How to reach a business deal?

How to make a business deal? > The relationship needs to be well established.

How to create a relationship? > The form of communication needs to be settled.

What form of communication are we talking about? E-mail? Phone call? Certainly not!

There is an old Czech saying: "The love goes through the stomach". It is not too difficult to re-phrase it and say : "The business goes through the stomach". How often does it happen to have a formal business discussion with a counterparty in the office, go through the PowerPoint presentations, listen to the terms & conditions with zero empathy in the air? And do you recall situations, when you finish the hours-long meeting with your counterpart, go for a dinner, and after the first "Cheers", the communication flow goes in a totally different direction than few hours earlier? Me and my team experienced this just few days back - 30% of the deal was the result of 5 hours meeting in the office, and 70% was agreed within 2 hours during a relaxed dinner time!

Peaceful atmosphere, reduced level of formality are influencing the human mindset. The mindset is less cautious, less resistant to new information and less focused on being alerted. It is easier to absorb information, and the brain tends to associate the words with the positive situation closely. Therefore, people tend to remember more infos than during a meeting in an office. People, when relaxed, are also reducing their tensions and defensive mindset. It will also be easier for them to express their emotions, their thoughts and wishes, which they would never tell you under a full business concentration.

For that reason, I always advise the salespeople to make sure that their meeting agenda also includes an unformal part. Visiting a restaurant for lunch or dinner is the most common way. Ideally, it is good to know, what sort of habits, preferences or health/religion limitations does our guest have. It is not a good idea to invite a guest with fish-allergy into a sushi-bar. If we do not have a clue, or meet the person for the first time, there is nothing wrong with sending the following remark together with your agenda: "As I would be honored to invite you for a dinner after our meeting, could you please let me know, if you have any special preferences and/or limitations, so I can choose for the appropriate place"? Opposite to that, if you are in the position of the person being asked, make sure to really express your preferences. There is nothing worse than attending a dinner which you can hardly swallow.

Some people believe that conferences and exhibitions are not able to sustain in today′s digitalized world. However, I am confident that the absence of face-to-face interaction is exactly the reason, why many people prefer to attend those instead of the online events. Sure, tt is nice to save money, save the time, save the CO2 footprint, etc..., but none of those can compensate the absence of a human interaction. The true business people understand the benefit of a personal contact. The true business people understand the purpose of creating relationships. The true sales guys and negotiators are able to utilize the environment and circumstances of the meeting with their counterparts.

And what is the role of food then?

Dining together, enjoying the meal together is creating bonds between people. If nothing else, the food will be the mutual link between the people at that very moment. And it does not really matter, if we just sip a nice cocktail together in a bar, explore a streetfood, or sit in a fancy restaurant. The mutual symbiosis is what matters! The flavors and tastes are the icebreaker! It helps to break-through the animosities (if any), and reduces the stress level. Don′t underestimate the power of "dining culture"!

Exceptionalities

Companies are aware of the power of unformal events, gatherings, or a variety of social events. Enjoying a beer or a drink after an exhausting exhibition day is certainly a way. But all kinds of sightseeing, planting trees in a forest reservation, participating on team-building events or doing sports are among the activities, which help to socialize, which contribute to relationships. And - at the end - which helps to materialize the business.

Actually, the value/costs of the gesture is not that important. What really matters is to spot directly the taste, mood & preference of the counterpart. Once you hit that one, your success is nearly granted!

What does work for you?

I am wondering, what sort of experiences you made while building the relationship strength with your partners and customers?!?! Each of us has a genuine way. But I remember an exceptional one. Once, attending an exhibition, me and my customer decided to exchange the rush of exhibition booth with a bare-foot walk on the seashore at Valencia beach topped with an absolutely mouthwatering paella afterwards. I think the people at the beach were quite amazed to see two weird guys in the business suits walking along in the sand... But it was worth it - does it surprise you that we made one of the greatest business deals on that day?!

What works for you? Share your stories!