How to succeed in a business negotiation

You want to make a successful business negotiation? You are in the right place. To carry out any commercial transaction, thehe negotiation will be an absolute necessity. Sometimes these negotiations will shape formal deals with clearly defined objectives. In contrast, other trade negotiations are an ongoing process. Instead, they evolve in the way that suits best to the commercial objectives of the parties.

If you are looking to succeed as a business professional, strong negotiation skills will be essential.

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With successful business negotiations, you can start generating more revenue, along with better profits.

Conversely, if you fail to negotiate effectively and confidently, those goals will be severely set back. Successful negotiators in business use a specific set of skills.

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Using these six effective negotiation tactics can facilitate a variety of business interactions. THE negotiation skills are essential in business, whether you are a small business owner, employee or independent contractor.

In many business transactions, the negotiating parties have similar goals.

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Each side wants to leave happy in a win-win situation. However, drafting an agreement can be tricky. This is where trading strategies come into play.

In this blog post, Finance de Demain explains how become an expert in commercial negotiation.

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🌻 What is a business negotiation?

Business negotiation is a communication process aimed at reaching a business agreement. This process involves the confrontation of the expectations, interests, positions and points of view of the negotiators. There are two forms of commercial negotiation:

Negotiation in short sales cycle: the commercial offer is simple and it is possible to conclude the sale at the first contact.

Long sales cycle negotiation : the offer is aimed at large accounts (public authorities and businesses). Several meetings with different interlocutors are necessary to reach an agreement. The negotiation phases are quite long and sometimes include a call for tenders.

It is important to be well prepared for a successful sales negotiation. For this, it is essential to ask the right questions in order to build a solid and effective sales pitch:

  • What criteria will the negotiation be based on? Price ? Quantity ? Delivery delay ? The characteristics of the product or service?
  • What concessions can we make?
  • What counterpart to ask in exchange for these concessions?
  • What concessions is the prospect willing to make?

🌻What not to do in a business negotiation

When negotiating a business, certain factors must be taken into account. Here's what you shouldn't do:

🌾 Don't make assumptions

The key to a successful negotiation is preparation, which means more than knowing numbers and facts.

«To fail to prepare is to prepare to fail”, Fletcher said. Preparation means collecting and understanding hard data – for example, your peers – but it also means having 360 degree awareness.

This means knowing the needs, values, hopes and fears of the decision maker and the other party. Gather as much data as possible in advance and be prepared to ask solid diagnostic questions to gain clarity.

The more prepared you are, the better you will be able to navigate the negotiation.

🌾 Don't rush.

Negotiations take time, especially if you want them to go smoothly. Take time to establish a real relationship with the other party.

Share a little personal information that signals your openness and desire to connect. It can turn a negotiation from an adversarial battle into a productive conversation.

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Don't be afraid to take breaks, as they can help anyone take a step back and let go of unnecessary emotions. A negotiation doesn't have to happen all at once.

🌾 Don't take anything personally

Fletcher acknowledges that it can be easy to let your emotions take over during a negotiation, especially if it affects you personally.

But getting too emotional will hurt your productivity.

Challenge yourself to turn times when you feel attacked and defensive into times of curiosity where you can get feedback. Emotion can easily be used against you in a negotiation.

🌾 Don't accept a bad deal.

Negotiation can be a long process, tiring and stressful. It might be easy to settle, but accepting a deal just to get a deal is no good no matter what side you're on.

It is important to remember that a deal is not necessarily better than no deal. It can be daunting when you've invested time and energy into closing a deal, but it's important to have that clarity.

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Ultimately, walking away from a deal should always be an option.

🌾Don't bargain too much

If you are lucky enough to have the upper hand during the negotiation, don't take advantage of it too much. Consider the consequences of over-negotiating: you might get what you want, but at what cost?

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Don't put yourself in a position where you can't resume a relationship because you're over-indebted.

However, you will need to do some things. In addition to negotiating the don'ts, here are some proactive tips for negotiating.

🌻 What to do when negotiating

🐲 Be the first to make an offer

Part of being a good negotiator is taking control of the deal. Making the first offer creates a standard for the contract, especially if you are the seller.

🐲Provide fixed terms instead of price ranges

Providing a price range only gives the advantage to the buyer. Buyers will focus on the lower end of the price range and get the deal locked in at that rate.

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🐲 Use words wisely when negotiating.

You don't have to talk about the whole negotiation. Say what you have to say and combine that with direct contact.

