Speaking to a client about business finance is never the easiest thing. Even so, it doesn’t have to be overly difficult, and there are various techniques you can incorporate into your conversational style to make the process far more streamlined. Many clients will be using external sources of borrowing, such as payday loans online, so it is important that you are upfront yourself when it comes to monetary discussions.
We have listed the various elements that you should keep in mind when have conversations with your clients about money and anything finance related.
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Approach The Subject Immediately
It is important that you are consistently upfront regarding finances from the off. Why wait until the situation becomes too uncomfortable to approach? Set the tone and gain authority by bringing up the topic yourself straight away. This will assist with normalising the discussion of money.
This can include aspects of agency fees, how resources are utilised and deployed and the scope and timing of deliverables.
Be Honest and Upfront
Don’t mislead your client and you will find that trust is worth more than deceit. Send them a clear message on how your business approaches finances compared to competitors while relaying relevant data to them. Ensure that this supports your pricing structure, as well as giving a clear rationale for all rates and expenses. Being open about your fees will also help you to maintain your relationship. Additionally, remain open to negotiation, and allow your client to give their input.
If you get to a point that you both agree on, you will realise this was extremely worthwhile. That being said, you will need to walk away from negotiations if they do not seem reasonable to you.
Be an Expert or Bring an Expert
IF you are not completely clued up on the way your company finances operate, you should bring in a procurement professional to help lead any negotiations. This should be someone with top class negotiating skills, with a well-rounded understanding of all aspects of the business. This will help justify any proposals you were expecting to make, and this individual can become an invaluable part of any future client negotiations.
Develop Your Client Relationship
Once you have truly developed a positive relationship with your client, with a level of mutual understanding, previously hard conversations will begin to come far more easily. Client fi9nance should not be an uncomfortable matter, which is why you should enter every client finance.
This will help you to encourage an understanding that this is a normal part of doing business. Clients and finance go hand in hand, so this should never be a taboo topic or something you should shy away from. Go into your client negotiations o0r conversations with an open mind and a clear end goal in mind.
By addressing these maters from the off, you will be able to steadily build a strong business relationship with your client, and all future correspondences will be as simple as they should be.