Nowadays, business success and failure often come down to one thing: an ability to negotiate a great business deal. The start of the year is the perfect time for identifying your business goals for the year, and now it’s simply a matter of making them a reality. How can you ensure 2019 is the year you take your business deals to the next level? Here are our top ten tips for negotiating your way to success.
1. Set yourself strategies
Go into negotiations this year knowing what you want to achieve, and how you’re going to achieve it. Be confident and know what you want–you’re more likely to command the respect you deserve this way. Confidence, but not arrogance, should be top of your strategy list.
2. Aim high
Do you think your business deserves the best possible deals? You should. Believe in yourself and what your business has to offer. Potential customers and business partners will respond to your optimism. Optimism and aiming high go hand-in-hand with confidence.
3. Be willing to walk away
Never be afraid to walk away from the negotiating table if you aren’t making progress. The moment you lose your ability to say “no” to something is the moment you lose any negotiating power you’ve got. If the other side senses that you’ve got other options, and that you’ll walk away without a deal, they’re more likely to make concessions.
4. Don’t be afraid
The best negotiators out there know that anything’s possible, because everything’s negotiable. Never be aggressive, but always be assertive. Remember, you deserve to be at the negotiating table. Don’t be intimidated into concessions that you don’t want to make.
Part of being a successful negotiator is listening to what someone else needs. Encourage the other side to talk, and take notes on what they say. Take time to reflect on your next steps if you need to. Most importantly, listen far more than you talk.
6. Ask questions
Ask the other party open-ended questions, not questions they can answer with a simple “yes” or “no”. Listen to what someone is saying, and ask them questions based on what you’re hearing. Great negotiators don’t just talk. They investigate and identify exactly what the other side needs to make this negotiation work.
7. Do your research
Never go into negotiations unprepared. Knowing what’s going on in the other side’s operating environment will help you narrow down what’s likely to be in dispute and where the problems are.
8. Take your time
You don’t need to reach a decision right away. Take some time to think everything over, especially if there are obstacles. Never rush into any business decision.
9. Cover your bases
Always have a to-do list with you and make sure y
ou cover everything. If you need to return to any issues, make a note of them.
10. Give to receive
Don’t make concessions without getting something in return, whether it’s concrete assurances or a point in your favour. Negotiations should result in a great deal for both parties, not a unilaterally beneficial agreement.
For more negotiating tips and how you can apply these skills to everything from real estate to commerce, download our free ebook today and subscribe to our latest article updates.