Negotiation is as much an art as it is a skill. Sadly, not many business owners have learned how to negotiate on their to-do list. Luckily for you, I learned the hard way so you don't have to!
Tips for Successful Business Negotiation
- Always be prepared to negotiate and do not hesitate to talk about any money involved. Money is seldom an easy topic to discuss, but when it comes to your own business, you should be alert and willing to discuss it without hesitation, as the survival of your business will hinge on it.
- Always take complete control of the discussion. Maintain a positive stance in negotiations and avoid getting involved emotionally. Negotiation is possible only when both the parties concerned see something beneficial for themselves in the deal. Any display of strong emotions may have a negative impact on the other party, forcing them to concentrate on only getting what they want.
- Be careful not to let the other party trick you into accepting certain terms of a contract, on the existence of some unchangeable rule. Make sure that the contract allows equal rights to both parties for the modification of the terms.
- Finally, never be the first one to suggest a figure. The crux of intelligent business negotiation is to let the figure be suggested by the other party. Then you can suggest one that works for you and continue negotiating.
Handling business negotiations intelligently is very important to help sustain and successfully maintain your small business.