The success or failure of a business deal greatly depends on an individual’s ability to negotiate. Therefore, for you to strike as many business deals as possible, having the right negotiation skills is key. Negotiation is also essential for business success because good negotiation skills can help you climb the corporate ladder and acquire profitable contracts for your company.
It`s, therefore, necessary for you to know how to negotiate if you want to achieve success in business or in your career.
Here are 5 negotiation tips that you should embrace in your next business meeting.
1. Create a friendly atmosphere
It is important to create a friendly atmosphere during a negotiation process. It not only puts the other party at ease but also makes them share more information that you can use to your advantage.
2. Do not make the first offer
Making the first offer may work against you either when buying or selling something. When selling, you might set a lower price than what the buyer expected.
On the other hand, when buying you might set a price higher than what the seller was expecting. However, if you have to make the first offer, ensure that you set a very high price if you are a seller and a very low price if you are a buyer.
3. Act as if you are not desperate for the deal
The other party might set abnormal offers if they realize that you are desperate for the deal. Therefore, act as if there are many deals waiting for you somewhere else.
Few businessmen would want to delay a deal. Therefore, they will offer you a good deal if they realize you might cancel it anytime because you have other deals.
4. Display extensive knowledge on the subject matter
Knowledge shows the other party that they cannot deceive you by providing false information about the product or service on sale. Also, extensive knowledge proves that you are serious about the deal to the extent that you researched about it.
5. Lastly, you can pretend to walk out of the deal
You can pretend to walk out of the negotiation if all the other negotiation tips backfire. Walking out might force the other party to state his final offer especially if they are desperate to close the deal.
These tips cannot fail you if you embrace them when negotiating. However, these are not the only tips for successful negotiation.
Therefore, if you know other tips necessary for a successful negotiation, feel free to add them in the comment box below.
Bio: The author is Isaac Wechuli, a Kenyan entrepreneur, professional research writer, and founder of www.unboundedwisdom.com. He loves enlightening people on the factors that could help them live a happy, and successful life.