How do you achieve what’s rightfully yours in a competitive world? How do you resolve a conflict that doesn’t respond to traditional solutions? How do you explore and conquer new opportunities and possibilities for further business growth? By negotiating. Whether you’re a small business or a behemoth, you will be required to leverage the art of negotiation in business to win some of your most crucial battles, achieve your most ambitious goals. Here's a blog that shows you how to improve your existing skills and get more efficient at the negotiating table.
1. Start by preparing exhaustively
The first step towards getting into a negotiation is preparation. What is it that you expect from the negotiation? What are the grounds for these expectations? Are there any issues and if so, which are the most significant? What are the needs of the other party likely to be? How is your association with the entity that you’re scheduled to negotiate with? The more questions you start getting answers to, the better prepared you will be to get to the negotiation table. In fact, you could also consider adding “Do I need entrepreneur coaching services?” to your bank of questions.
2. Be flexible when you meet
Your negotiation goals appear to be reasonable. Your negotiation strategy is aligned to neither appease your client nor push them into a corner. Everything looks good on paper, and yet the negotiation may not end up going as well as you hoped it would. What do you do? Flexibility is a key quality that will help you stay at the negotiation table, even when things get unpredictable. What concessions would you be willing to offer? Take your time to decide on the concessions. Too little and you may end up seeing the other party leave the table. Too much and you may end up winning by paying a hefty price.
3. Be geared to listen
Nothing can ruin the prospects of a negotiation faster than being focused exclusively on your own needs and goals. Great negotiators understand the power of empathy and work towards building an environment that conveys ‘Hey, we’re here to understand what you need; so let’s work together in resolving this the best way’. Choosing to listen to what the other side has to say, will enable you to table offers, terms or deals that will not only help you achieve your goals but also strengthen the bond of trust that you share.
4. Ensure both sides have something to gain
At the negotiating table, more often than not, businesses hope to walk away with a deal that favors their interests or meets their agendas. The only problem is, no one wants to see you win at their expense. When preparing your negotiation terms, ensure that the deal you’re proposing is advantageous for all parties concerned, and is not lopsided.
5. Thing long-term
Is the client of significant value in terms of opportunities for growth? Is the business a partner you’d like to associate with for future possibilities? If the answer is Yes, then tailor your offering in a way that will inspire or goad the client to continue staying associated with you, even after the current deal. A proven strategy to keep businesses engaged with you is by offering them more than what they expect you to, in terms of revenue, territory or opportunity sharing.
6. Control the tempo
While it sounds tempting to go in all guns blazing, this strategy is likely to put the folks at the other end, on the defensive. A more advisable approach would be to open your negotiation on a slow and steady note and then raise the pace in accordance with the responses coming your way. For instance, if you see a client or business that’s inclined to collaborate, go easy. On the other hand, if you see resistance, then raise the intensity of your game.
7. Make multiple offers if necessary
Everyone likes to be given options, and the business you’re negotiating with is certainly no exception. Unlike what you may believe, having more than one option to offer is not a sign of weakness but a proof of commitment, towards taking things further. Make sure to work out a second and third tier of offers to complement your first and primary tier, in case the situation requires you to pull something extra out of the bag.
Build your negotiation skills with coaching from Polaris One.
Whether you’re looking to close a high-end deal or resolve an impasse in a key business relationship, negotiation is a powerful strategy that will work for your business. However, it’s a game that needs to be strategized, planned and played right, for you to get the desired outcome. If you’d like to get coaching in business to perfect your negotiating capabilities in a multitude of business scenarios, then visit polarisone.com to book an appointment. We’re an established coaching services company founded by Bob Arzt – a seasoned expert with 35+ years of experience in coaching business professionals from wide ranging areas. With a customized coaching approach that includes one-on-one as well team coaching sessions, exercises and more, you can count on us at Polaris One to help you ace the game when it comes to negotiating with your world.