When it comes to running a business, one of the essential qualities expected of the business owner is excellent business negotiation skills. As long as you are dealing with humans, you will always negotiate. You’ll negotiate with customers, suppliers, and even your employees. As such, negotiation is vital to business growth. If you don’t understand the nuances of successful business negotiation or how to handle one, this could affect your business growth and development.
This is why we have examined five tips for successful business negotiation below:
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1. Have Ample Knowledge of the Negotiating Party
Knowledge is power, and when it comes to negotiation, you can never go wrong with knowledge. What you know about the person or party you want to negotiate with can determine how well the negotiation would go. This is why it is advisable to do your research before you dive into any business-related negotiation. Research gives you ample knowledge about the negotiating party and an insight into what to ask and what not to ask. It helps to avoid irrelevant questions.
2. Define the Goal of the Negotiation
Are you negotiating to strike a favorable bargain or to get contracts? What is the purpose of your negotiation? Every business negotiation has a purpose that determines the flow of the negotiating process. Define your goal and channel all your questions into reaching the goal.
3. Define the Best Time for the Negotiation
Your knowledge about your negotiating party and the goal of the negotiation is not enough to determine its success. Time is also an important factor to consider. You need to know the best time to strike the negotiation as this would determine the negotiation flow. Negotiation on a Monday might not be as successful as one in the middle of the week, especially if the negotiation is with another business owner for a contract or deal. Schedule your negotiation on days you know the other party has the time for it.
4. Be Gentle, Calm, and Patient
Calmness, gentleness, and patience are important factors that can also affect the quality of your negotiation. When you feel the atmosphere is tense, this is not the time to shout or get angry at the other party or parties. This is the time to apply wisdom and calmness. Most business negotiations would almost get out of hand before striking a balance.
Exercising patience does not mean you concede to the other party’s opinion; it simply means you are trying to control your emotions while thinking about the best way to handle the situation. When you are calm in a tense atmosphere, you are able to think and settle for the best way to control the situation. Remember, the goal of every negotiation is to reach a consensus with the other party. To achieve this, be calm.
5. Listen
Negotiation often turns sour, not because of the topic but because, in most cases, everybody wants to make their impression known at the same time without caring about the other party’s opinion. In situations like this, the key to reaching a good consensus is playing the fool and listening. Try to reason with the other party, don’t be too certain that your opinion is the best. Listen and look for hidden satisfiers.
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