Contrary to popular belief, almost everything is negotiable. You just have to know how to do negotiate and how not to.
The usual ploy of negotiation is to say that the deal presented is final, and you either take it or leave it. This isn’t the case most of the time. You can still negotiate a deal further to suit your needs and demands.
In the book Getting to Yes by Roger Fisher and William Ury, they define negotiation as a back-and-forth communication aimed to reach an agreement when you and the other side have some shared and opposed interests. It is natural for both parties to prioritize their self-interests without too much compromise.
Negotiating deals is not simply quibbling over what each party wants or where either side becomes a runaway winner. Being a Christian entrepreneur doesn’t mean you should let go and “give the other cheek” either!
A successful deal negotiation is where both parties leave the table satisfied, believing they just struck the best deal.
Below are 5 basic negotiating tips you can apply to any type of negotiation you may face.
1. Ask questions and listen
A smart person knows how to ask questions. Gather and verify all information related to your discussion to avoid any misunderstanding.
As always, listening is a very important key in communicating with people. Especially in business negotiations, listen closely to what the other party is saying. Understand their message and never interject unless necessary.
2. Do an extensive research
Before your scheduled negotiation, gather relevant information you can use in weighing factors. For business deals, know the background of their company, identify the factors surrounding their offer, and verify the information you got about the proposal, if there’s any.
If you are buying property or a particular product or service, doing your research on its value will help you see if the offer or bid is reasonable.
3. Find the right timing
This applies to appointment times and final decisions. It is all right if after the first meeting you haven’t come up with a decision yet.
If you or the other party remains undecided, you can set another time so both sides can think over and weigh things discussed during the first meeting. It is never good to rush things. Don’t worry if you can’t make up your mind right away.
4. Understand the other party
Seek to understand the other party’s argument. If they are in fact reasonable and beneficial to both of you, learn how to say yes. Giving in can be a victory sometimes.
On the other hand, know when to walk away if you think the talk is going nowhere. Stop the deal if necessary so that the other party can see your resoluteness about the negotiation.
5. Keep it professional
Never include personal matters when selling/buying a product or negotiating about business. Often, you would find yourself doing business with family or friends, or friends of friends, or even rivals or old adversaries.
Always be objective. If needed, state expectations so that the other party knows there won’t be negative bias or preferential treatment as the negotiations proceed.
To sum up, preparation, communication skills and open-mindedness are key factors when doing any kind of negotiation. For more tips on landing a good deal, visit my blog now and read more!
I’m a 7-figure business startup consultant, best-selling author of “The Wealthy State of Mind,” and international motivational speaker, with a passion for helping entrepreneurs achieve success in business. Using the methods I’ve developed from helping businesses achieve success over the past 10 years, the Entrepreneur Academy was born. Inside, entrepreneurs are taught the fundamentals of building a successful and profitable business based on real-world tactics that are responsible for generating millions of dollars in business profits.
