Deals. Deals. Deals. As an entrepreneur you make a deal every single day – salary negotiations with new employees, investment terms with your investors, prices with your partners, the list goes on and on. Closing deals takes up a big part of your business, so make sure that you know how to handle it well.
Closing great deals requires ably negotiation. Your negotiation skills will determine the success rate of the deals you make. Level up your negotiation skills by following these five tips. You won’t regret it!
Do your research
Learn about the person or the company you are negotiating with as much as you can. See what types of deals they have closed in the past, what were the terms, what their partners have to say about them. Preparation is a key and data is power. Having enough information will help you determine and negotiate better terms.
Nothing beats face-to-face meetings
To close a good deal sometimes you may need to negotiate the terms for a long period of time. While long-distance calls and email communication can help you keep in touch, the best way to make a great deal is to connect face-to-face with the person you negotiate with. No wonder many entrepreneurs travel a lot – they know that if they want a good deal, they need to be there in person. So, start packing!
Leave enough space for negotiation
Many entrepreneurs ask for exactly what they need (some even for less) without leaving enough space for negotiating the terms. If you want to get what you really need and want, ask for more, for some additions and perks, or simply for a higher amount. This approach more likely will get you what you want, in times even more.
Give yourself enough time
Many deals take longer to be closed. Don’t get discouraged if you don’t get what you want in a day. Accept the negotiation as a process that has a certain amount of steps. Enjoy this process. Take the opportunity of time and use it to think, to oversee the terms, to get another perspective.
Aim for a win-win situation
A deal to be great must be great for both sides. Approach the negotiation with the mindset that you are working towards closing a deal that satisfies both sides equally. Closing deals isn’t just about the money – it is about bringing value, building long-term relationships and gaining strategic partnership. At the end of the day, make sure that all sides are happy.