Although marketing and branding are often at the forefront of any business, one of the most important and crucial scenarios you will most likely face in a new or established business is at the negotiation table. You might have the best ideas for how to brand and market your company, but if your negotiation skills are not up to par, then everything else becomes obsolete. Obtaining tactical negotiation skills can mean the difference between profit and the dreaded “Store Going Out Of Business” sign. We have compiled a set of five do’s and don’ts that can you begin to implement in your negotiations today.
Do Prepare For Your Meeting
Preparation alone if nothing else can help you reach the best possible outcome. Preparation means doing your research on not only the area of which you are about to negotiate about but the person as well. This can be accomplished by looking at their past deals or merely speaking to past clients that they have worked with. Understanding how they will react to specific offers can place you at an advantage.
Do Set Your Bottom Line
Negotiations are often a process and not a one-time event. This is because companies will usually set a bottom line or limit to how much they are willing to give or receive before walking out. Therefore, we highly recommend setting a bottom line for your company before even stepping into the meeting. This allows you to think critically about one thing at a time instead of stressing over the details of the deal. The last thing you want is to reach an agreement and find out later that either your board doesn’t approve or you can’t meet your end of the deal.
Do Show Politeness
Business dealings don’t always have to be so serious and hostile. You can still hold your cards close to your chest and demonstrate courtesy. Often these small talks create a sense of trust and common ground that may not have been there before leading to a better outcome. You never know if a quick chat about the weather can expand to a better partnership between both of your companies.
Don’t Celebrate Your Win
Sure coming out on top of a negotiation process is an excellent thing for a company. However, it is wise to not celebrate in front of them or on social media where they can see it. The world of business is always changing. Therefore, the person you bragged in front of can be your next competitor. This involves not only top-level negotiations but also smaller ones such as the hiring process of any CDL Truck Driver Positions Available Mid South where pay rates are negotiated on. Maintaining employee trust and respect can go a long way.
Don’t Underestimate Who You’re Negotiating Against
Never underestimate the drive and passion of your competition, regardless of their company’s size or strength. Often, these are the most dangerous ones as they understand their limitations. Going into negotiations with a plan and respect can almost always put you at the better end of a deal.