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5 Ways to Create an Effective Deal Management Process

Effective deal management is an essential strategy for any business wanting to succeed and close deals quickly. Proper deal management helps to maximize company goals and interpret analytical data for margins, profits, and revenue. It also helps to track market share, which is the portion of the market controlled by the company or its products.

So, what is deal management?

Deal management is the organization and processes behind deal workflows, that includes strategies, team members’ roles, software and technology, and more. Deal management is each and every step that gets a deal through the full lifecycle, from day one to close.

Create Effective Deal Management with these 5 Things

1. Collect Data

One of the very first things necessary to planning a successful deal is to gather the right resources. These set the stage for the proceeding events. Consider it as though you are preparing the land before building a house, a solid foundation is key to any good structure.

After finding your client, you should look at their historical sales data and see their margins as well as trends.

By doing this you can figure out the type of customers that they target as well as have an in-depth understanding of business challenges and goals. Don't just use research alone to get to know your client, ask them directly what their pain points are. By helping them to find solutions to issues, you build their confidence in you and your services. When you find out their goals and dreams for the company, try to find a direct way to tie it back to your product and how it can help them attain these aspirations.

When you know the challenges, goals, and trends, you can analyze the data to give you a projected idea of how profitable the deal can be. You can target the channels that will bring in the most revenue and find solutions to any issues that may be preventing more financial success and growth.

Colelct data

2. Manage Time in an Efficient Manner

Time management is an important role in any deal, just as it is important in any aspect of life. Doing so in an efficient manner can become very difficult when you have a lot of details needing your attention.

When you no longer have to track down documents from multiple sources such as Excel, Microsoft Word PDFs, or email, you save time. By saving time, you are able to stay focused, and stay on target. This allows you to use your time more wisely as well as accomplish more work within a timeframe.

3. Work Collaboratively with Your Team

When you are in a conference room full of people and a large whiteboard, it’s easy to share and bounce off each other's ideas and brainstorm ideas. When workers are remote, as they often are with mergers and acquisitions, it can be more difficult to communicate and thus could result in work silos that undercut the bottom line.

What is a work silo and why do you want to avoid being in one?

A work silo is a term used for working alone, boxed off and without the influence of other people. While being in one, you may think that you’re being productive and getting work done, but people are social by nature. By interacting with others, collaborating and sharing ideas, you can become much more productive thanks to the influence of others. Work silos are a destructive force against productivity.

Some M&A software, such as DealRoom, allows you to work as a team with unlimited internal and external guest accounts. DealRoom lets you actively chat and stay in-the-know about all of the important deal details. This helps productivity, time management and prevents work silos. With so many features and capabilities, users can stay organized and streamline workflows, and stay in constant communication.


4. Use Innovative Software

Back in the day, Excel trackers, VDRs, and emails were the main sources of communication between workers during an M&A transaction. While this may have solved surface communication and task tracking issues, it did lead to other larger issues. It was easy for communication to get mixed up or key pieces to go missing in someone’s mailbox. The same tasks would be done several times by different people because of communication error and this results in wasted time, redundancy and profits.

Software like, DealRoom’s deal management platform, offers a much more efficient way for teams to communicate. By being able to constantly communicate with one another, teams can delegate tasks, avoid repeating mistakes and complete tasks quicker. This allows them to be much more organized, which is great for tracking deal flow and allows teams to see the final finish line. DealRoom’s deal management software also helps companies follow through with post-merger integrations.

deal management process software

5. Shorten the Deal's Lifecycle

Overall, proper due diligence and deal management software prevents common due diligence issues. Due diligence software combined with a virtual deal room further helps eliminate work silos and duplicate work.

How is deal and due diligence management software going to benefit your business?

By having one secure place to openly store and share files, documents and necessary information between team workers, team members have convenient access to critical deal information. And when teams communicate in real time by commenting in a chat box or on the file directly, teams can easily reference documents and files internally and externally.

Another benefit of due diligence and deal management software is access to analytical data. When data is captured teams can evaluate projected outcomes and target points that should be monitored, fixed or better marketed for maximum profits.

Why should you want to close your deals faster?

Closing a deal faster with one client means that you have more time to take on other deals., and by closing more deals, you are increasing growth and profits.

With innovative deal management software, like DealRoom, you can streamline your timeline with a client much more effectively and stay in communication with them without seeming too aggressive for a close in your deal.

Who is DealRoom for?

DealRoom is built for M&A deals and creates a better experience for deal teams and clients. By being able to have all data and communication stored in one place, it makes the workload more efficient and less redundant.

The ability to have tasks, documents and goals in one place, it helps to keep everyone organized and make strategic decisions.

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