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If you are from the business world, you must be aware of how standard negotiation practices are. After all, it determines the extra profit you make or minimizes the loss you have incurred from a deal. Apart from this, you must have had an experience of how significantly the good negotiations have benefited your business.
From better relationships with your clients to delivering lasting quality solutions and avoiding a particular problem or a future conflict, negotiation abilities help. However, the negotiation abilities alone cannot determine the outcome of a business. To pull the correct string, you need to tap into the best business negotiation strategies.
Now, if I’m not wrong, your business must have suffered a setback here and there due to the lack of proper business negotiation strategies. If your company hasn’t suffered because negotiations went awry, then you must congratulate yourself. Why? Because you must be doing some incredible work. For the rest, I know despite having important negotiation skills – the outcome doesn’t go in your favor at times. It’s highly possible not to have a complete success rate when it comes to negotiation. Nevertheless, you can give yourself a better chance at bargaining with these six key business negotiation strategies.
Many people are more into talking than listening, which usually ends a negotiation on a lousy note—the eagerness to control the conversation through literally an example of stomping your foot in the ax. Yes, controlling the conversation is essential. However, the best negotiation strategies are about controlling the conversation with more listening than talking. Besides, there are various perks to listening more such as you can figure out the loopholes better and have more time to formulate an apt response.
Will I be wrong if I say negotiation is similar to war? The only difference would be that war never has a win-win scenario. But it is the “Preparation” part that's critical in both. Whether it is a war or a business negotiation, preparation will always remain the key. You cannot idle on thinking the negotiation will go as per plan. It would be best to prepare for outside scenarios as there can be a delay in the meeting or concerns regarding the proposals. After all, in business, a lot can change within a short time. So, always go in well prepared for any negotiation.
Many would say this is one of the best business negotiation strategies, and they are not wrong, in my opinion. To have worked on various drafts of the agreement maximizes the chance to seal the deal at your terms. So, always have this business negotiation strategy ready. While dealing with the prospect, start with the first one that has more chances of getting done. It will help you to make the prospect believe that you are considerate and value them. As a result, you will most likely end up making a sizable profit from the negotiation.
What many negotiators do in a business negotiation is constantly check other's facial expressions and body language. It is how they have mastered the art of negotiation. You can do it as well, but simultaneously you need to be wary about your emotions getting checked. So, better “play poker” with your prospects. It means to not lean towards converting the deal at any cost, instead be ready to walk away if ready. As a result, the candidate will be wary about not testing you much unless they are okay with losing the negotiation.
It may seem “not-so-important” to some, but proper etiquette is a brilliant business negotiation strategy. You don’t negotiate primarily for a one-off deal, and long-term partnerships are crucial for the growth of the business. So, ensure that irrespective of the outcome, you treat your prospects rightfully with respect and kindness. Also, avoid becoming rude when the negotiation doesn’t go your way. Improper behavior will do equally or more damage to your business. You may even use mirroring as negotiation tactic.
Intelligent negotiators know that the longer a negotiation goes, the more chances it has of failing. Now, it doesn’t mean you should rush your negotiation—time your negotiation and plan accordingly. Try to close the negotiation with time on your side or before it becomes your enemy.
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