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.
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