Business-to-business transactions and payments are something that you can never avoid if you’re aiming for corporate growth. Since business owners do not think like ordinary people, you have to follow some guidelines to make sure that you are doing it right whenever you engage in B2B transactions.
To make the most out of your B2B endeavors, you have to avoid the following mistakes.
Failing to research your prospect
The most successful warriors are those who do some reconnaissance about their enemies. Not doing so would result in a very painful defeat. Though you are not doing any battle in any physical way, you have to highly contemplate such a principle.
Before having an actual transaction with any company that you want to do business with when you just starting a business, or already running a one, make sure that you’ve done enough research on what that company is all about, who are the people running it, and what is it actually does. This is to make sure that both sides, your company and theirs, are actually on the same page – you must not appear ignorant of the actual meeting that will be taking place soon.
The most successful people have some level of professional pride in them. And if you don’t acknowledge their level of popularity, they might feel insulted and it might get you rejected with whatever is it that you might want to propose. Don’t make this mistake.
Forgetting the real concepts of the B2B framework
Running a successful business establishment means you must not only deal with clients but other companies and business owners too. This is the reason why the B2B concepts are established, taught, and learned by any business-oriented individual.
Do you have the main 7 concepts of B2B in your mind? Have you mastered it thoroughly? Have you weighed down carefully the importance of being a wholesaler and a retailer? – these are questions you have to provide an answer for if you truly want to get serious with your efforts in dealing with other businesses that might be of interest to what is it you do.
The B2B framework is one of the most crucial key points in becoming a successful businessman and you are no exception. Before setting up your B2B appointments, make sure you have deeply understood the idea surrounding it.
Not putting the prospect at the center of the transaction
As you do your research for your prospects, you might have already done enough research, and that is a good starting point for success. Maybe you have already made your initial moves in making them your business partners. But you have to ask yourself a very important thought. Have you made your prospects the center of the transaction?
Why many relationships fail is because either party makes themselves the center of the whole thing. If you have that attitude, then you are certainly heading for disaster. Which would you prefer in a friend, the one who treats you with importance, or the one who makes the relationship all about him?
Before you emphasize what’s important about you, it would be a lot better to explain how you can help the other business. You can then steer the conversation into how you can also benefit from your partnership.
Setting all the schedules according to your wishes
After making your intentions clear and once you’ve assured your prospect that both of you are on the same page, a business meeting is bound to happen. In such an event, deals would have to be made and sealed – this can define the success and growth of your company for the next months or years.
But in setting up meetings or appointments, never make the mistake of giving schedules that are always according to your wishes. If you have the habit of insisting things happen according to the moments you prefer, you are showing the traits of an unwise businessman.
Unless it’s very clear that the other business means they need you more than you need them, then you may insist on the dates and times that you want the meeting to happen. But if it’s clearly an equal level of necessity for both parties, then you have to sometimes bow down to their wishes in terms of scheduling.
Unwillingness to declare a win-win proposal
To reinforce the previous idea even further, you have to acknowledge this: the best business deals are those that are built around a win-win situation. If you notice that a lot of the parameters that comprise the deal fall in your favor, the deal will not last too long since the businessman on the other end would feel outsmarted and swindled.
To rectify that, you have to change some of the stipulations so that you can make the other business feel that you truly value their success as if it’s your own.
Here’s the sum of it all: Never make it just about your business, show some emphasis that the whole thing is not only to your benefit but also for the benefit of the entirety of the whole business deal.