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5 Tips For Maintaining Your Integrity When Competing For Contracts

Posted by Gayle Kesten Friday, Apr 10, 2009, 11:36 AM ET

Quite possibly you've experienced some panicky moments pondering your business' future. Hopefully it didn't take long to get a grip, but no one can fault you for bravely staring reality (PDF) in the face either.

For example, one small-business owner I know who leases vending machines recently lost a major account when that company went bankrupt. Another fears his marketing consultancy could be in trouble if he doesn't pick up a few new clients by June to replace the ones that no longer have the budget for his services.

I'm not here to tell you to relax. I worry, too. At the moment my personal plate is mostly full -- and I’m so very thankful -- though it would be naïve to think the bottom can't drop out tomorrow. Still, I firmly believe that desperate times don't call for desperate measures if that means compromising your principles. That's why I like the following advice, from Howard University's District Chronicles, about getting and keeping contracts in tough times:

• Be honest: Lying is not only unethical and possibly illegal; it's also a sure-fire way to lose clients and potential customers.

• Compare, don't criticize, your competition: Stay, factual; compare your benefits and value with your competitors.

• Build relationships: We all prefer to do business with people we like and trust. You might want to make a little less profit to begin an ongoing customer relationship. Get to know your customers; find out about their businesses or families. One way small businesses can beat out the big guys is by building strong relationships.

• Get aggressive: Create cost-effective ways to find work for your business: Develop online Web search engine optimization (SEO), social network groups, or post your business card with local shop owners. Find low-cost workers, including school interns.

• Do your homework, be prepared to get that sale, take a deep breath, and relax: As long as you are prepared and understand the sales process, you will do just fine. Whether you are cold calling a potential client or making a person-to-person presentation, always think of how to close the deal.

As with most things in life, preparation is key. Doing your homework is also a mental process. Here are a few more helpful sales tips from the same article:

• Practice your presentation.

• Create the need. (Why does the customer need your product or service?)

• Think of your objection-handling strategy.

• Challenge yourself to do better each time.

Now, I know loyal SBR readers don't play dirty, but I'm not above a slimy story about others who have. Share your "I can't believe they did that" in the Comments area below (and I know you know better than to name names).

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