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How to Perfectly Execute Business Negotiation
Negotiation is considered by some to be an art form and this can be a very true statement. Grabbing your audience’s attention, while still trying to get your point of view or idea out on the table, is an interesting balance of skill and communication.
Negotiating can be broken down into three different trains of thought and they are: think before you get to the table, putting an offer on the ‘table’, and responding to an offer. Most businesspeople forget that you have to think about things beforehand and plan your strategy.
Before you even start negotiations with another person or group of people, you should think about a few things so you can be prepared. The first thing you should think about and decide before you start is what is the least that you would take for an offer; whether it be money, a trade, or some other form of payment. When it comes to negotiations, you cannot always get exactly what you want out of the deal, so if you have an idea of the lowest you will go then you know whether you want to walk away or try to fight it out to the end. This process inherently involves compromises on both ends of the spectrum.
The second thing you should research ahead of time is the person, people, or group you will be negotiating with. Knowing the person you are making a deal with can be extremely helpful because when it comes down to the final offers, you can try and put yourself in your opponent’s shoes in order to decide how to handle the final moments. Try to find out if your opponent is conservative or adventurous, thrifty or spendy, or even introverted or extroverted. The more you know about the person sitting across the table from you, the better you will be able to handle any situation that might arise.
Now when you are ready to actually do some negotiating, you can start by preparing your own offer very carefully. This is where good communication skills and great sales skills will come in handy. When you first start the deal, it is sometimes a good idea to give your most aggressive offer first, depending on the situation. In other situations, starting with an conservative first offer can leave you room for the other person to lower the deal without losing what you want to get. There is a bit of risk when it comes to starting with an aggressive offer because you have to be careful not to make it too aggressive. If the first offer is too aggressive, it can stop the deal before it even starts because you will have to walk away from the negotiations.
Throughout the process, there can always be a counter offer made by the opponent and this can be a good offer. If this offer is not what you want, you have to make a strong rebuttal to their offer. You also may need a counteroffer if you are not the first person to be able to place an offer on the table for the deal.
Negotiation is really an art form; it takes skill, communication, and personality. Being able to balance all of these attributes will make anyone a master at negotiating; a skill that is helpful in all areas of life, not just business. Carefully planning and preparation is the key to success.
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