Sometimes You’ve Just Got To Walk Away From A Deal

Written by Sean McPheat | Linkedin thumb

29 January, 2009

In today’s tough market conditions it’s very easy for you to grasp onto any lead or potential client that comes your way.

But this creates a problem for you because some prospects can take up a lot of your time and are indeed, a complete waste of time.

You see, no matter how much you may want the business, there are times when you’ve just got to simply walk away from the deal.

So how do you know when you need to walk away? Here are 5 reasons to look out for:

1. PRICE ONLY PROSPECTS

If you’re spending a lot of time with the prospect whose only interest is price then watch out for the warning signals. These prospects don’t really care about standards, quality, service or the ongoing relationship they have with you – just PRICE. So if you’re spending too much time with this type of prospect then think about walking away from the deal.

2. ONE HIT WONDER

So you may get this deal, well eventually and sometime in the next 56 years but what is the potential for future business? If the potential is not there it may be time to walk away if it’s taking up you energy, time and resources in huge amounts!

3. COST BENEFIT

As with everything you need to weigh up whether the costs in time and money will outweigh what you’ll get in terms of profits. (But also bare in mind future profits too – you might make a small loss on this deal but if there are repeat purchases you need to bare that in mind when making your decision as to whether you should walk away or not)

4. YOU ARE NO LONGER IN CONTROL

If you feel that you’ve lost control of the sales process and everything is all over the place then think about walking away

5. GO WITH YOUR GUT

Probably the most important I’ve listed is to go with what you feel is right. What’s your gut decision to this deal? Overtime you’ll pick up a sixth sense and you’ll know when to “hold em and when to fold em!”

Now as with all of the above reasons I’m not saying that you should just roll over with any of your prospects or give up too easily. But you should definately analyse which deals are best to keep working at and which ones you should just take it on the chin and move onto bigger and better things.

Happy Selling!

Sean

Sean McPheat
Managing Director

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