Negotiation is an integral part of running a business and it can literally separate the successful from the unsuccessful.? Although negotiation is something all of us have dealt with at some point in our daily lives, it is somewhat of a different animal when it pertains to business matters.? Negotiating often brings out a lot of emotion, which, as I?m sure you know, has no place in a successful business transaction.? As a business owner, you must be willing to negotiate in order to appeal to the needs of your customers but also maintain a standard that supports your bottom line, all while remaining professional.
?
There are some key techniques that can be used to help make you a master negotiator, and in turn, a very savvy business owner. ? The first technique that I want to explore is preparation.? None of us would walk into an interview without having done our homework on the employer and the potential opportunity so why would we walk into a negotiation without being properly prepared?? In essence, the two situations are very similar because in a lot of ways a negotiation is simply an interview between your business and another party: client, supplier, investor, etc.? So in order for you to successfully get what you need from the other party, you need to know some basic information about them.? Especially when you are negotiating with other businesses, doing your homework is often critical.? You will want to be aware of things like what their weaknesses are, background information on how they typically do business, what other types of people do business with them, who the decision makers are, and if there are any restrictions or non-negotiable details to steer clear of.
?
?
While preparation is essential to making negotiations go your way, listening is just as, if not more, important.? Now I know the concept of listening seems elementary but I think too often we try to pass off hearing as listening even though the two actions are fundamentally different.? Truly listening to someone involves receiving information from the other party and digesting that information before your respond.? Too often we are focused on our response while the other person is still talking.? This causes us to miss key points, misinterpret information, and jump to conclusions that can all create a less effective negotiation.? Additionally, showing someone that you are a good listener helps build trust which is extremely important in a business setting.? Listening shows that you care about what the other party has to say, allows you to find out what their concerns are, and what is truly important or unimportant to them.? By gathering all of this information and using it to shape your response, you a better positioning yourself to respond in a way that is pleasing to the other party and help you ultimately get what you want.
?
?
Lastly, you want to have a strategy before you go into a negotiation.? When making deals with clients or potential clients, it is crucial for you to predetermine certain parameters such as how much of a discount you?re willing to give, how many additional services or products you are able to offer at no charge, are you prepared to customize certain items per customer request, etc. ? Conversely, when you are the buyer, doing some strategic planning as to your maximum budget and your must-haves will make for a much smoother negotiation.? The other thing to think about when putting together your strategy is what your strengths are, in other words, what characteristics does your business have that may give you the upper hand?? Maybe your business is the sole source of a particular product or service or maybe you offer ancillary services that your competitors don?t offer. Whatever those strengths may be, play to them, and use them as leverage in your negotiation.
?
?
None of the aforementioned techniques are rocket science but more so applied common sense. ? As a matter of fact, I think during negotiation is the perfect time to apply the golden rule: treat others as you would like to be treated.? If you come to a negotiation prepared with knowledge of the other party, a strategy behind your approach and ears ready to listen, you can expect a positive outcome and a solution where all parties involved win.? But it all starts with having the right attitude, being fair and, if you get a bad feeling, knowing when to walk away.
*****
If you like what you see,?LIKE?us on Facebook.
If you want to see more,?FOLLOW?us on Twitter.
(Posted by?Kathryn Epps)
Source: http://www.concretecakes.com/the-art-of-negotiation/
birdman whip it gabby giffords gabby giffords geithner gabrielle giffords juliette lewis
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.