Negotiating a business deal can feel intimidating, especially if you’re not used to doing it. You might worry about saying the wrong thing, losing an opportunity, or not knowing how to handle the back-and-forth. But here’s the thing: negotiation is a skill you can learn just like any other. And with a few key strategies, you can approach business deals feeling good about the outcome.
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Do Your Homework
Confidence starts with preparation. Make sure you understand the details of business deals before entering any negotiation. What are you offering? What does the other party need? What are the market rates or industry standards? When you’re armed with information, you can speak with authority and back up your requests with facts, which automatically boosts your confidence.
For example, if you’re negotiating a contract with a supplier, take time to research their pricing, check out their competitors, and know the value of what you’re asking for. The more prepared you are, the more confident you’ll feel when it’s time to negotiate.
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Know Your Worth
A big part of negotiating confidently is knowing your value. Whether you’re selling a product, offering a service, or pitching a partnership, remember that you bring something valuable to the table. It’s easy to second-guess yourself in a negotiation, especially if the other party seems more experienced or assertive. But don’t let that shake you—remind yourself that your business has something unique to offer.
Knowing your worth also means knowing when to walk away. Not every deal is the right fit, and it’s okay to turn down an offer that doesn’t meet your needs or expectations. Sometimes, walking away can strengthen your position and lead to better offers in the future.
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Set Clear Goals
Before the negotiation even begins, set clear goals for what you want to achieve. What’s your ideal outcome? What’s your minimum acceptable outcome? Knowing this in advance will help guide your decisions during the negotiation and prevent you from agreeing to something that doesn’t align with your goals.
For instance, if you’re negotiating a business partnership, your goal might be to secure a specific percentage of profit-sharing or to agree on a timeline that works for both parties. Having these goals clearly defined will help you stay focused and confident, even if the conversation takes unexpected turns.
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Listen More Than You Speak
When it comes to negotiation, listening can be your secret weapon. Often, we think that negotiation is all about talking—explaining what we want, making demands, and persuading the other party to see things our way. But in reality, listening is just as important. When you listen, you gain valuable insights into what the other party wants and needs, which can help you find common ground.
For example, during a deal, the other party might reveal their priorities or concerns without realizing it. By picking up on these cues, you can tailor your responses to address their concerns while still pushing for what you want. Listening shows respect and helps to build trust, making the negotiation process smoother.
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Stay Calm and Composed
Negotiations can sometimes get tense, especially when there’s a lot at stake. But staying calm and composed is crucial to maintaining your confidence. If you start to feel anxious or overwhelmed, take a deep breath and give yourself a moment to gather your thoughts. Remember, it’s okay to pause during the conversation—it’s better to take a moment than to react impulsively.
Staying calm also means not taking things personally. Negotiation is just business, and sometimes the other party may push back or challenge your ideas. Instead of letting this affect your confidence, focus on finding solutions for both sides. Keeping a level head will help you stay in control of the situation and project confidence, even when things get tough.
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Be Willing to Compromise
Negotiation isn’t about winning or losing—it’s about finding a solution that works for both parties. That often means being willing to compromise. Confidence in negotiation doesn’t mean refusing to budge; it means being flexible and creative in finding ways to meet in the middle.
For example, if you’re negotiating a price, maybe you’re willing to offer a discount in exchange for a longer-term contract. Or if you’re negotiating a timeline, maybe you can adjust the delivery date if the other party agrees to additional terms. The key is to stay open to possibilities and look for ways to create a win-win situation.
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Practice, Practice, Practice
Like any skill, negotiation gets easier with practice. The more you do it, the more comfortable and confident you’ll become. Start by practising in low-stakes situations—maybe with a colleague or in everyday scenarios like negotiating a price for something small. As you gain experience, you’ll start to develop your style and become more comfortable handling tougher negotiations.
If you’re new to negotiation, don’t be afraid to seek out learning opportunities. You can read books, take courses, or even role-play negotiations with a mentor or friend. The more you practice, the more confident you’ll feel when it comes time to negotiate for real.
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Final Thoughts
Negotiating business deals with confidence is all about preparation, knowing your value, staying calm, and being willing to compromise. Negotiation is a skill that anyone can develop, and with the right mindset, you can walk away from the table feeling empowered and successful.
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 17th September 2024
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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