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By Suhaib Mohammed
One of the most important things in life and particularly in business is negotiation. It is what elevates smart entrepreneurs, puts them ahead of competition, ensuring that they get the best deals. They know how to close big business deals to their advantage, communicate better pay, and persuade the best minds to work for them. To increase your business success, you need to master the art of negotiating. Here are 7 tips to get you started:
Tell your opponent what you want
Smart entrepreneurs are upfront when negotiating for business deals. They politely tell their opponents exactly what they want – “Sorry, I can’t set my price below N20,000 because this will crush my ROI.” They don’t sugar-coat their words and this makes them appear powerful and puts them in control of the deal. You must sound confident when entering into a negotiation.
To win any time you enter into a negotiation, you need to carefully study the other party. Try to understand their end goal and know exactly what their pain points are. Experienced entrepreneurs know that to succeed in a negotiation, it is important to arm yourself with your opponent’s information, because only then can you close the deal to your advantage.
Focus on their vulnerability
Now that you have done research on your opponent, pay attention to the areas where they are most vulnerable. It may be an issue they are having at work or even a favorite pastime. Deploy all your persuasion techniques on that subject to get them to give in and do things your way.
Show them how to solve their problems
When smart entrepreneurs know their opponent’s problems, they have already won the first half of the deal. All that they need to do is “look for ways to exploit that pressure in order to achieve a better result for themselves,” said Ed Brodow, a negotiating expert and the world’s top spokesman. “You will feel more powerful when you recognize the reasons for the other side to give in.” he continues.
At the heart of negotiation lies the art of listening. Listening is powerful but often overlooked when negotiating. Smart entrepreneurs have the habit of talking less, throwing open-ended questions, and paying attention to the other party. When you listen, you will get a better understanding of your opponent’s direction and it will give you the edge in negotiating better deals.
Have “No” as an option
“No” isn’t necessarily a bad thing when negotiating. In fact, smart entrepreneurs consider the option of rejecting a deal as a must-have skill in a negotiation. Brodow says the one formula any negotiator should have handy and deploy in negotiation is this: “Always be willing to walk away.”
Don’t be in a hurry
You need to stay calm and focused when discussing a deal with your opponent. If the other party realizes that you’re eager to seal the deal, it may send the wrong signal and you don’t want this to happen. Stick around, and use all the mentioned tips to get the best deal that will take your business to the next level.
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234Finance is an online hub that promotes African Entrepreneurship. We feature small and medium sized businesses on the platform, shedding light on the current and future developments in diverse sectors across Africa. We also provide free resources, share opportunities and events on our platform that entrepreneurs can benefit from and thrive in Africa’s tough business landscape.