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People negotiate with each other for almost everything at most every level. However, when it comes to business, negotiation takes a much more serious role. If, as a businessman, you don’t have good negotiation skills, you are either losing customers or giving up a good chunk of your profits.
Unfortunately, negotiation doesn’t come naturally to all. Some are good at it, while others aren’t. Those who are not, kindly note the art of negotiation is not a talent, but a skill you develop and hone over a period of time.
Let’s outline some effective negotiation tactics that anyone can use.
Do Your Preparation
Properly preparing for a negotiation means thoroughly reviewing and understanding the other party’s business. For this, you could review the other party’s website, press releases, articles, etc.
Also learn more about the person you will be negotiating with. Learn his/her background by reviewing their LinkedIn profile and doing a general web search. If the company has done deals similar to yours in the past, learn the details. And if the client is negotiating with multiple other businesses, know the other companies’ pricing and offerings.
Take Listening Seriously
Negotiating is not just about getting your point across or getting things done only your way. It is also about letting the other party make their points and benefit from the outcome. To make this happen, you must be aware of the other side’s requirements.
Always listen before you talk. While negotiating a business arrangement, price isn’t always the only focus. Better delivery schedules, bigger down payments, etc. are just a few matters of concern.
No Freebies, Please!
You send a customer a proposal and he seeks a 15 percent discount. If you accept the offer right away, you are not just making the customer happy, but may also make him suspicious. Your immediate acceptance indirectly sends across the message that your price was too high.
The best way to respond to such a discount request is offering half or less of what the customer wants. You could counter-offer a 5 – 8 percent discount instead.
Alternatively, you can ask the customer something in return for the discount offered. For instance, you could ask for the delivery schedules to be relaxed or they do pick up instead of delivery. Seeking a bigger deposit or down payment can be another alternative.
If you’re a buyer, you can be proactive by asking for a flat discount and also offering an extended delivery schedule without the seller asking for it.
Don’t Act Desperate
Many times, even the best negotiations don’t yield desired results. You should be prepared to accept that fact at all times. To be able to walk away from a negotiation, it is important to be practical about the business deal and not be emotionally invested into it.
The ability to let go when things aren’t going right also ensures you don’t get slapped with a raw deal. Also, be professional and courteous throughout the negotiation. You would not want to come across as a person who abuses or is difficult to work with.
Being able to see and reach the correct business deal means you know your numbers and the value of the product/service you’re negotiating. This means knowing the terms going in that are comfortable and agreeable.
Probably the best ploy here is being practical and keenly listening to your intuitions.
Respect Time
Time is the essential essence for any negotiation to evolve into a real contract. You should understand that the longer you take to complete a deal, the higher the risk for the deal to fall apart.
Therefore, always be prompt with your responses, turn the documents around quickly, and maintain the deal’s momentum. However, this doesn’t mean rushing through the negotiations and making concessions that you should not be making. At all times, do not underestimate time. It has the power to make or break anything.
Here’s to your success.
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