THE ART OF NEGOTIATING LIKE A WOKE ENTREPRENEUR
If you’ve run a business for a number of years, you’ll have had plenty of negotiation practice with customers and suppliers but being a newbie will require you to learn this art. Most people never get training in negotiation, yet it is one of the most essential skills in business and in life.
Some people try to go in and beat the other person upon a price. Other people are really intimidated, reticent, and afraid to ask for anything. Those people negotiate softly and often end up acquiescing. Other people are great at building rapport, but the moment the conversation turns toward price and terms, all of that rapport disappears. They make a conspicuous switch from conversation mode into negotiation mode. Understanding your default signature helps you know what you’re working with. This is a particularly critical step toward growth as a negotiator.
It’s human nature that in any negotiation, one party will be eager and the other will be reluctant. Now that might not be true every time, but it’s probably true 80 per cent of the time. You might hate gambling, but given an 8per cent odds, and you will play the tables all day. You just have to throw down when you’ve got those odds.
Fully consider the other side’s viewpoint and limitation. Carefully valuate your leverage with that of the other party. Determine the deal points for both sides and compare your leverage and their leverage then build pricing power into your product or service.