• Negotiate Well to Get More From the Deal

    Offer Valid: 03/31/2022 - 04/30/2024

    Imagine this: you're driving your dream car home from the lot, wind whipping through your hair. It should be a moment of excitement, but instead, you have a sour taste in your mouth because of a difficult negotiation. The salesperson was trying to "win," and you feel cheated. One thing's for sure—you'll never set foot in that dealership again.

    Now imagine a better scenario. The salesperson went the extra mile to get you a slightly better price or interest rate. When it's time for another vehicle, you'll head back to the dealership and ask for your favorite salesperson by name.

    The Hidden Price of "Winning"

    When you're on the receiving end of a sales negotiation, it's easy to see the value of cooperation. No one likes to feel taken advantage of. When you're on the selling side, though, it's only natural to fight for the best deal you can get.

    If you're the car salesperson in the example above, you might be under pressure to meet quotas or maximize profits. But it's important not to lose sight of the big picture. Most experts agree that it costs far less to retain existing customers than attract new ones.

    Start by Listening

    How can you become a negotiator that people love to do business with? The answer begins before you ever sit down at the table. Get to know the other party. There might be a few points you already agree on that will make the negotiation smoother.

    Of course, remember to express appreciation and make the other party feel valued. You never know if you're being compared to multiple other offers. Treating your prospect to lunch or a cup of coffee can show them what type of business partner you'll be down the line.

    Give a Little, Get a Lot

    You'll also need to learn the other party's main concerns. Asking informal questions early on can provide clues. Think about how their priorities might complement yours. For example, if your top issue is profit margin and theirs is affordability, you may be able to negotiate a favorable payment plan. The other party feels that they're getting a deal, but you've orchestrated it to meet your goals behind the scenes.

    When you come to the negotiating table with your plan in mind, make sure to emphasize the sacrifices you're making and downplay the compromises you're asking of the other party. If you made any concessions to meet their needs, make sure they understand how hard you worked on their behalf.

    Close the Deal

    When you and the other party are ready to put pen to paper, make sure you come prepared. A professional-looking contract is begging to be signed. Little things matter, so make sure you have a few colleagues (and possibly your legal team) proofread the contract before it leaves your office. You can convert the PDF to Word to provide the finishing touches you need to seal the deal.

    Learn From Fellow Business Owners

    Join your local chamber of commerce and get the chance to network with other entrepreneurs to share tips and strategies.

     

    This Local Deals is promoted by Hopewell Prince George Chamber of Commerce.

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