Selling and contracts will be different in the midst of the corona crisis (and, more than likely, afterwards as well). This is a good time to think about how you can change the terms of your agreements to both incent more people to buy as well as to protect yourself so that any commitments made to your business are followed through.
Renegotiate terms of existing contracts
If you have existing contracts that you worry are at risk of not coming through or being paid because of the crisis you want to take these steps right away.
- Handle it directly by talking to your client and working together to come to a fair solution. Everyone knows that we are in very unique circumstances and everyone wants to do their best to help each other.
- Ask for any payment now. Cash is king right now and ANY payment you can get is good. Even if they can pay 10% or 25% towards what they still owe you take it and work to keep the contract alive.
- Negotiate to keep the contract by adding a crisis addendum stating that you will deliver the work paid for at any future date.
Set new terms for new contracts
You can still keep selling despite the coronavirus crisis and you want to do everything you can to create confidence, get the deal closed and set you and your customer up for success
- Try to get people to pay more upfront in exchange for a discounted rate.
- Create a clause that says that if the customer signs now they have an indefinite open period to use the services.
- Create flexibility in your agreement for unknown start and end dates.
- Create a basic scope of work but create open language that allows the scope to change (within reasonable parameters) that allows for you and your client to adjust to the demands of the market based on how it changes in the coming months.