A former barrister has launched a new online app to help fledgling entrepreneurs get the best deal when negotiating with investors and suppliers.
Close My Deal is based on Clive Rich’s experience negotiating more than £10bn worth of deals over a 25-year career, with clients including Sony, Yahoo and Napster, as well as numerous small business clients.
Features of the app – which is free, with a premium upgrade for £3.99 – include a series of 24 interactive scenarios, designed to help entrepreneurs gauge their effectiveness at negotiating. These range from asking an investor for more money during a pitch, to how to play it if the other party only agrees to a deal on the condition that you employ their offspring.
Feedback and expert advice is given based on which multiple choice answer is selected, with the Profiler feature measuring each user’s personal negotiating style, and informing them when they are relying on their favourite behaviour too much, or how to spot the other party’s weaknesses by the way they behave.
Rich explains: “I have seen deals lost because of lack of preparation, misunderstanding of bargaining power, displaying the wrong attitude, or using the wrong behaviour.
“Deal Planner can help you avoid those costly errors by giving you an anchor against which to measure your progress and to spot when things are going wrong and make adjustments in the moment.”
He added: “While it may make great TV, [the] aggressive negotiating tactics which we sometimes see displayed on The Apprentice
or Dragons' Den
is not always how to do business in the real world. There are many more subtleties in negotiation than those displayed in the brutal environs of reality television.”
Close My Deal can be found at closemydeal.co.uk and can be used on iPad and mobile