Thread by @myunicy

Dear entrepreneurs,

Starting a business requires quite literally, hundreds of negotiations. Some are small, like securing the best price on printing your letterhead & business cards. Others are for bigger deals that can make or break your biz from the get-go.

Pls kindly RT this thread, some people on your TL may find it useful. Thanks.

Sometimes, you're the buyer, other times the seller. Either way, the skills you need to be a good negotiators are the same.

Most often, start-up entrepreneurs aren't always the best negotiators. Why?

They step into the shoes of a business owner for the first time & find - to their surprise - that nearly everything involves negotiations.

However, I'll like to share with you SOME TACTICS that can make you a better & more confident negotiator on behalf of your small business.

In most negotiations, the first strategy is to prepare. Prepare and prepare. Enter a negotiation without proper preparation and you've already lost. Start with yourself. Make sure you are CLEAR on what you really want out of the arrangement.

Research the other side to better understand their needs as well as their strengths and weaknesses. Enlist help from experts, such as an accountant, attorney or tech guru.

Also, try to pay attention to TIMING. Timing is important in any negotiation. Sure, you must know what to ask for. But be SENSITIVE to know when you ask for it.
There are times to press ahead and times to wait. When you're looking your best is the time to press for what you want.

But beware of pushing too hard and poisoning any long-term relationship.

The best negotiators either don't care or don't show they care about who gets credit for a successful deal. So, leave behind your EGO when negotiating a deal.

The best negotiators are often QUIET LISTENERS who patiently let others have the floor while they make their case. Ramp up your listening skills. Don’t interrupt, rather encourage them to talk first.

One of negotiation's oldest maxims says: whoever mentions number first, loses.

While that's not always true, it's generally better to sit tight and let the other side go first. Even if they don't mention numbers, it gives you a chance to ask what they are thinking.

Also, in most negotiations if you don't ask, you don't get. That's the strategy. Yes.

Another tenet of negotiating is "Go high, or go home." As part of your preparation, define your highest justifiable price.

As long as you can argue convincingly, don't be afraid to aim high.

But no ultimatums, please. Take-it-or-leave-it offers are usually out of place. Don’t do it.

Always anticipate COMPROMISE. You should expect to make concessions & plan what they might be. Of course, the other side is thinking the same, so never take their first offer. Even if it's better than you'd hoped for, practice your best look of disappointment & politely decline.

You never know what else you can get.

Another negotiation technique is to OFFER & EXPECT COMMITMENT. The glue that keeps deals from unraveling is an unshakable commitment to deliver.
You should offer the comfort level to others.

Likewise, avoid deals where the other side does not demonstrate commitment.

Again, in most negotiations, you will hear all of the other side's problems &reasons they can't give you what you want. Don’t ABSORB their problems. This is because they want their problems to be yours. Please, don't let them.
Instead, deal with each problem as it comes & solve.

As an individual and a business owner, you likely have a set of guiding principles - values that you just won't compromise. Stick to your PRINCIPLES. If you find negotiations crossing those boundaries, it might be a deal you can live without.

Finally, at the close of any business meeting -even if no final deal is struck --recap the points covered &any areas of agreement. Make sure EVERYONE CONFIRMS. You have to FOLLOW UP with appropriate letters or emails. Do not leave behind loose ends. Make sure you SEAL IT UP!
End.