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Negotiating a Business Deal Successfully
Negotiating a business deal, whether as a buyer or a seller, can be a rewarding experience, but too often people approach the table with a distinct sense of trepidation. Viewing negotiating as a form of conflict is highly negative, and approaching any situation in this way will invariably lead to poor results. The art of successful negotiation is something which only a few select people involved in business seem to be born with, but which the rest of us have to work very hard at developing.
Many entrepreneurs and new business owners find themselves thrust into negotiations with little training, and despite having high hopes for making a success in the world of business, find that almost everyone else outmanoeuvres them and appears to win. This can corroborate any prior misgivings that negotiation is about conflict, and that it must necessarily result in a winner and a loser. So for those who have not been blessed with an innate ability to negotiate effectively, what are the best tips to bear in mind?
The truth is that effective negotiating should never result in any one party feeling that they have lost, and if this is the case, then the full responsibility for this must lie with that party. If you have ever felt that you have lost out on a deal, then the blame lies with your preparation. It is important that you adequately prepare yourself for future encounters, and correct the assumptions and improve your tactics.
The most crucial point always to bear in mind is that to negotiate a deal, a contract or a purchase, it is essential that you make sure that both you and the other party feel as though you have gained something from the discussions. Trying to win will often result in you simply losing the contract entirely. However, how can you ensure that the other party is going to feel as though they have won, without you backing down any more than you want to?
The answer is preparation. The more you prepare, the better you will be when the time comes to negotiating. The old adage that knowledge is power couldn't be truer when it comes to discussing a business deal or trade. If you have a very good understanding of the other party's needs and concerns, then you can work towards trying to meet them, without backing down on those aspects of the deal which are important to you.
The negotiation should never be entirely based on price. The art of haggling is usually centred on price, although even here there are aspects of the deal brought into play which do not hinge entirely on the price. There are very often other issues besides the financial ones which will help you to meet the client's needs better. For example, if you happen to know that the client needs to move quickly, then you can bring deadlines forward, and offer to produce the products or deliver the service quicker than your competitors. This extra level of service will be worth a premium, meaning you might not have to budge on price.
Other possibilities might also include extra levels of service; bundled packages with extra items included free or cash backs when certain quantities are ordered over a period of time. Naturally, these issues will depend upon the nature of the business and of the deal, but there are many aspects that can be brought into play besides the basic price. Think about what you are offering. Is it simply a standard product which could be picked up anywhere for the same price? What levels of service are you willing to include in the deal?
Another good tip for those people new to business negotiations that are anxious about the proceedings is to let the other party do the talking first. The more you stay quiet and allow the other person to start, perhaps prompted by your occasional questions such as 'what are your primary concerns?' the more you will be able to learn about what it is that they are really after. This allows you to adapt your offer to meet their needs whilst retaining the parts of the deal you wish to protect.
There is really no need for business owners to be afraid of negotiation. Approach it positively as a discussion about both parties' requirements and listen carefully to the other party's needs. Learn all you can about the other party, and your rivals, and be prepared to do more listening than talking. Consider aspects of the deal other than those concerning price alone and you are likely to make successful deals more often.
Naz Daud is the founder of CityLocal. This Franchise Opportunity is for people who would like to work from home and be their own boss.
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