Some years ago, in presenting a building for sale to a commercial purchaser, I put together a proposal on the building with a breakdown of revenues, expenses, and expected rates of return. I had it typed by my assistant, but I did not take the time to review it carefully. As a result, I was off by one decimal point. Instead of a 15 percent net cash flow on investment, the proposal showed a building that yielded 1.5 percent, only one-tenth of the potential.
The prospect was very sharp. He quickly reviewed the proposal, checked the numbers, and then chucked the proposal back at me across the desk. “Why are you wasting my time with something like this?” The numbers were wrong, and it cost me the deal. My credibility was shot. The prospect would not meet with me again. From that day forward, I have checked every number in every proposal before it went out.
You should also be sure that all of your paperwork is done correctly, and check it in advance before you go to see the prospect. Never assume that everything will be all right. As time management expert Alex McKenzie said, “Errant assumptions lie at the root of every failure.”
