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Negotiation Techniques Every Entrepreneur Must Have

Chidiogo Akaelu

Corporate Finance Institute

  Negotiation is referred to as the methodology of discussing a matter of interest among individuals, or two or more parties to come to an agreement satisfying the individuals or all the parties involved. The negotiator relies on his ability to craft words followed by timely cues to influence the other party to come to a compromise usually in their favour. Some techniques are involved in negotiations:
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Before a negotiator kicks off an adventure of negotiation, it’s paramount that the necessary research about the matter of negotiation is done. Taking myself as an example, before I got my Bluetooth headphones, I researched the specification I desire and the price. I almost became an expert in the headphone series for that moment. Going to an accessory vendor afterwards to purchase my headphone was the last task for me. I had done my homework well, so I was bargaining with confidence. Be intentional about the price you want to buy the goods or service for, and the specification you’re interested in. The marketplace for instance can be so deceiving that if you’re not from and resolute on your decisions before going there, you would end up dancing to the tune of your seller; no negotiation at all. You might even purchase the lower or higher version of the product you didn’t plan for. Of course, we know that every seller starts a business to make a profit. Draft a price range for yourself based on your research and try bargaining on that but don’t expect the seller to sell at the rate of the manufacturer. It’s impossible! Every seller or service provider must gain profit.
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In trying to make the second party bend to your negotiation, you must use appropriate words in communication. Don’t be the communication breach by using foul language on your seller. It’s only negotiation and not war. Dress well, wear a good smile and speak with precision without batting an eyelid or stammering. This will signal your seller that you indeed know what you speak of. Your seller might not hesitate to give you the best rate so that you would be on your way already. Listen to what your seller has to say in the course of your negotiation. Don’t cut him/her short when he/she is speaking. Keep in mind that when you listen to your seller, then can only he/she bother to listen to your negotiation. If comprising a little of your initial written price range would bring about a win-win outcome for both you and your negotiator with you feeling no shades of loss, you should compromise. When you’re rigid, you don’t expect your seller to be flexible. A good negotiation technique is a must-have for every entrepreneur and these tips above should get you started! Featured Image Source: Corporate Finance Institute
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