A better way to deal with deal preparation

Greg O’Reilly, Head of Customer Success and Services, thedocyard

When doing a deal, the preparation is no one’s favourite part. But what happens in these crucial few weeks and months can play a huge part in determining how things flow from there on as well as influencing your reputation with the client.

But first, here’s a recap of what goes into deal prep – and just how much of a headache it can be when managed over email, Excel spreadsheets, Word docs and Gantt charts.

The planning

The project gets scoped out with actions and timelines. Investment bankers and accountants love to put their project plans in Excel. Lawyers often turn to Word docs. You’re sharing and re-sharing your plan as it gets updated, assigning tasks and gathering feedback over email.

The data

You develop a detailed list of what the client needs to share. That usually goes in a spreadsheet too. You email it around. You have what feels like a thousand conference calls to go over it.

The collection phase

You know what is needed, now you need to get your hands on it. Emails full of attachments fly around. You need to save it down and stay on top of what has been done and follow up where needed.

The actions

Interested parties have seen the data and the documents – and there’s a few things to be done before you open the doors and show off the wares. Once again there are tasks to be assigned, stakeholders to be wrangled, and the need to stay on top of it all to make sure stuff is happening according to schedule.

An early edge – how thedocyard takes the pain out of deal prep

So how can thedocyard’s end-to-end deal management platform helps dealmakers stay on top of it all from the start, keeping every base covered and the client happy?

A single dashboard where you can see everything

Check the status of a deal at a glance and make reporting to your client as easy as clicking a button. Catch red flags early.

For those you simply can’t win over to using the tech – because there’s always one, isn’t there? – you can quickly export progress reports and send them across.

All your correspondence in one place

Right from the start, all your communications happen inside thedocyard. Centralise all correspondence, both internal and external to stop wasting time rummaging through your email inboxes.

Checklists and notifications

Get teams focused on high value tasks with real-time status updates and auto-generated personalised checklists. Tasks are visible and reminders pop up automatically to keep team members on track.

You can also use checklists to establish compliance norms throughout the process, making sure you’re putting your best foot forward from the get-go. One of our larger corporate advisory customers has a checklist around internal risk and governance, ensuring each team member takes steps to reduce risk. This means they can easily demonstrate the steps taken to reduce risk and ensure compliance along the way, even after the deal has reached completion.

Templates you can tailor and re-use

Create templates for common workflows that you can pull out and re-use for similar deals, rather than starting from scratch. This saves you time and helps keep processes consistent.

Activity tracking. Both for your team and clients.

Easily see who is engaged in the deal and gauge the progress of the transaction. If a client isn’t progressing on a task, you can follow up to make sure they have everything they need to get the job done. And if a team member is struggling, you can spot it early and assign more resources or push the deadline.

Self-serve client updates – with fine grained permissions.

Clients want to have visibility over what is happening. In addition to seeing see the deal status at a glance and deliver client reports, thedocyard also enables you to give clients the authority to check in and keep up to date with the deal’s progress themselves.

Slice and dice who can see and who can do what, enabling people to get a clear view into what’s happening, while ensuring you don’t give away anything unnecessary.

The reality is that whether a deal is successful can often be determined a lot earlier than we think – and getting things right means managing the minutiae of deal prep intelligently from the start.

Get in touch if you’d like to learn more about how thedocyard can help you focus on what matters and make your deal flow from the get-go.