Commercial negotiations are about more than just price. Many other transactions can be negotiated. So, what should you keep in mind when negotiating a business deal? Here are some tips to help you out!
Try to create a situation in which you feel relaxed. If you are calm, you can focus much more on the negotiation conversation. For example, choose clothing that you feel comfortable in, or meet in a place where you do not feel unsafe.
2) Don’t Talk About Trust
“We can take care of you, you can trust us”. When you say those things to your business partners, you must be 100% sure that it will really work. The less you promise and the more you give, the better. Failure to keep an agreement will undermine the other party’s trust in you. For example, say you will finish the job next week even if you’re sure you can complete it within three days.
3) Use Good Communication
Both conscious and unconscious tactics are used during negotiations. These can disrupt the negotiation process and work against you. Always try to negotiate as equals. Recognize tactics that undermine you. If your interlocutor keeps interrupting you, you should say something about it. It is also helpful to recognize differences in your interlocutor’s communication style and be ready to accommodate them.
4) Be at the Table With the Other Person
Sometimes you may find yourself at a table with someone inappropriate. After a long chat, you finally reach an agreement. Then it turns out that your interlocutor still has to discuss the contract with your boss. This is inconvenient and reduces your chances of success.
If your business requires negotiation, try to be at the table with the person who actually has decision-making authority. This way, you will immediately know where you stand and have a much better chance of success.
5) Don’t Hold Back
Avoid discussing positions in negotiations. Avoid mentioning viewpoints. It is wiser to examine the interests behind a situation.
Suppose the collective agreement stipulates that the employees want a 3% wage increase and the employer does not. This could lead to endless discussions about whether 3% is a realistic demand. Therefore, it is a good idea to first talk about the importance of the wage request. In other words, the employee wants a wage increase, and the employer wants a reduction in wage costs. Then, an agreement can be made to allow employees to give up certain holidays so that they can receive a raise.
6) Accept Each Other
The negotiation results can be substantial if you don’t like each other. Find out if the other person likes you.
-Offer something in common. Emphasize where you agree.
-Say you want to achieve a win/win situation.
-Do not directly criticize the other person’s product.
-Use language that is appropriate for the other party.
-These are also business conventions that will help you achieve your goals and the company’s goals.
7) Make Them State the Price First
Never state the price explicitly first. You will kill yourself if you throw in a premium first. You will find that your interlocutor often has a surprisingly good idea of the price. Your interlocutor may make you an offer you would never make yourself. He is happy, you are happy. Don’t bite the bullet and aim for a long relationship.
8) Don’t Take Anything Personally
It is easy to get emotional during negotiations, primarily when it affects you personally. But getting too emotional will reduce your productivity.
Challenge yourself to turn moments of feeling “attacked” or “defended” into moments of “curiosity” where you can get feedback. Emotions can easily work against you in a negotiation.
It’s also important to be aware of your emotional triggers and know how to back down if you feel things are going badly.
Let us know if these few tips have helped in the comments below!