Negotiation is a key aspect of every entrepreneur’s business life. To make their companies thrive, entrepreneurs must possess solid negotiation abilities. Mastering a personal style will help you close fabulous deals and build the strongest relations. Unfortunately, not all entrepreneurs have what it takes to make it in the business world. The industry is incredibly competitive, and you won’t succeed unless you learn to negotiate. Some techniques are trivial and they’re used on a large scale by almost everyone. In contrast, there are negotiation strategies only a skilled negotiator can hold in. Here are some unique tactics you might want to take into account.
Money doesn’t build relations
When entering a business negotiation, the parties involved are generally centered on a main purpose – to win a bigger share of the prize. Basically, the person who walks out the door with more money is the winner. The truth is, it’s not always about the money, especially if you’re a newbie entrepreneur with things to learn and people to meet. If you just started a company, it’s more important to build connections rather than get more money from a negotiation; sadly, connections don’t come cheap and if you want your company’s logo to appear on the Facebook page of a notable company, you may have to approach negotiations a bit differently.
Social media exposure is golden
In today’s advanced society, social media exposure is golden. Entrepreneurs must learn to cherish the power of the internet in order to help their businesses thrive. One of the smartest ways of getting your start-up off the ground is to partner with someone who’s already an established business entity. Your negotiation approach should be aimed at what you want to achieve, even if that could involve some sort of concession making.
Social medial marketing is no longer seen as a passing trend, particularly since having a well-maintained presence on any of the “big three” platforms, is key to business. If you want to secure a place for your company in the digital and the traditional marketplace, you may have to make a deal with the devil.
Leverage – a lot more important than you think
Apart from exploiting the weak points of a counterpart, you should also focus on using your advantages as best as you can. Assuming that your company has something unique to offer, this means you have leverage. Your opponent will do anything to get that “something”. Only a smart business negotiator will know that serious negotiations are about to happen for the parties involved to reach an agreement.
Do you have what it takes to understand how important leverage is when negotiating? Surprisingly, many new start-ups are not aware of this advantage and they end up compromising too much. It’s certainly a good idea to establish a solid foundation as early as possible in the process. Prove to the other party that you know what you’re talking about. This will most likely intimidate opponents, not to mention that your company will instantly become more interesting to them. It can be tough to play catch-up when bargaining, so it’s a lot better to take a risk and to point a negotiation to your advantage.
Closing a deal with a win-win
Win-win solutions are not for losers, even though many people don’t agree with this statement. Entrepreneurs should value the great power of a mutual agreement. A win-win is not just about giving up things and compromising; it’s more about building connections and fostering relationships. New start-ups in particular, need business partners and for that to happen, they must be willing to collaborate.
Having a clear idea of your opponent’s priorities is just as vital as knowing your own. How would you act if you were in their shoes? When building an offer, you should also try and please some of your opponent’s demands, too. It’s ok to give up some things in exchange for others. Although you hold the power to manipulate an entire negotiation process, stay focused and don’t be greedy as nobody likes a devious entrepreneur.
Negotiating from the perspective of an avid entrepreneur can be tough, negotiation training can help you in it. As long as you know exactly what you need to make your company successful, your chances of closing deals with the finest partners are greatly enhanced. Don’t think about the money; think in the best interest of your start-up.