MOBE Training: Negotiating for Business

MOBE Training: Negotiation is an important part of entrepreneurship. You have to negotiate to get the best deals at reasonable rates and the best quality, otherwise you will be spending a maximum on everything, and funds dwindle fast when you are on that situation.

People are hesitant about negotiate deals because they are not sure how to go about it. Like everything else, there is the right and the wrong way of going about negotiating to get better deals, and this list gives a few tips to use when negotiating for business.

1)      Know What You Want

MOBE Training: When you don’t know exactly what you want to get out of the negotiation, you could end up with anything, and sometimes that is worse than what you started with. Before you even approach someone for a better deal, know exactly what kind of deal you want.

2)      Prepare for the Negotiation Meeting

MOBE Training: Approaching a negotiation meeting without sufficient information is very counterproductive to your efforts because the other party may use your lack of knowledge to gain the upper hand in the negotiation process. Do a proper research of what you are negotiating for, and be reasonable when you ask. An unbelievably unreasonable offer will get you flatly turned out before the negotiation goes anywhere.

3)      Have a Negotiation Strategy

MOBE Training: Arrange your approach to the negotiation clearly.A basic negotiation strategy will start with an opening offer, which is the most important because it set a benchmark for all subsequent offers.Once you make an offer, the other party will either accept, reject, or counteroffer you. The other party might reject your offer and ask you to come with a better offer.That’s a situation you should never accept, it’s akin to negotiating with yourself, and the other party will just keep forcing you to lower your offer until they are satisfied.

Negotiation is an important part of life, especially in business. It’s a shrewd game of skill, smart thinking, discipline, creativity, and good timing. Emotions, egos, or luck have no place in the process. Poor negotiation skills can cost you a lot of money on things you really didn’t have to spend much for, so use the tips above to plan and executive your next negotiation successfully.