One of the everyday realities in small business is “Negotiating.” It’s a necessity for all small business owners who, whether you love it or hate it. Negotiating a new deal, the price of an item you need to purchase, payroll and contractor issues, deadlines, service arrangements, a joint decision with a client and a myriad other items bombard you all day long. Why not get out of in front of it? As a matter of fact, the sooner you master Negotiating, the more profitable you will be. Are negotiations generally fruitful for you reaching a satisfactory result or are they a dreaded time when maximum results are not achieved?
As a small business owner, mastering negotiations would be equivalent to opening a new door to discover hidden profits in your business. Negotiating effectively is an art to study, apply, and constantly perfect. It will boost your bottom line.
Start by finding what the other party truly wants. It’s to your advantage to have clarity on what the other party wants the outcome to be. You might have to be persistent, but knowing what the other party is thinking and their rationale is priceless. Remember, researching in advance the other party’s wishes will have a direct effect on the results of the negotiations, which gives you a great starting point to finding common ground.
Having a well-established rapport with the other party is beneficial to negotiations. Negotiations that start after the parties “knew” each other moved faster and produced better results, as a rule of thumb. Do not cave in to their wishes at the outset. Instead learn what you can about them and their values. Genuine respect can produce a mutually beneficial outcome. Show the other party how the negotiations process can align their objectives with yours. Working toward a common goal will speed the negotiations and accelerate the results. This translates into profits for you.
Believe in your product, service, and your value. When you fully believe in your value, you can offer your proposal with conviction and clearly show the benefits of accepting your terms. Believing will ease any discomfort of negotiating and give you back your power to show the other party, with remarkable clarity, the benefits they will accrue from your deal. When starting with a strong belief in your product or service, you can find the common ground that is essential in negotiations. After all, the ultimate agreement will be designed to provide exceptional customer value while at the same time increasing your profits.
An open, positive attitude will improve your negotiating. No one likes to be pressured. Diplomacy requires you to patience and grace. Have you considered that being too aggressive might produce unwanted results which might undermine your success? Diplomacy and tenacity can resolve the trickiest negotiations. Understanding the other party and showing respect will bring you the needed deal which in turn will boost your profits.
Negotiate for the long term. Look for win-win opportunities; they are there. They will boost customer loyalty and cement your relationship for many more profitable transactions in the future. Keep your eye on the prize of the long-term value of a customer and avoid any deals that will jeopardize the next one.
Small business owners can successfully negotiate for profits. It’s a skill that can be learned. From now on, use win-win negotiations as a powerful approach, in negotiations both large and small. It provides great leverage, increases customer satisfaction, and boosts your profits.
You can boost your profitability.
Donna Marie Thompson, PhD
Creating your best profit solutions is my highest priority.
http://www.expertprofitsolutions.com
P.S. Please click here to get my free Special Report: "3 Profit Pitfalls and How To Avoid Them.”
Donna Marie Thompson, PhD is a Small Business Profitability Expert and Founder of Expert Profit Solutions. She is a two-time best-selling author who has spent most of her career problem solving in international management consulting.
Donna Marie has helped businesses meet their profit targets under challenging circumstances. She was a Director at PricewaterhouseCooper's Consulting, and has worked at Booz Allen, as well as local consulting firms. This wide range of experience in businesses of all sizes uniquely qualifies Donna Marie to guide small businesses to discover their hidden profit potential.
Donna Marie earned a PhD from George Washington University, an MBA from Virginia Polytechnic Institute, a CPA in the state of Maryland, and is a Master Practitioner of the Energy Leadership Index.
Get your own copy of the free special report: "3 Profit Pitfalls and How to Avoid Them" at http://www.ExpertProfitSolutions.com.