10 Questions To Ask Yourself Before Saying Yes To A Corporate Deal

by Davina Schonle | Jan 1, 2022 | Strategy

When it comes to corporate contracts, too many people accept work they probably shouldn’t. All because an opportunity comes your way it doesn’t mean you need to take it.

Here are 10 Questions to ask yourself before saying Yes to keep you on track and focused:

1. Is it against your values? 
The most important thing is that we stay true to our values. If there is a company you don’t think are ethical, doesn’t match your values or you generally get a bad feeling… then walk away.

2. Are they the type of clients you want to work? 
Are they in the industry you want to work in? Are they the size of company you want to work with? Will you be working with the right seniority? Sometimes we get opportunities from companies out of nowhere and it looks interesting, but don’t get distracted because this is how we lose focus and don’t achieve our goals because we get sidelined. If they are the type of client you wouldn’t normally work with but you need the cash flow, then sometimes we need to take that project but just make sure it doesn’t prevent you from going after the clients you really want.

3. What is the purpose of working with them? 
Is it to raise your brand, give you experience, to bring in some cash, to test a new programme or offering, for them to become a long-term client. 

4. Do they have the potential to buy more from you?
One of the main things I teach is about getting bigger deals with existing clients because it's so much easier to sell more into companies who know and trust you than it is to convince a new client to take the risk on you. Depending what type of deals you are looking to get it is unlikely a £5m revenue business will give you a £1m consultancy or coaching contract… just like a £1m revenue business will probably not be able to afford £100,000 on you. Can you see opportunities for more work with them? Is the company big enough to expand to other teams or can you take them on the next stage of a transformational journey?

5. Does this support your Long-Term Goals
Don't lose track of what you want in the long term. Does this support you in achieving that? If not.... why would you do it?  

6. Are you knowledgeable about what you are being asked to do?
Sometimes we get opportunities for work that is not our core expertise, but we know enough, so we could do a good job although it might take a bit more brain power, time to research, to learn, to think things through, to plan and make sure you can deliver to a good standard… There will always be things that we do that stretch us. If it’s not something you want to do again, is it worth doing to get this contract? There is no harm in saying “No you are not the best person for this, however, these are the areas I specialise in…” and focus on those opportunities. 

7. Does the ROI you get from this worth it?
I often say we don’t get paid for our time but the knowledge we have and the value we provide. But sometimes, even then, a project or a talk takes time to prep and create something. If it’s something we could potentially reuse, then that should be under consideration, but is the amount you get paid really worth it? Depending on what it is, sometimes that's built into the cost, but in reality corporates don't care how much of your time it takes (and you don't want to have to negotiate this).

8. Are the payment terms agreeable to you?
There is so much variation in the type of payment terms companies agree to. The bigger the company, the more convoluted their payment process often is. There are often ways around it but it’s best to have this agreed upfront and, if it makes sense, push the small business card. If this puts you under financial pressure you have to make a conscious decision but unfortuntely sometimes that is the way of the world.

9. Will they get results from you working with them?
Reputation is everything. I hope no one reading this is in the business of not delivering. Yes, sometimes we take on big projects that are outside our comfort zone, because that’s how we learn and grow. Yes, there will always be a first time we do something. But if you are not confident in your ability to deliver results, then don’t take on the contract.

10. Do you even want to?
Our businesses should give us joy. If we don't want to do it, then don't. Focus on what you want to do.

If you need support and strategies for growing your business by selling into corporates, let's have a chat about how we can support you.