Management

Seven Tips for Better Business Negotiations

If your business negotiation skills are less than stellar, you may be missing out on opportunities to gain more value and save money when you are dealing with other businesses. But, you’re in luck. The art of negotiation can be learned. Read on for seven rules that can help you sharpen your skills for better business negotiations.

Initiate The Business Negotiations

By starting the negotiation process, you will have some control over where it goes and when it comes to an end. This can be a significant advantage.

Do The Research!

Before you begin business negotiations, research what you are negotiating. Make sure you understand its true value, and any advantages and disadvantages associated with it. You should also research the person or organization that you will be negotiating with. Try to develop some intel on what it is that they may really want out of the deal. Knowledge is power.

Aim High

It is almost a given that you aren’t going to get everything you want. But you need to aim high. Ask for a lot, so when you do reach a compromise point, you’ll feel good about what you’re getting out of the deal.

Never Accept The First Offer

If you’re aiming high, you can count on it that the other side is doing the same. It’s pretty likely that the first offer will come in low. Also, they may test your resolve to try to determine if you’re a pushover. Hold out for something better.

Negotiate From A Position Of Strength

If the other side believes that you have no reason to compromise, they are much less likely to ask you to compromise.

Plan Ahead For Better Business Negotiations

You never know how the negotiation process will go. Spend some time before you open business negotiations thinking about everything that could happen. Make plans for each likely possibility, and even for some of the unlikely ones.

Be Honest

You don’t have to tell the other side everything, but don’t lie about anything. It is too easy to get caught, and when you do, you will have broken trust, which will likely wreck the whole negotiation process.

Give It A Shot

Successful business negotiations do require a lot of prep work and confidence. But if you keep your cool and follow the rules, you’ll get better and better at sealing deals in your favor.

Recommended Content: Eight Ways To Keep Your Business Competitive

Too Much Work: A Solopreneur’s Guide To Surviving A Peak

Peaks and valleys. We talk about them a lot here on Wobizzle. It’s pretty much the norm when describing the workflow of many solopreneurs. A rough patch with too little work can be a pain in the purse. But a peak with too much work can be stressful in other ways.

Too Much Work Is A Good Problem To Have – Or Is It?

When you are experiencing a peak, everyone around you responds to your situation with a “too much work is a good problem to have.” Perhaps it is, but those intended words of comfort don’t make it easier to punch through to the other side of an extreme influx of projects.

Too much work can make you feel like you are in triage mode. I’m there right now. For the past two weeks, I have been over-scheduled on meetings and phone calls. Monday morning before breakfast, I already felt the urge to stress eat. Not the way to start the day – or the week!

I can physically feel the burden of several deadlines bearing down on me. The air in my office feels heavy. The endless meetings and phone calls suck time away from my ability to work on projects that are currently in play.

And, I know that all of those meetings and phone calls are going to result in more work and more deadlines that will all converge around the same time. That creates a constant state of underlying anxiety that stifles productivity and clear thinking.

I am also acutely aware that I am missing out on a chance to enjoy some outdoor time on a perfect spring day.

So here I am, just trying to maintain some semblance of control and sanity as projects, tasks, and deadlines are closing in on me. It’s happened before. I have survived it. It will no doubt happen again. Peaks and valleys are standard operating procedure in my line of work.

As I sit here enjoying the gift of 45 minutes given to me by a client who had to reschedule our call this afternoon, I am choosing to use it to write myself (and you) a survival guide for the next time this situation comes around.

Accept It As Reality.

As a freelancer, work is full of peaks and valleys. You often don’t have control over workflow. At least not completely. When the orders come in you need to fill them. That is if you want to eat and pay your house payment or rent and do all the other things in your life that require income.

Know that it is completely normal to experience a peak. It won’t last forever. You will make it to the other side.

Fight The Fear Of Famine.

I don’t know about you, but when I find myself with too much work, it seems like suddenly even more work starts flowing in. A full plate apparently attracts more helpings.

And, if you are prone to a “feast or famine” mentality, which a lot of us solopreneurs are, your fear of a famine next month may tempt you take on more this month than you can handle.

Don’t get caught up in that kind of chaos. When you feel that urge to take on more, instead take a step back. Be realistic about how much time you have available and what you can accomplish within that time. Don’t overschedule yourself. It’s not fair to you, your clients or the people you love. No one does their best work under duress.

It doesn’t mean you necessarily need to tell a client or potential client “no.” It may just be that you have to tell them “not right now, but here’s when I can do it.”

The bonus in that scenario is that you’ve just booked yourself some work for the future to help ward off that fear of famine that lurks in the back of your brain.

