When you pictured your life as an entrepreneur, you probably didn’t envision it full of constant meetings and deal negotiations. But let’s face it – it is just part of the business, a very important part, actually. This is why losing a deal that you’ve worked on so hard is very upsetting, but it is an inevitable part of the game.
The chances that it will happen again are big, but this doesn’t mean that you should give up and quit. A defeat is a defeat only if you let it be one.
Before you leave it behind, take the time to evaluate the negotiation process and find out what went wrong. One of the most pro-active and constructive ways to do so is to ask for feedback.
There is always an opportunity to learn something new and valuable from every situation – you just need to ask for it. Here are three questions that will help you do that:
You do research before you begin the negotiation, right? So does the other side. Find out what was the information that made them hesitant. What part of the deal didn’t they like? Knowing this information and the resources they used, will help you work on improving the image of your company and the terms of your upcoming deals.
The negotiation of some deals takes more than six months, sometimes even more, depending on the deal. By understanding at what point from the negotiation process the other side started to hesitate, will help you improve your strategy and will save you a lot of time and effort in the future.
Competition is tough out there. More and more innovative companies come to the scene. Some of them have the opportunity to negotiate better terms for specific deals. By understanding how your competition won over you will help you evaluate your strong and weak sides of the deal and improve them in the future.