At every point in life, we all want to sell something or an idea to people, and make them see things from our own perspectives. It’s a business world and every minute,
business people are striking one deal or the other. However, while some are successful at it, others seem to be scrounging for relevance.
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Here is that solution you’ve been seeking; 6 proven ways to help you make successful business negotiations and become an authority in your niche.
Without proper research on where you’re going and the dictates of the other negotiating party, you will only go so far with your negotiation. Find out about the other party, their business model, company profile, website,
social media pages and general online presence. Try to discover their needs and history of previous negotiations they have had with other businesses and persons. This will help you strategize properly.
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Understand The Tenets Of The Deal
You can’t possibly succeed in something when you don’t even understand it in the first place. It is important you have a good understanding of the deal and answer questions like: Who has the most advantage in the negotiation? What alternatives does the other party have? How does it benefit the parties involved?
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Listen To The Other Party/Parties
Imagine you are having a supposed conversation with someone and he/she is doing all the talking. How would you feel? I’m sure you wouldn’t be having a nice time. The same goes with making a business negotiation. You don’t want to have the other party do all the taking and pitching. You should not also be caught doing this. Listen to them and try to see things from their point of view. You will tend to make more objective decisions.
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Be Professional And Courteous
These are indispensable when it comes to business negotiation. It is not a child’s-play or some sort of fun trip. It is business! As much as you can, keep the flow professional and don’t use abusive words. You have an opportunity to build a profitable long-term relationship with the other party/parties. Don’t ruin it.
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Prepare The First Draft Of The Agreement
This is a great step to striking a successful deal. Drafting the contract/agreement beforehand will put you in a better position than the other party. This is because it will be more difficult to change the provisions of the written agreement than one that is only being pitched by word of mouth. It will give you a better opportunity to have the negotiation concluded on your own terms. However, you need to be considerate to avoid the agreement ruining the interests of the other party/parties.
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Be Prepared To Compromise And Walk Away
Although you want to always make sure the negotiation ends on your terms, you should also be ready to compromise and be considerate. However, if the deal is not going in your favour and you’ve compromised enough, you should be ready to walk away. You don’t have to displease yourself so much in order to strike one deal. It will also make the third party know that you have standards, and if they so desire, they could even call you back to conclude the negotiation.
Making a business negotiation is just like the regular buying and selling that takes place in the market. On any side of the divide, you always want to make sure it ends in your favour; however, you should also be willing to shift grounds.
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This article was first published on 21st August 2021
chidiogo-akaelu
Chidiogo Shalom Akaelu holds a degree in English and Literary Studies, from the University of Nigeria. She is a freelance writer, editor and founder of Loana Press, a budding online publishing outlet.
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