Stay Organized.

When you are in a peak, diligent (even militant) organization is critical to getting it all done.

I use lists to keep me on track and on deadline. It gives me a sense of control over what might otherwise be an overwhelming load.

Every Sunday (or Monday morning if I had a busy weekend), I create a master list for the week ahead. I organize it by client/project with the tasks under each client/project heading that need to be completed that week to move forward.

What doesn’t get done, gets rolled over to the following week. It took me a while to develop the right system for me. Think about your work flow, how your mind works and develop a system that will work best for you.

When I am in triage mode, I also make notes on my list of tasks that will take an hour or less to complete. Then, if a client reschedules a meeting or call, or I otherwise find myself with a little time to spare, I can pull something into that space that will fit, and boom! – I am ahead of the game.

And, if you charge an hourly rate, don’t forget to track your time! When you are crazy busy, bouncing from one project to another, it can be easy to forget to keep track of all of those hours, minutes and seconds.

Minimize Distractions.

When you are fully booked, you need to make the most of every minute you have. Minimize distractions by putting your phone in silent mode. Turn it face down to keep pop up notifications from catching your eye.

And by all means, stay off of social media. If you must be active on social media for your business, make a list before you log in of what needs done while you are there, and set a timer for 5 minutes, 10 minutes, 15 minutes tops. When the timer goes off, get the heck out of there.

Social media platforms are built to attract your attention and keep you engaged. It’s just too easy to get distracted and end up eyeballs-deep in someone’s high school reunion photos with no idea why you logged in to begin with.

Track Patterns & Anticipate.

Peaks are not always predictable, but if you have regular clients, you may be able to anticipate and plan for busy times by looking back at your history together.

Review past invoices to look for patterns of when they have needed you most. If you have projects that occur at a certain time every year and you see a log jam on the horizon, check in with those clients to see if you may be able to get started on their projects a little earlier than you typically do.

Let them know the blocks of time that you have available and when you anticipate your time to be more limited. Get them on your schedule so they can count on the same level of service they have come to expect from working with you.

Give Yourself A Break.

Self-care and enjoying a little downtime is always important, but it’s especially critical when you’re working harder and longer than you normally do. Long hours and deadline-oriented stress are hard on your body and your spirit.

Your brain can only stay focused on one task for around 90 minutes, so keep your productivity high by taking breaks every hour and a half.

Carve out a little time in the morning for a walk, a little yoga or some meditation. Find the time and space to enjoy a distraction-free cup of coffee or tea. Whatever helps you clear your head, make a little time for it.

When your work is monopolizing your time, something else is going to have to give. Empower yourself to say “no” in other areas of your life – social, volunteer work and other commitments. Ask for (or hire) help with the household chores. And, you absolutely have my permission (if you feel you need it) to order carryout or delivery for dinner.

Remember How It Feels To Have Too Much Work.

Work-related peaks can feel overwhelming, unfocused and chaotic. They can be downright uncomfortable. While they tend to come with the territory of being a one-woman show, there are steps you can take to make them more manageable. When the dust settles and the work is complete, remember how it felt to be overwhelmed. You will be more motivated to do what you can to make it a little easier on yourself the next time around.

Office Organization for Small Business Success

Ok, let’s face it. The topic of office organization isn’t sexy. Or, maybe it is, if you’re a nerd like me who loves nothing more than perusing a glossy, printed catalog of office supplies. Yes, I said printed. I’m old school, and I’m not sorry.

I digress. Back to the topic at hand – office organization. Though a recent study by the University of Minnesota found that keeping a less-than-tidy desk can encourage creative thinking and stimulate new ideas, there are plenty of reasons that having an organized office space is good for business.

It Just Feels Better

First, it just feels better. Messy-deskers, let go of that University of Minnesota study for just a second and give me a thumbs up, because you know I’m right.

Walking into a tidy, organized work space at the beginning of your day feels like a fresh start. It gives you a sense of control even when you have deadlines crashing all around you.

And, while it offers you the feeling of control, if you are in a customer-facing environment, it also gives them a sense that you have your act together. That’s important, because impressions count and, like it or not, a tidy desk just looks more professional than a messy one. Even if you’re sure you know where everything is, a disorderly work space may make a client question how organized you are and whether you’ll be able to take care of whatever it is that they need you to take care of.

Think Beyond The Desk

While your desk may be the most obvious place to start an office organization endeavor, to really make a difference, your effort should go way beyond keeping your desktop clear. You need to take a close look at the way you manage your business overall. I’d recommend carving out some time after hours or on a weekend to review what’s working and what’s not. Then, start implementing solutions to bring everything in line.

