Pre-meeting Jitters? 7 Expert Tips to Successfully Crack Your Business Deals
Negotiation is of utmost crucial importance in life. Each one of us negotiates consciously or subconsciously to get things done in the way we want them. Be it in public, at the office, in public transports, or even at home; you cannot escape negotiations — small or big. But it gains a higher value in business dealings, where negotiations are the only way to success. When the pressure is high, most people succumb to it and lose good deals. That’s not an ideal situation by any standard! Owing to this, most people dread negotiations.
But here we are to share with you 7 expert negotiation tactics that will help you crack any business deals and help you through tough times!
1. Be Positive, Assertive, and Self-Confident
The key to a good bargain is self-confidence and assertion. You have to convince yourself that the outcome will be positive. Do not fear or dread the impending negotiation — take it on headstrong!
The more you will try avoiding it, the more complicated it will get! Something that always works is enough information about the deal and the person, etc., Do thorough research on your opponent businessman’s or company’s background and be very sure of what you want. Lousy facts and demands can ruin your impression in front of your potential clients.
2. Do Your Homework- Be Prepared
Taking on from the previous point, it’s true that you don’t want to put your time and energy on a deal that does not benefit your business. Thus it is indispensable for you to do your research on the opponent company before entering into a negotiation. In this way, you will get a clearer insight into the workings of the company and will be able to decide if you want to pursue this track.
3. Observe and Listen Carefully
Just doing background research on your opponent is not likely to win you a deal- the face-to-face negotiation is even more important than the prior study. To ace a negotiation, you have to be physically present and pay attention to even the most minutest of details that fall through your opponent’s mouth! Ask questions that will inevitably flesh out essential information from the opponents, and listen closely to their answers which might expose their business intentions.
4. Set Realistic but High Aims
Ambition is a tricky thing, it makes you feel like something is attainable even if it may be out of your reach. Knowing how much you can aim for is also necessary before you shoot the ball.
Do not lower the standard of your business while negotiating. Before the ordeal, ponder over your short and long-term goals- make sure they are all realistic, and then rank them as per their importance. Do not brood over the trivial ones; instead, rule them out. Once you figure out what your business needs the most, be determined and put forth your rational demands without apprehension.
5. Don’t Agree To the First Offer
First offers are like the 100m of a 400m relay. They are the warm-up to an otherwise tough sprint. Opening propositions are never the right choice. The bargain begins from a low amount which will in no way benefit your business. Be patient, no matter how hard it seems, stick around and not settle for anything below what you deserve. But yet, be fair in furthering and closing the proposal.
6. Take One For the Team – Compromise!
Negotiating means coming to a mutual agreement after both the involved parties have compromised. Thus once you make your final offer, make a concession. Give a discount on the optimal figure so that the opponent feels like they have gained as well. If you think that the final deal is unacceptable, it is best to walk away from it.
7. Do Not Fear Walking Away Without a Deal
You cannot run a business at a loss. Therefore you must keep in mind the lowest offer that you would be willing to accept. If the deal goes below your margin, be smart enough to walk away without securing it. At any cost, you need to keep your business running.
With these pointers in hand, you will be able to crack any business deal that comes your way!