It’s a known business fact—starting the negotiating process is simple, but to discuss and ultimately agree on a deal is often the hard part.
Whether it be with banks, suppliers, customers or your employees, small business owners need to look at negotiation as a “win-win” and a way to help watch the bottom line while helping their business grow. As someone who has owned a business for over 20 years, I know a thing or three when it comes to reaching an agreement so both parties find mutual benefit.
Here are Jenny Q’s 5 Negotiating Tips for Small Business Owners:
Be confident
Be prepared to discuss and offer mutually agreeable terms, project confidence, and be ready for objections. It is important that you be assertive and make it clear what you want. Don’t walk away from a sale, a talk or a deal without the other person knowing exactly what you want. Keep emotions in check, realize it’s not personal, just be clear.
Don’t assume an issue is non-negotiable
Once you realize all things are negotiable, a world of opportunities will present itself. Sometimes thinking outside the box and breaking rules is needed to become a powerful negotiator.
Build relationships first
You will always be more successful if you have real connections with the people you are negotiating with. Don’t rush. Meet people, make friends, and find out what makes your opponent tick.
Don’t talk too much
One of the most important things you can do as a business owner is listen. This is even more critical when discussing a deal. If you simply stop talking and get comfortable with the awkwardness of silence, your ability to win your argument or make the sale increases.
Document and get the agreement in writing
Getting your agreement in writing protects both sides and makes it clear what was agreed upon as well as the terms. Too many times people walk away thinking they know the outcome, when both people have very different view.
Once you master the art of negotiating, your business with positively benefit as a result.
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