In today’s highly competitive business environment, having good negotiation skills can make the difference between recording great sales and going through a slump. In order to take your business to new heights, great negotiating skills are vital.
Tips to Improve Business Negotiating Skills
Here are some tips that will help you to improve your business negotiating skills.
- Always be prepared: When it comes to successfully negotiating business deals, information is king. You need to be thoroughly prepared before you enter into any kind of negotiations. Research the business and products or services of the person who you are negotiating with. Know who your competitors are and also be aware of standard practices in your field, so that these cannot be used as leverage against you. It is also very essential to know what is important to the other person and what their expectations from the negotiations are. Lastly, you should be absolutely clear about what you want from the negotiation process. This means you have a clear idea of what your walk away figure will be, and you know exactly what is the very least that will be considered acceptable.
- Learn to listen: The only way to know the other person’s interests is by listening. This means you need to pay attention to everything that is being said, but also keep your eye on the other person’s body language. Visual clues can be a big giveaway of what the other person is thinking or what they want. Once you master the art of listening, you can come up with workable solutions to peoples’ problems and hence negotiate better deals.
- Be open to compromise: In rare cases you may be able to negotiate a deal on your terms only, but it is more realistic to know that compromises may have to be made. You need not compromise on things that are absolutely critical to you, but you should have areas in which you are ready to offer a compromise. This goes a long way towards making the other party feel that they are getting something from the deal too and is an extremely effective negotiating technique.
- Be prepared to walk away: Another essential negotiating skill is knowing when to walk away. Once you have outlined the best proposal that you can possibly offer, be prepared to walk away if the other party wants to negotiate further. This is a very effective way to close deals; however, you should be prepared to lose the sale should your bluff be called.