Negotiation has big impact on our personal and professional lives. We negotiate on everyday basis and the outcomes of these very important dialogs can be essential for the success of every business. Successful negotiation can be the key to the growth of your startup and entrepreneurs must learn how to master the art of effective negotiation. Within a startup, negotiation skills are required and entrepreneurs must be aware of the importance of improving their personal negotiation skills and the negotiation skills of their team and employees.
With these five tips you will improve your negotiation skills and feel more confident during every important discussion.
Pick the right place
When you know that you will be having very important conversation and that you will need to negotiate with the other party, make sure that you choose the right place. It is never a good idea to make the appointment in the office of the other person. It gives them the advantage. If it is impossible to schedule the meeting in your own office, better try to choose a neutral place where you can hold the meeting. The environment really matters when we talk about successful negotiation, so be careful where you schedule important meetings.
Give yourself time
In business, people negotiate until they reach to a decision which is suitable for all the sides. When you make an offer, for example about a certain amount of money, don’t rush to lower your offer just because you see the other person is about to refuse. Give your interlocutor enough time to consider your offer without looking like you are ready to give up. Give yourself some time and be confident in what you are offering and you will increase your chances of better outcomes from the negotiation.
Don’t rush to say “Yes!”
Even if you hear the offer that you like at the first moment, don’t rush to accept it. If this is the first offer, the other party is still ready to negotiate more which means that you are able to receive even better offer. Use some time to think on the offer and see what else you can achieve from further negotiation.
Be ready to say “No!”
Saying “No” is very essential word and entrepreneurs must be ready to use it when they are not happy with something. It is important to know what you are really searching for and don’t settle for less. Entrepreneurs often fear rejection and are willing to accept any offer because they doubt their chances. If you don’t hear what you need to hear as an offer, be ready to reject it. You may receive better offer. If not, then it is time to move on. Your startup deserves as much as you think it deserves and making the right decisions sometimes requires stepping back and looking for another opportunity.
Don’t look for advantage, look for balance
It is important part of every successful negotiation to make sure that both sides are satisfied and are receiving fair deal. Every participant in the negotiation must be a winner and this is what makes the negotiations that important for startups. Seeking honest partners who respect the business of others is essential for the business world. As an entrepreneur, you must be ready to work on improving your negotiation skills in order to contribute to the entrepreneurial ecosystem.