What does a business need to be successful? Are you making the right decisions? Are you taking risks? A lot of people assume that top-notch negotiators are hostile and adversarial. The truth is, you don’t have to be liked in business, and you just have to be fair. Negotiations are vital for entrepreneurs who want to make their business grow, so buckle up and let’s have a closer look at some really efficient tips that will help you close the sweetest deals.
Negotiations – the perfect marketing strategy
The principles we use in marketing usually work in negotiations too. Basically, if you know your way around the advertising world you can bargain too. Don’t take everything for granted though as you might get burned. Â A good deal for you and your business doesn’t mean a bad deal for your opponent. Find mutual ground and reach an agreement that can suit both of you equally.
What do you want from a negotiation? Before setting foot in the meeting you have to know what you want. How strong is your pitch? Do you know your company inside-out? Having a good understanding of your bottom line prevents entrepreneurs from abusing opponents, and it prevents you from being too greedy.
Tip: never ask for more than you came in for. Greed can become your worst enemy in business, so it’s best to be fair and ask for what you deserve.
You can’t win if you’re not open-minded. Dealing with board member policies, procedures, salaries, and lots of paperwork is not easy, so arm yourself with a great deal of patience.
The key to successful negotiations is to understand the market first. Who is your audience? How do you awake their interest? Entrepreneurs should understand that the business world is one tough battle field. You have to master three main arts to win it all:
- The art of persuasion – convince your audience to buy without pressuring them
- The art of communication – efficient communication skills make you trustworthy
- The art of negotiation – great negotiation skills will help you gathers lots of worthy investor
How do you make a business plan work?
Experienced entrepreneurs are ok with the idea that some business plans are meant to fail. How do you make yours succeed then? It’s simple – people devote too much of their time to crafting the perfect business plan. Stop doing that; instead, focus on getting your idea started, crack down on vision, and develop a plan as you move forward. As your company and brand grow, size will eventually offer you some predictability.
Understand your audience if you want to grow your business
When an entrepreneur sells a service or a product, it means that he’s making a promise to the people who are interested in their business. If you can’t understand your audience it will be impossible for you to keep your promise; in the end you’ll let everyone down. Find the geographic and demographic location of the people interested in your business, and try to figure out their activities and hobbies to target them better.
Most entrepreneurs make one vital mistake when trying to market their business: they try to sell before analyzing the market. How do you know an idea is a good idea if you don’t know your competition? For example: if you’re an entrepreneur selling shoes online but you can’t differentiate yourself from the other thousands of similar online stores, it will be impossible for you to develop an efficient marketing campaign and gather loyal customers. Figure things out and think outside the box. Bright ideas matter the most, however they don’t come easy.
Are you ready to negotiate and help your business grow?Whether you’re bargaining with vendors, customers or investors don’t forget the number one rule of negotiation: preparation. As long as you have a clear, straight and honest answer for each question that comes your way, chances are your business is a winner. Don’t be afraid to take a risk to see what happens. Your best teacher is the last mistake, so learn from it.
Text by Jason Phillips, Comvort Negotiation/Business blogger.