks for all participants. It is a crucial aspect of sales and an essential part of the success of any company.
The management of business deals is a challenging process that requires time, patience and clear communication. Understanding the needs of your competitors and working with them as a partner rather than an opponent is essential even if there is disagreement. This will allow you to come to agreements that are mutually beneficial. If you are stuck in a negotiation, it may be beneficial to seek professional advice from a lawyer or experienced negotiator.
It is crucial to plan out your business transactions and establish clear goals so that each deal is a part in the larger vision of your company’s goals. You will be able to maximize your chances, lower risks and have easier negotiations.
A well-organized structure for your deals will also help you streamline the process and improve efficiency. Freshworks, a sales opportunity platform, can save you time by automating the process of creating and organizing deals into an organized visual pipeline. It also gives unique tags to track performance. This will enable you to have a team in place for each stage and make sure that all information is available.