As a manager or business owner, inevitably a large portion of your time will be taken up by negotiations with business partners, suppliers, customers, team members and other stakeholders. Maximising the success of these negotiations – big or small – is key to accelerating the success of your business.
If you’re a good negotiator, you will be able to bring great clients on board on profitable terms, and then build successful ongoing relationships with them. You will also be able to forge constructive, win-win partnerships with your suppliers and service providers. Negotiating skills are also key to securing the best talent and building a successful team.
Though it comes more naturally to some people than others, negotiating is a skill that can be learned and developed. Here are a few of the principles that I have found to work well in practice:
1 Be prepared
The starting point is to do your research about the organisation or person you are negotiating with; the strengths, weakness and competitors for the product or service you are buying or selling; and the impact the deal or transaction will have on your business.
This story is from the April/May 2020 edition of Your Business.
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This story is from the April/May 2020 edition of Your Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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