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Business negotiation is a difficult skill to master. A lot of focus is put on when you are in the room, but a successful negotiation starts long before that. To ensure you make the most out of your next negotiation here are some simple yet important steps you can take.
Managing Expectations
The
first thing to do is to ask yourself, what is the most I can expect to gain? Consider
the market conditions and who you are dealing with and based on that, make an
informed and reasonable estimate about the terms of a good deal. This is the
optimal scenario and the most you could reasonably stand to make. But odds are
you may not, in which you need to consider the next question:
What
is the minimum acceptable amount? Below a certain threshold amount, a deal is
not economical and not worth making. If someone makes an offer below this
amount you should obviously not accept it. The whole point of a negotiation is to avoid a bad deal so
you must be crystal clear on your reservation price. If you stick to these
steps you can ensure that you will end up with a deal that you are satisfied with.
As mentioned in The Negotiation Book by Steve Gates, founder of The Gap Partnership, there are six primary variables than must be considered.
Price (How much will I be paid?) Volume (How many – Which Products?) Delivery (When, Where and How Soon)The
Contract (The
length and conditions of the contract) Payment
terms (When
will I be paid – What currency – Down Payments?) Specification (The product – What is included in the deal)
For a
negotiation to be successful you should consider all of these factors to decide
the true value of a deal and not just consider the headline price.
Cultural Values Matter
Due to the international nature of trade, you
must pay atten… Read More
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