DealCraft Toolkit: 8 Things You Can Accomplish with Opening Proposals
In the world of deal craft, opening proposals take center stage. These initial pitches hold the potential to shape the course of collaborations and their deals. Here are eight things you can accomplish when you skillfully craft and deliver your opening proposal.
- Set Expectations - A well-crafted opening proposal is like a tennis serve; it sets up the entire dealmaking process. It also sends information to the other party about where you want the dealmaking to end.
- Anchor Numbers - Skilled dealmakers strategically anchor numbers in their proposals. These reference points shape perceptions of value and influence outcomes.
- Establish Credibility - Credibility is the cornerstone of trust in any partnership. An opening proposal that showcases expertise can go a long way to building that trust. But dealmaker beware: a poorly crafted opening proposal can have an equally damaging effect.
- Build Trust & Rapport (or ruin it) - In the same way that credibility can impact trust, integrity and reliability are often quietly measured when counterparties receive proposals. Do you know how much trust you need to get the deal done? Be sure you know what signals your opening proposal sends.
- Introduce Timelines - If you are under time pressure, your opening proposal is an opportunity to place this constraint on your counterparty. You can also demonstrate flexibility on timings to help engender trust.
- Leverage Power - Like a graceful dance partner, skillful dealmakers navigate the power dynamics at play. Your opening proposal presents an opportunity to display any actual or perceived power, which might shift your outcome. Doing this early can alter the course of dealmaking and give you an advantage.
- Set the Tone - From the moment you start talking, your words, attitude, and even the numbers you put forward convey a tone. Be sure the tone you set matches the process you want to follow to reach a deal.
- Address Potential Objections & Counterarguments - Skilled dealmakers anticipate potential roadblocks and address them proactively. Your opening proposal can acknowledge concerns and offer compelling solutions, ensuring a smoother process towards agreement.
A well-crafted opening proposal not only captivates the other party but also sets the wheels in motion for the prosperous journey ahead. So, invest the time and effort in perfecting your opening proposal and watch as it opens the door to opportunity.
