Let’s assume you’ve decided to start a new business. What do you need to get things moving? Apart from an office space and a well-thought business plan, you must have good negotiation skills to succeed in today’s rather challenging business environment. For some people, negotiation is art while for others it’s just a skill that needs to be polished and used accordingly. What can fruitful negotiation skills do your business? For starters, it can help you grow a solid network by building relationships with vendors, clients, and employees. Simply put, it helps make way for promising business opportunities. Let’s analyze some really cool negotiation tips every business owner should have to attain success. (Guest Post)
You can’t lead a business to success without having some clear goals in mind. Make a list and rank them after their importance. Have a closer look at your business’s short-term and long-term goals, and determine what matters most prior to entering a negotiation. Try not being overly-confident, as business partners and potential investors don’t like starting business that only claims to have experience. Keep it simple – state what you want out loud. Be honest and don’t be afraid to admit your weaknesses.
Preparation – the key to winning every negotiation
Every small business owner who wants to be productive and help his business triumph should be prepared when entering a negotiation. We’re not just talking about knowing your business inside out. You must know your opponent’s business too. Look for former deals and find as much personal information as possible about your counterpart. You may have the official numbers all figured out, but it’s equally important to be prepared for the unexpected. Every skilled negotiator has a card up his sleeve he’s not planning to use; but it doesn’t hurt to have leverage, just in case.
Can a small business outshine a major corporation?
Absolutely; all you need is proper negotiation skills to show your opponents you’re the real deal. Just because you’re the owner of a company with 5 employees, it doesn’t mean you have reason to fear a counterpart with 500 employees. If your ideas are original, creative, and innovative, closing a bargain and reaching mutual ground is something achievable. Don’t flinch and never allow people to intimidate you. Nobody likes to do business with someone who cries at the first scream. Be a leader and give your audience a reason to listen to what you have to say.
Concessions – your last resort?
Some people see concessions as a last resort. To some extent, that’s exactly what they are. In special circumstances compromising can bring you a good deal and a first-class partner. In business it’s all about connections, so it doesn’t hurt to reach mutual ground on a certain matter than start fighting or walk away. Nobody likes to walk away from a negotiation; that usually happens when one of the parties involved is not willing to compromise.
Body language – your worst enemy
Showing off your emotions in a business negotiation can have serious repercussions. Counterparts don’t like to bargain with people who are not articulate. Gather your thoughts and try to calm down; you may be nervous but if you can’t focus on your goals you’ll never make your opponents trust you, let alone invest in want you have to offer.
Be professional – no matter what
No matter what happens at the negotiation table, it’s important to have a professional attitude from start to end. Don’t raise your voice and under no circumstances show off a superior attitude. In a business negotiation all parties are equal, even though one may be a hundred times wealthier than the other. If the deal on the table can’t bring any benefits to you, be polite and decline the offer. Keep things professional and try not to hold a grudge. Who knows, maybe sometime in the future you’ll meet again.
Every starting entrepreneur should master the art of negotiation. In order to succeed in business you have to be merciless. Know your company inside out, bargain for what you deserve, and don’t settle for less. Be a leader to your people, listen to their demands, and do whatever’s necessary to get to the top.
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.