Negotiation is a major aspect of doing business in any sector. And yet, small business owners who don’t have extensive professional backgrounds could find it difficult to strike effective negotiations with partners or clients. Corporate Business Solutions consultants can assist small businesses in certain types of negotiations. But there are certain techniques that any business owner must know.
If you are a small business owner who needs to improve negotiation skills, here are several tips to follow:
Know the Dynamics of the Deal: Don’t go to the negotiation table without understanding what’s in it for you and the other side. Which party needs the deal more? It’s important to understand who needs leverage before the talks start. Also consider the constraints the other party is facing, as well as alternatives that could put your side at a disadvantage.
Be Courteous: Talk patiently and be courteous when entering into negotiations. Do not be overly aggressive, as you could be perceived as a difficult person to deal with. But don’t be too agreeable either, because then you would be seen as someone who is easy to persuade. Hold your ground, but be professional and do not get into verbal battles.
Dress Appropriately: Do dress properly for the negotiation table in a manner that won’t offend the other party. It may be common to wear casual or even business casual clothes at the workplace, but the same attire could be interpreted by the other party as you not being serious about negotiations. The dress is an unnecessary thing to be troubled over. Therefore, dress in formal and practical clothes when meeting in person to negotiate.
Don’t Drag It: Time is the bigger killer of deals. If negotiation talks are prolonged, chances are high that the deal might go sideways or get killed before completion. Therefore, don’t take too long to conduct talks. But don’t rush things as you could end up with the short end of the deal.
There’s no doubt that business negotiations can be tough. If you require expert help, you can contact one of our CBS Corporate Business Solutions consultants for valuable advice.