10 tips for negotiating business deals in 2019

Feb 7, 2019 5:28:19 PM Blog 24 Resized

Nowadays, business success and failure often come down to one thing: an ability to negotiate a great business deal. The start of the year is the perfect time for identifying your business goals for the year, and now it's simply a matter of making them a reality. How can you ensure 2019 is the year you take your business deals to the next level? Here are our top ten tips for negotiating your way to success.

1. Set yourself strategies

Go into negotiations this year knowing what you want to achieve, and how you're going to achieve it. Be confident and know what you want--you're more likely to command the respect you deserve this way. Confidence, but not arrogance, should be top of your strategy list.

2. Aim high

Do you think your business deserves the best possible deals? You should. Believe in yourself and what your business has to offer. Potential customers and business partners will respond to your optimism. Optimism and aiming high go hand-in-hand with confidence.

3. Be willing to walk away

Never be afraid to walk away from the negotiating table if you aren't making progress. The moment you lose your ability to say "no" to something is the moment you lose any negotiating power you've got. If the other side senses that you've got other options, and that you'll walk away without a deal, they're more likely to make concessions.

4. Don't be afraid

The best negotiators out there know that anything's possible, because everything's negotiable. Never be aggressive, but always be assertive. Remember, you deserve to be at the negotiating table. Don't be intimidated into concessions that you don't want to make.

5. Listen

Part of being a successful negotiator is listening to what someone else needs. Encourage the other side to talk, and take notes on what they say. Take time to reflect on your next steps if you need to. Most importantly, listen far more than you talk.

6. Ask questions

Ask the other party open-ended questions, not questions they can answer with a simple "yes" or "no". Listen to what someone is saying, and ask them questions based on what you're hearing. Great negotiators don't just talk. They investigate and identify exactly what the other side needs to make this negotiation work.

7. Do your research

Never go into negotiations unprepared. Knowing what's going on in the other side's operating environment will help you narrow down what's likely to be in dispute and where the problems are.

8. Take your time

You don't need to reach a decision right away. Take some time to think everything over, especially if there are obstacles. Never rush into any business decision.

9. Cover your bases

Always have a to-do list with you and make sure you cover everything. If you need to return to any issues, make a note of them.

10. Give to receive 

Don't make concessions without getting something in return, whether it's concrete assurances or a point in your favour. Negotiations should result in a great deal for both parties, not a unilaterally beneficial agreement.

For more negotiating tips and how you can apply these skills to everything from real estate to commerce, download our free ebook today and subscribe to our latest article updates.

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