As a small business startup or current owner, learning negotiating skills is very important. Believe it or not, there are literally thousands of negotiations that can affect your business and your bottom line. These can be items as simple as getting a discount for your business cards or as complicated as a facility lease. It might be negotiating pay plans with employees or payment terms with a supplier.
The bottom line is most schools do not teach the art of negotiating. And believe me, it is an art, a talent, a skill! For some small business owners it comes naturally. For most of us, learning the art of negotiations comes through necessity, effort, and experience.
Here are 15 techniques that you might consider as you become a master of negotiating:
- Always leave some money on the table.
- Never compromise on your principles.
- Try to judge what's fair from the other side's point of view.
- Write down your goals and scenarios before every negotiation.
- Ask questions.
- Information is power.
- Discuss only broad terms and conditions on the onset.
- Whenever possible, let the other person make the first offer.
- If you must make the first offer, make it high.
- Always encourage the other party that we are making a deal.
- Always come down very slowly if you are selling, and up very slowly if you are buying.
- Never give up a concession without getting one in return.
- Never lose track of how many concessions you have given up.
- Be skeptical about deadlines. Most are negotiable.
- Never let an issue be discussed unless you are prepared. Sleep on it.
The next time you are in a position of give and take, you are in negotiation. As a small business owner, this can happen more frequently than not. Most of the time there will be no clear winner but rather some manner of satisfaction on both sides. When this results, your negotiations have probably been successful. The important thing is to understand that the skill of negotiating is a learning process. The four Ps of negotiating: plan, patience, persistence, and practice are crucial to developing strong alliances and relationships that can continue in the future.
Think about these 15 principles and watch as you get the discount, free rent, the next sale, or extended payment terms. Then get ready to move on to the next negotiation, because there is always another one right around the corner.
MJD Business Advice LLC is owned by Mike Daley, an award winning, small business expert, who has over 37 years of experience helping entrepreneurs start, grow, buy, and sell businesses as well as conducting many seminars and training programs. The business website is http://www.mjdbusinessadvice.com Some of the specialties at MJD Business Advice LLC include business planning and execution, financial forecast reviews, capital infusion strategies, strategic marketing, and sales process improvements. We develop and help you implement the processes to get to the next level of success. Let's Grow Together! Article Source: http://EzineArticles.com/?expert=Mike_Daley |
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