Keep A Calendar

This may seem elementary to some, but trust me it’s not. You need ONE place where you keep it all. And, sorry, your brain is not the place. It needs to be doing other amazing things.

A single calendar is the way to go. Doing double entries across multiple calendars is not only inefficient and time-consuming, it also sets you up for an error or omission.

If you must keep separate work and personal calendars, use an app that allows you to merge them onto one screen view, so you can keep track of everything in one place. Microsoft Office and Mac Calendar both offer this feature.

Develop Easy, Repeatable Systems

It’s important to develop systems for every single business activity, from keeping the physical space in order, to keeping track of all of the details that keep your business running.

Are items in your office stored in a way that makes them easy to find? Do you have a clearly defined work-flow? If you have employees, do their systems fall in line with yours?

Developing easy, repeatable systems will increase your organization’s efficiency and productivity.

Think about where things get stalled in your business. Ask yourself some questions to help identify the problem areas. You want to avoid re-inventing the wheel as much as possible. Develop templates for documents that you find yourself (or your staff) creating on a regular basis. Set up processes for routine tasks.

Accounting and billing can be an arduous activity. Look for ways you can automate some of that. Most accounting and invoicing software programs offer time-saving features like allowing you to post invoice reminders and schedule routine billing.

Find the Right Tech Tools

While we are on the subject of software, there are a ton of tech tools designed to help business owners stay organized. Because there are so many, what may be the next best thing for someone in your networking group, may not be the right fit for you.

Take project management software for example. You could spend countless hours trying different ones on for size. But bouncing from one app to another kind of defeats the purpose of having an efficiency tool to begin with, doesn’t it?

Instead, think about what you really need. What problem are you trying to solve? What features do you think would be helpful? That will help you narrow down your wish list and make shopping for that new tool a little easier.

Office Organization Is Good For Business

Office organization may not be on the top of your list of things to do, but it is good for business. A lot of time can be saved by being organized. Imagine how you could spend that bank of saved time on other areas of your business – particularly the ones that make you money!

So, take a little time to put some systems in place, or organize the ones you already have. It will make living your life and running your business so much easier.

Six Ways To Achieve Better Work Life Balance As A Solopreneur

To the untrained eye, it may seem easy to achieve work life balance as a solopreneur. Your friends with “day jobs” may see the grass as being so much greener on our side. Sure, we often have the ability to set our own schedules. We don’t have to ask permission to leave the office to go to a dentist appointment. We can take time to go holiday shopping when the mall is less crowded.

There are a lot of perks to being self-employed, but those of us doing it also know it can be a juggling act that can lead to stress, anxiety, and frustration. Work life balance as a solopreneur can be difficult to achieve.

As a one-woman show, you are among the busiest of business owners. You are wearing most of, if not all of the hats. You are in charge of sales, marketing, inventory, bookkeeping…the list goes on and on. Plus, you are doing the work of providing the service that you offer or minding the store. And, that doesn’t take into account the family commitments and other obligations competing for your attention as you strive to be successful in every aspect of your life.

Achieving The Elusive Work Life Balance

I’m sorry to report that there is no magic formula to achieve work life balance. But here are some things you can do to help reduce your stress as you try to keep all of the balls in the air.

Keep Your Eye On The Prize.

Establish short-term and long-term SMART (Specific, Measurable, Achievable, Relevant, Time-Bound) goals for your business. Having SMART goals in place will help you maintain your focus on what you ultimately want to accomplish. Having that focus will make it easier to eliminate or avoid obstacles and other distractions that pop up in your way.

Keep A Calendar.

That means one calendar with everything on it. Whether you choose an electronic format or a hard-copy planner, your business meetings or deadlines, personal appointments, and other commitments should all be in one place so you can avoid double-booking. It will also help you foresee potential log jams, so you can take action to mitigate the stress of a work-related pile-up.

Prioritize.

Make lists daily to help you maintain focus on what must be done that day. Setting priorities will help you stay on track and avoid diversions. Inevitably, you may veer off your plan from time to time, but a daily priority list can get you back on track when you do get distracted.

Delegate.

You can do anything, but you can’t do everything. If you can do nothing else to improve your work life balance, at least try to delegate. Ask family members to pitch in to help with household chores and errands. Consider outsourcing certain business tasks or projects that don’t necessarily need to be performed by you.

Learn To Say “No.”

If you are able (or appear to be able) to balance your business and personal commitments, chances are you are the “go-to” person for a lot of people in your life. Give yourself permission to say “no” to anything that adds more to your already full plate. Likewise, take a look at your current list of responsibilities to see if there is anything you can give up.

