Negotiation essentials – what you need to know
In business, the art of negotiation is key. Play your cards right and you could negotiate preferential deals, agreements and partnerships that can put your business ahead of the pack. But what does good negotiation look like?
Fortunately, it doesn’t mean you have to be sneaky or unpleasant – you just need to follow some important rules.
- Stay true to yourself – the fastest way to lose in a negotiation is to follow someone else’s playbook. If you’re trying to adopt a technique that doesn’t sit right with you, let it go. There are so many ways to negotiate, and you have to find the one that suits you.
- Be prepared – get as much information as you can about the position of your negotiating partner. This will help you see where you can compromise and where your best leverage lies. If you need help preparing for a negotiation, talk to us.
- Be ready to walk away – not all negotiations work out, and that’s fine. If you’re clear on what you’ll do if the negotiation fails, you’ll be less likely to give up too much.
Negotiation is part of owning a small business. It can be intimidating but it's worth remembering that if you aim for a mutually beneficial outcome, both parties win. You'll have a good result and a strong ongoing relationship.
Read more about Five important business negotiation strategies.