MOBE Training: How to Win at Negotiating

As an entrepreneur, you will have to negotiate to get better deals to avoid paying maximum prices and having a high expenditure. You have to negotiate better deals with your manufacturers, investors, and all other stakeholders to provide the best situation for your business.
Below are three best tips you should always consider when negotiating to get a great deal out of anything.

Argue the Other Party’s Pressures, Not Yours

The most common mistake people make when negotiating is focusing on why they need that deal. This puts you at a disadvantage because you give the other party power to set the scales. You are the one who needs them, not the other way around.
Instead of that, focus on why the deal is beneficial to the other party.  Ask yourself the kind of pressures the other party could be facing. Is there high supply of their product than there is demand in the market currently? What do they stand to lose if they don’t make this deal?  Focus on that and firmly present it to the other party until they take the deal.

Present a Win-Win Situation

Listen well to the other party and decipher what is an acceptable solution on their side. Understand their priorities, and find a solution in which you meet halfway. Aim to satisfy the main priorities for yourself and the other partner in a way that everybody wins.
Your goals should be to get a good deal, not to swindle the other party. That will just present you as a ruthless, untrustworthy person, and they may never want to do business with you again. Forbes contributor Keld Jensen’s research with Market Watch Centre for Negotiation found that negotiators get 42% more value when they create a trustful and collaborative relationship that benefits everyone.

Close The Deal

Have an endgame before you start negotiating. Know what you want to walk away with, and several compromises that will benefit everyone. Negotiating is like a chess game, each of your moves will influence the next one, so, throughout the process, be alert and keep a keen sense of timing. When you reach a satisfactory point, be swift and close. If you can’t settle on a single number, be ready to compromise, and sometimes walk away if the deal is not worth it.

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