Negotiation is a discussion aimed at reaching an agreement. It is a process by which people, sit, talk and reach a compromise or agreement while avoiding argument and dispute. Just like it is in a normal life situation, negotiations are key in business especially when finalizing a business deal. How you negotiate a business deal will determine whether you will have the deal or not.
If you are going for a business deal, you need to horn your negotiation skills. Here are some of the things you have to consider:
1. Be prepared
This is the first rule. You need to understand the kind of deal you are preparing to close. Understand the business of the other party and this can be done by going to their website, press releases, information published about them and by asking people who know them. Find out if there are any similar deals that the person you are going to meet has ever entered into and try to know the background of the person you are going to negotiate with. LinkedIn can be a very useful source of information. If the company has competitors, find out the prices that the competitors are offering and compare them with your offer.
2. Listen more than talking
Negotiations in a business deal are not always about you talking. It is more of listening. Listen keenly for the other party so that you understand exactly what they want and what they are willing to offer. By listening to them, you will be able to gain more insights about them, their brand, products, and services. Your main work in a negotiation, apart from explaining what you are able to offer, is to ask questions on any matter that you don’t understand.
3. Be professional
Choose your language and words carefully. Remain professional at all times. No one wants to do business with someone who presents himself as unprofessional. Use a positive tone, do not talk ill of competitors and do not be seen as someone who can spread propaganda and not based on facts. Do not talk too much. This might make you be seen as who cannot keep confidential information.
4. Be the first one to draft the agreement
After finalizing the negotiation, do not leave the work preparing the contract to your client. Drafting the contract gives you an opportunity to clearly state your deliverables, terms, and conditions. Let the client go through it and have his/her recommendations. Make sure that the agreement is balanced and not just one-sided. When an agreement is well balanced, chances of the client changing it will be minimal. In the contract, state the things that you are sure you can deliver. Do not overpromise and under deliver. It is better to promise less and deliver more than to promise more and deliver little.
5. Do not just agree to anything the other party says
Be seen to be someone who can talk someone into the deal. Do not just consent to anything because you need the deal “so badly”.
Learning how to speak is part of learning how to negotiate. Learn The art of public speaking
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