Prospective entrepreneurs are being taught many useful things in the course of a business preparedness or MBA program. However, nobody teaches them about negotiations. Ergo, entrepreneurs end up dreading negotiations because of a core premise that they’re adversarial. To some extent, they are; however, it doesn’t have to be that way since the very act of doing business with someone is in fact a partnership. Negotiation can be a brilliant activity that fosters a sense of adversity when it is done poorly. Here are 7 negotiation words for entrepreneurs to help them win in business. (Guest Post)
If you want a deal to end in your favor you have to be 100% sure of your bottom line objectives. Always have a plan B in case plan A fails to exceed the expectations of your counterparts. In business, preliminary thinking is paramount, and lack of preparation may persuade you to accept an unfavorable deal.
Whether you’re dealing with a sale or with a job interview you just have to win, it’s really important that you do your homework before entering the negotiation table. Find out as much as you can about your opponents, and try to figure out what matters to them most. Also, consider building a long-term agreement too as there’s a lot more to business negotiations that just black and white returns on an investment.
Entrepreneurs and business people in general, are way too focused on their strategies, fears and needs during a negotiation. Effective listening when somebody else speaks can help improve communication. Listening demands a lot of concentration. In time, and with a lot of practice and effort, it can be portrayed into a habit. When someone speaks, you have to be patient and listen. Take notes and don’t interrupt.
Patience is a virtue. Not every entrepreneur knows how to be patient, especially if we’re referring to newbies. Making a first offer is never a good idea because it can be seen as an insult by your opponent. When the first price offered is out of a counterpart’s realm, it puts you at risk. Permit an opponent to speak first, and you have great chances of learning priceless information about their strategies.
Ethics and professionalism in business can help you win negotiations. Entrepreneurs should first understand the true meaning of the word “ethics” to be able to apply its principles in business. That being said, an ethical attitude means you’re trying to do the right thing using honest statements. Fairness is paramount because it makes you seem transparent and candid.
“No” is an extremely powerful word in negotiations because it can save you from a bad deal. Many entrepreneurs assume that saying “no” is insulting. It’s not, as long as you do it politely. Walking away from a negotiation can be tough, however when an offer doesn’t seem to bring you any benefits, it’s the right thing to do. The mere word “negotiation” sums up images of risky situations, where many people end up losing if something goes wrong. To avoid this from happening, it’s best to walk away from a deal. If there’s a final offer on the table that doesn’t live up to your expectations and further negotiations are not possible, say “no”.
How much as you willing to compromise in business? Every entrepreneur should know that making concessions when negotiating is inevitable. You have to give something up to get something else in return. The goal is to find mutual ground, a compromise that can suit you and your opponent equally. Many people are blinded by their egos, so they’re not really willing to give anything away. Don’t let counterparts take you for a fool though.
Are you ready to work your magic and win negotiations? Many entrepreneurs walk into a debate with a whole set of bogus needs. They have surreal expectations and they’re more than willing to make concessions. It’s your job to spot those fake demands and ask for what you deserve. Don’t let them trick you into accepting an offer that doesn’t bring you any benefits to your business, and always be willing to walk away if you can’t settle on a good deal.
Author Bio: Jason Phillips is the writer to this article. He is a regular contributor at many sites and mainly focuses on business related topics. Apart he loves to swim, hike, run whenever and wherever he finds the time.