Negotiation is a part of owning a successful business. You need profitable contracts to survive. Those contracts are not going to be profitable unless you know how to negotiate properly. In fact successful negotiation tactics are one of the most important business growth strategies you can learn.

Avoid these mistakes

When undertaking negotiations, there are certain things you want to avoid. Here are three of them:

  • Don’t have it be wrong for them to have their position. Each side of a negotiation is going to walk up to the table with their own demands. That is not wrong. It is part and parcel of the negotiations. The idea is to work for an acceptable solution for both sides. If you take a position that their side is entirely wrong, you have already put yourself in a losing position.
  • Don’t give in to their demands. Stand for what you need and want. Negotiating does not mean conceding completely to your opponent. It means looking at both sides and trying to find a solution that is acceptable to the needs of both sides. If you start giving in to their demands, you will find yourself in a losing position, which makes the negotiations a loss for you.
  • Don’t create a losing solution. Always look for Win/Win solutions or re-solution. Too many negotiations end up with an agreement that no one is happy for. Everyone just decides to jot down things no one has a problem with. That means everyone loses. That is not the best of business growth strategies.

The main thing is to not to create an adversarial situation. You want to do business with these people in the long term. Making short-term victories in the negotiations may taint your long-term business relationship. And that is not a winning strategy.

How do you conduct negotiations?

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About the author,

With 14 years of experience in working with small and medium sized businesses to help them grow, Doug is committed to seeing business owners thrive. Business coaching is what drives Doug.

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