5/22/2017

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Learn How To Negotiate

As a business man or woman, one thing you have to learn real quick is how to negotiate. Negotiating is a process in which two or more people or entities come together in an effort to arrive at a settlement of a particular matter.

If there is something that is needed for your business, you may have to negotiate for it. If you are representing a customer in the matter of a purchase or sale, you may have to sit down with others to work out an equitable settlement or to find common ground so the deal may go through.

You may find yourself having to negotiate for more money, more time, or more product. In such cases, your negotiating skills will come into play and they should be sharp, especially if you are working for a customer or if there is a large amount of money involved.

Negotiations are very important in the business world. As a business owner, you may find yourself at the bargaining table with people who are very skilled at getting what they want for themselves or their clients. They know how to put deals together, and in many cases, tear them apart. They can see a novice negotiator coming a mile away and know how to manipulate situations to their advantage. At any rate, you want to be prepared.

There are several things you can do to prepare for the task.

  • Try to get ahead of the game. Find out all you can about whatever it is you are going to be negotiating for. Do the research. Know and understand the product and the market.
  • Think about what you want to accomplish and if there are alternate solutions that can benefit both parties.
  • If you know that there are points of contention that you or your customer already have, be prepared to make your argument for or against them.
  • Write down any questions, or answers, that you feel are important so you won't forget them.
  • Understand that you may not get everything you want so before you sit down at the bargaining table, know what you can accept and what will kill the deal.
  • Don't take things personal. Things may be said that are not to your liking, but sometimes it is better to remain calm and avoid unpleasant verbal exchanges. Sometimes people will say things just to see how you react, and remember, you may have to negotiate with the same person on another transaction in the future.
  • Keep in mind that if you lose this time, there will be other times that you will win.
  • Practice your negotiating skills every chance you get. In certain instances, negotiating can be as easy as one, two, three, but in others, they may be very hard and disheartening.

You should understand that your skills as an effective negotiator will serve you well, not just in business, but also in your personal life.

 

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