Make Time To Relax.

Your brain and your body need downtime. Relaxation relieves stress and can help improve your concentration when you return to your tasks. Schedule yourself time to recharge your battery, the energy you gain from relaxation will make you more productive later.

Building and growing a successful business requires a time commitment that cannot be compromised. But if you maintain your focus, stay organized, and give yourself a little downtime once in a while you will experience less stress and be better positioned to achieve your business goals.

What tips do you have to achieve better work life balance? Share them in the comments below!

SaveSave

Change One Thing To Make Business Networking Pay Off

Despite all of the ways we are able to connect with potential customers and vendors online, face-to-face business networking continues to be an important part of growing a small business. Problem is – few of us are born networkers.

I’m an extrovert. I have spent enough years in media, marketing and public relations to get pretty good at striking up conversations with strangers, but I know it doesn’t come easily for everyone.

Having worked at a chamber of commerce for several years, I have seen some awkward attempts at business networking. And I understand why. No one really ever trains you for business networking. You are just expected to show up to an event and know what you’re doing.

The Typical Business Networking Experience

Let me paint the picture of a stereotypical business networking experience.

You walk into a room full of strangers and you do what you think you are supposed to do. You pass out your business cards, deliver your elevator speech, move on to the next person or group of people and repeat the process.

My friend, you are guilty of drive-by networking.

What do I mean by that? Put yourself in the shoes of the person on the receiving end. Here’s how that might sound to them.

“Hi, I’m Michelle. I have no idea who you are or what you do, but let me tell you how great I am and why you should do business with me.”

I’ve seen it happen over and over again. It’s ineffective and honestly, annoying. Who wants to be on the receiving end of that?

The problem with this method of business networking is that it focuses too much on the quantity of contacts rather than the quality of contacts. Sure, you may walk out of a networking event with a stack of business cards, but you were likely unsuccessful at making any true personal connections. Also, you possibly guaranteed that some of those folks are going to avoid you the next time you enter the room.

My First Business Networking Fail

Let me tell you about my first time trying to promote my business at a networking event. Boy, it fell flat.

I walked into a meeting of a local public relations group. It was my first event as a new member. I was still working for another company, but was looking forward to networking with this group to try to grow my freelance business. I marched up to someone and introduced myself.

“I’m Michelle West, I work at company z and I also do freelance writing.”

The person on the receiving end of that looked at me, grimaced, and said, “Yeah, I do too,” and walked away.

I was horrified. As a result, it took me a long time to get up the courage to just walk up to someone and introduce myself again.

Here’s what’s so strange about that scenario. I had been successfully networking for years while working jobs for other people. But things got weird when I tried to promote myself. It’s like the wheels came off my networking bus. I was nervous and awkward.

Also, I forgot the cardinal rule of business networking. It’s not about selling. It’s about building long-term business relationships. Good business relationships are just that—relationships. They cannot be forced and they are rarely developed through a rapid-fire, drive-by networking style.

Change Your Business Networking Mindset

So, instead of promoting yourself, consider trying a different approach called Positive Networking®.

The term has been trademarked by Shepa Learning Company. The strategy turns the tables on the “promote your business” method of networking, and it yields better long-term results.

As an added bonus, it takes the pressure of you to sell yourself and makes business networking a lot more enjoyable. Consequently, the more enjoyable it is, the more you will do it. The more you do it, the more your business will grow.

What is Positive Networking®?

It represents a shift in attitude. Networking is no longer about you, it’s about the people that you meet.

So, instead of going into a networking situation with the goal of selling your business, you approach your new contacts with the intent of discovering what you may be able to do for them.

Ask questions. Get to know them. And think about how you might be able to help them grow their businesses.

Perhaps you can connect them with a resource or someone within your network that might be a potential customer or vendor for them.

You may be wondering how this is going to benefit me?

It’s simple. People do business with people, not businesses. And they are more likely to do business with someone they know and trust. If you approach networking from the standpoint of starting a relationship instead of closing a sale, you’ll begin developing that level of trust.

Also, it makes striking up a conversation at a business networking event so much easier. You no longer have the pressure of figuring out where in the conversation you should start reciting your elevator speech. You are just getting to know a new friend.

Network Like You Know How

Business networking done right is not able generating sales leads. It’s about building a circle of friends for your business.

Also, the reality is, very few people that you meet at business networking events will ever become your customers. Their true value is in their potential to refer you business. And, they are more likely to do that if they feel they know you and trust you.

It’s a marathon, not a sprint.

So get yourself to a business networking event ASAP. Practice your new skill and start building a circle of friends for your business. Network like you know how. Because now you do!