How to Miss Out on Opportunities and Lose Deals

February 13, 2017 by in category Deal Management, General Partnerships, Private Equity, Real Estate with 0 and 0

Imagine scribbling deal notes on Post-Its and storing these in a pile on your desk. Obviously, this is an absurd way to organize deals. Likewise, trusting a tool like Outlook with your deal management initiatives results in a disorganized, manual process that costs you profitable deal opportunities and wastes your time.

Outlook does not care about your life cycle. You can use Outlook to follow up with a contact, complete a task, drag correspondence around labeled folders, and categorize messages with the colored tags that Outlook gives you. Reminding a team member to do so becomes an even greater burden without proper sharing permissions, and also results in a lack of visibility in follow through. Further obstructing execution is the inability to standardize practices for project management. Important calendar reminders get lost among reoccurring lunch dates and various project meetings, contacts are not followed up with because they aren’t flagged, tasks don’t get completed because they weren’t assigned outside of the email request, and relevant deal communications get lost in the messy inbox.deal management 3

Industry-specific deal management software goes deeper than a digital to-do list. These platforms adapt to your unique deal stages and keep the entire team on track by flagging contacts for follow up, assigning tasks, and notifying you of deal status changes. It allows for transparency into your deal lifecycle and keeps team members accountable, in a system purposed for these initiatives. Meaningful relationships with contacts are both developed and retained, tasks are completed on time with visibility, and lucrative deals are sealed by ensuring no opportunities are overlooked.

Outlook kills man hours. Inboxes are flooded with information. Sorting through it wastes time that is better spent on making decisions and closing deals. Outlook’s lack of searching capabilities adds to the inconvenience of this process.

A specialized system hands you the right information at the right time, and allows you to monitor the deals and contacts important to you, so you never miss an update. Advanced search capabilities save even more time by allowing you to search contacts, activities, documents, and context within activities, and context within documents.

Outlook hinders your growth. Outlook is rich with information from storing your deal-related correspondence, but it does not reveal any actionable analysis within the information. A sophisticated deal management system is able to answer high level questions like: where do your best deals come from? Who is your most lucrative referral source? These insights are priceless when determining operational priorities in the future.

The alternative asset industry is too sophisticated to rely on Outlook for success. An industry-specific deal management platform configured to your unique needs ensures that your deals move through the pipeline smoothly without losing your productivity. If you wouldn’t trust a generic loose Post-It note with your deal opportunity, why would you trust Outlook?

10 Best Practices for Deal Management dives deeper into discussing how to source and close the best deals.

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