Negotiations are a major part of the day-to-day running of a small business. Whether you’re dealing with your employees, suppliers or customers, the same basic principles apply.
The key is to start with a clear understanding of your desired outcome and your chances of obtaining it. Be realistic. You’re unlikely to get everything you want – so be clear in advance about what your priorities are, as well as the concessions you’ll offer in return.
Getting this groundwork right is half the battle, but you also need to make sure that as many aspects of the negotiation as possible are stacked in your favour. Choose a time and place that suit you. If appropriate, bring along colleagues with expertise in the areas being discussed. And always pay close attention to what the other party is saying. Look for clues as to their bargaining priorities. Which issues might they make concessions on? Which issues won’t they budge on?
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