Photo by Thomas Drouault on Unsplash
Everyone wants to get the best deal possible on anything they require in life. Unfortunately, we’re also all out to make money and establish comfortable buffers in our bank accounts. It’s logical to want the highest profit margin and surprisingly, it’s easier to achieve once you work with the fact that your services and suppliers also want this in mind. By establishing mutually beneficial terms, negotiation becomes far easier, and here’s how to do it:
Inviting your suppliers into your office for tailored meetings is one of the easiest ways to build rapport. Creating a relationship should be at the top of your to-do list. Once you know the person you’re negotiating with, it will be easier to find trade-offs that work well for both of you. Gone are the days of having to drop half your yearly budget on rent thanks to the best serviced and virtual offices so invest in a location that suits your needs and represents your business well.
Now that you know who you’re dealing with, organize everything behind the scenes before you go for the close. Go over the notes you made about them when you first decided you wanted to do business and compare them to what you know now. It’ll be a lot easier to plan your strategy with all the information in front of you. It will help if you can source information about similar deals they’ve made so you’re aware of how things will likely pan out. Pair this up with a solid knowledge of what’s on offer from the competition and know where you’re willing to compromise. Don’t forget to pay attention to the smaller details, even having their favorite coffee or snack at the meeting where you intend on closing could benefit you.
Play Hard But Fair
As you likely already know, the initial draft of a deal will hardly ever go through. You’re already in a better place than you would have been if you didn’t take the time to do the groundwork before this point but you may be able to squeeze a little more out of the deal. Now is the time to listen to feedback from the other party and find ways for you both to get as close to possible to your ideals. Conceding on things that seem small to you might make a pretty big difference to your supplier or service provider and can win you something big if you play your cards right. Make sure that this stage stays fair and balanced and never give up something without getting something in return.
Make Your Pros Theirs
The other three tips in this article are designed to follow a chronological pattern but this one can be slotted almost anywhere into the process once you know who your business contact. The simplest way to get what you want is to show how it benefits the person from which you are trying to get it. Identifying and showcasing how giving you the best deal also helps your supplier or service (higher-order quantities, exclusive supply rights, etc.) can help you speed up the negotiating process and get what you want. Make sure that all your points are genuine and that you can follow through on what you’re promising then go for gold.
Negotiations will always play a major role in running a business so knowing how to complete them successfully will benefit you greatly. Follow these tips, maintain strong, ongoing partnerships, and the rest will fall into place.