This direct approach builds trust, which makes the other party more likely to agree to the terms you offer.

🐲 Ask open-ended questions and be a good listener

Yes or no questions aren't as effective and don't produce detail or context.

Ask questions that help the other party understand how they benefit from the negotiation and make sure they understand the overall agreement.

Listen to their concerns and objections and respond to them with answers that avoid doubt.

🐲 Propose a win-win scenario

Any negotiations ending with a party benefiting from the agreement will lead to a defective business relationship.

One-sided negotiations diminish trust and rapport. You and the other party need to be assured that you are getting a fair deal.

🌻 6 Key Business Negotiation Strategies

Before embarking on a business transaction, you will need to develop reliable negotiation skills.

Often when discussing the sale price, salary negotiation, or real estate transaction, you come across a first offer that just isn't acceptable.

If you engage in a solid negotiation process, you may be able to soften the terms and take care of your results.

Consider these six effective negotiation tactics in your real business interactions:

🍂 Work towards a win-win situation

In successful negotiations, both parties leave the negotiating table feeling like they have won. In this sense, effective negotiators view their work as problem solving.

Ask yourself: what do I want and what does my negotiating partner want that neither of us have right now? Then come up with a deal that meets the needs of both parties and produces a better outcome.

🍂 Open the negotiation with a highball or lowball offer

If you are a buyer and you know what you are willing to pay, you can start by offering half of that amount. Even though you know the seller will never accept your offer, you have set a benchmark for further negotiations.

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This negotiation tactic could result in a lower price than if you had made a more reasonable offer to begin with. The same tactic applies if you are the seller: lead with a higher selling price than you are willing to accept.

🍂 Set ​​an expiration date for your offer

If you think you've made a reasonable offer, give your negotiating partner a deadline to accept it or walk away.

Be aware that even if you present the offer as "take it or leave itthe other person can always come back with a counter-offer. However, setting an expiration date forces the other party to get serious.

For this reason, it is one of the most effective negotiation tactics, and skilled negotiators employ it at various stages of the negotiation.

🍂 Use mirroring to show you care

Professional negotiation training often focuses on the mirror principle. Mirroring is the repetition of keywords used by your trading partner.

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The technique can be particularly effective when you repeat words that your interlocutor has just said. Mirroring lets the other side know you're paying attention to what they're saying, and it shows you're treating their point of view with special care.

🍂 Send hints with body language

One of the most subtle yet effective negotiation strategies is to sneakily display negative body language when presented with an offer you don't like.

Par example, if you are offered a low price, you could afford to flinch visibly.

This flinch can communicate your reaction on a more visceral level than any vocal response, and it can cause your partner to recalibrate.

The strategic use of body language can quickly simplify complex negotiations and lead to business success at the negotiation table.

🍂 Adopt the best alternative to a negotiated agreement

If both parties are steadfast in their positions, reaching a yes may be impossible for one or both parties. The Best Alternative to a Negotiated Agreement (BATNA) establishes the parameters of what happens if no agreement is reached.

For example, if a worker insists that he needs a raise to stay in his job and his boss simply refuses, a BATNA resolution could require the worker to stay in their job for six more months at the current rate, after which he will leave.

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While a BATNA has far more compromise than a successful trade resolution, it should ideally make concessions to both parties.

In this case, the employee has six months to find a better paid job and the employer has six months to find a replacement.

🌻In summary: successful business negotiation

Commercial negotiation is a means of communication, a necessary dialogue which makes it possible to find a possible agreement and to proceed with the transaction.

Here are 9 tips for a successful business negotiation:

  • Prepare your appointment, that is to say find out about your interlocutor, his company, the decision makers, the financial situation, etc.
  • Make a good impression, it is important for the future! Take care of your appearance and be punctual! In addition, advocate benevolence and be smiling!
  • Quickly identify goals of your customer is essential. Be careful, they can be explicit and implicit!
  • Anticipate possible objections allows you to be totally ready on D-Day and not be caught off guard.
  • Stay in control of your emotions, no matter how the interview goes and the attitude of the prospect.
  • Set yourself a goal precise to reach and a minimum threshold. You always have to know precisely what you want and what you cannot accept!
  • Addressing all decision-makers is essential ! If some are absent when you negotiate, at least try to contact them by email or phone and get an interview.
  • Use your skills and human qualities such as listening, kindness and empathy. Prefer cooperative negotiation rather than competitive !

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