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negotiating
By MANDEEP SINGH 593 views
BUSINESS

7 Tips for Negotiating in Business

When it comes to negotiating in business, some people are natural negotiators. But as someone who has never been very good at the art of the deal, I’ve had to learn a few tricks along the way.

Here are some of my best tips for how you can negotiate better:

Be confident and assertive, not aggressive

The first and most important factor in any negotiation is confidence. If you are not confident, the other party will sense this and be less inclined to make concessions.

Assertiveness is vital here; being aggressive can be off-putting and make the other party feel threatened or uncomfortable. You want them to feel like they’re dealing with a professional capable of getting results for them, not a bully who lacks tact and finesse.

Body language is essential

Body language is a good indicator of the strength of your position, so be sure to use it well. Crossed arms indicate that you’re closed off and not receptive to new ideas while fidgeting and shifting your weight show that you’re uncomfortable with what’s being said.

Looking away from the other party also makes them feel as though they’re not being listened to or understood, which can lead to resentment and hostility.

Only make gestures when necessary, like pointing out something on a document or using your hands when explaining something complex to illustrate your point.

Never express anger or frustration

It is essential to maintain a calm and composed demeanor when negotiating. Expressing anger or frustration is a sign of weakness and can lead to a loss of control over the situation. It’s better to take a breath and calm down before speaking to keep your emotions in check.

Don’t let your emotions cloud your judgment; rather than lashing out at your counterpart, try engaging them in a discussion about possible solutions that might work for both parties involved.

Listen carefully to what the other person is saying

Listen carefully to what the other person is saying. Refrain from interrupting, and don’t let your mind wander.

If you’re distracted by other things, it’s best to excuse yourself for a moment and return when you are more focused.

Don’t let them know you’re bored or annoyed with their presentation—this can make negotiating much harder.

Also, avoid making assumptions about what they will say next; this will help keep communication clear and open and ensure communication and clarity on both sides of the table.

Try your best to accommodate the other side’s interests and concerns

If you are trying to negotiate a deal, trying your best to accommodate the other side’s interests and concerns is essential.

You should be flexible and open to suggestions. This can help the other person feel they have an equal voice in the decision-making process and make them more willing to work with you on a mutually beneficial agreement.

This also applies if you are negotiating with a group of people who may not hold positions of power or authority in their organization.

There is strength in numbers—if one person agrees with your proposal, but another does not, it may be difficult for them to come together around a standard agreement.

Showing them how much thought has gone into making sure everyone’s needs are taken care of, however small they seem, helps build trust between parties, which may lead towards greater cooperation down the road!

Don’t make wild promises or threats

When negotiating, you must be realistic about what you can deliver. Don’t make promises you can’t keep, and don’t make threats that would damage your company if broken.

It’s also essential that both parties research each other before making any agreements or commitments. If both parties know exactly what they’re getting into before making any promises or commitments, there should be fewer surprises when things go wrong (or right).
Get anyone who offers you a deal to put it in writing before you sign anything.

Only put a deal in writing once you have your written agreement

Don’t trust people to follow through on verbal promises; they won’t be legally binding if anything goes wrong, and there’s no paper trail to prove they made them.

I once made this mistake when I was starting my freelance marketing business. I had a verbal contract with a client that he would pay me after I grow sales and leads, but he still needs to.

That loss cost me hundreds of thousands of dollars—and it could’ve been avoided if we’d gotten everything down on paper beforehand!

These tips will help you negotiate a business deal on reasonable terms.

There are many ways to negotiate a business deal, but here are some tips that will help you get the best deal for both parties:

  • Be clear about what you want and why. Get your priorities straight before talking with the other party so you know what’s most important to you and what can be compromised.
  • Don’t get taken advantage of! Avoid being too aggressive or over-aggressive when negotiating—it could make the other party feel threatened. Instead, focus on “win-win” solutions where both parties meet their needs equitably.
  • Take time to listen carefully during negotiations; this will give insight into what is important to them and how best to address those concerns moving forward through further discussion of potential solutions (and sometimes even compromise).
  • Be respectful! Negotiating well requires listening respectfully throughout the process while also communicating clearly and precisely about your needs/interests/concerns as they relate specifically to solving problems together collaboratively instead of unilaterally dictating terms.

Conclusion

Now you know how to negotiate a business deal. Remember, negotiation is about finding common ground and finding solutions for both parties involved—and if you follow these guidelines, you’ll be sure to do just that! We hope these tips helped get you started on that path.

Mandeep Singh
Author
MANDEEP SINGH