The Important Of Deal Making & Negotiation Art In Business

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The Important Of Deal Making & Negotiation Art In Business

The Important Of Deal Making & Negotiation Art In Business

Years back I realized making deals are great! And was also necessary to push the career, and business aspect of any entrepreneurs ahead not matter how successful they are in business. But before then, I suffered the consequence to have been blank on this aspect because I grew up in a situation where I don’t negotiate given task. A situation that looks like one is conscripted to carry out activities, even if you don’t like it. Saying “No” was not a decision. So, with such grooming, it was fortunate to only learn the act of deal and negotiation after several business regrets not negotiating to benefits, even if I could lose. Sometimes I would accept a deal even when it was not favorable to me. Not because I am being afraid, but because I assumed how people would feel to turn down a quest for business deal, and after such deal it becomes a burden to feel cheated not getting what was aimed for. Not until I understand the word ‘’No” for reasonable and necessary dealings and negotiating, I lived few years struggling negotiation even in transacting without benefit. What then is the need of doing business if you can’t negotiate to favor your business is simply behind the title: “ the Important of deal making & negotiation art in business.”

I have read many people complains on how they were or being cheated, this is simply because it is dangerous to take things you do not understand, when someone is being blindfolded from reality and not bold enough to decide a back off when deals seems not to be favorable. Many persons in join partnership in business feel cheated because a situation where one may have done the task to grow the business, make the money and being the fact you didn’t finance the business from start, your partners takes a huge amount of every profit. Most times people who are much involve get 30 percent from the monthly stipend. What define the art of making deal and negotiation according to wordweb dictionary, deal is stated as: “An agreement between parties (usually arrived at after discussion) fixing obligations of each”, while negotiation is “The activity or business of negotiating an agreement; coming to terms.”

In having a sustainable deal, we need to be bold to make money, simply making deal skill will serve your time and time again. You need to learn to be bold and ask for more and more again. If you are going to deal and trade and swap, you have to learn the art of negotiating. Basically, the art resolves around making other person feel they are getting as much as you are. The art of good negotiating will stand anyone in good stead in so many situations

Steps of the Negotiation Process

Step 1: Prepare – The first step in the negotiation process is to ensure that everyone is ready the actual negotiation. Before you begin negotiation walk through the steps in your mind of what you are going to do, and think of different situations that may occur and how you are going to handle them. If you need to, do some research beforehand. For instance, if you are preparing to buy a washer and dryer, you may want to read some reviews online or check out some price points of models that are available to see how low you can negotiate your price.

Know what you want from the process. Make sure you understand the needs of the people involved and be able to understand different positions and interests. Know your priorities and be able to identify boundaries.

Determine how to get there: Know what resources you can tap into, develop a strategy that you can work with, and have a walk-away position. Set a time and place: Once you have all the information you need, set up an appropriate time and place for the negotiation to take place.

Ste The Important Of Deal Making & Negotiation Art In Business

Years back I realized making deals are great! And was also necessary to push the career, and business aspect of any entrepreneurs ahead not matter how successful they are in business. But before then, I suffered the consequence to have been blank on this aspect because I grew up in a situation where I don’t negotiate given task. A situation that looks like one is conscripted to carry out activities, even if you don’t like it. Saying “No” was not a decision. So, with such grooming, it was fortunate to only learn the act of deal and negotiation after several business regrets not negotiating to benefits, even if I could lose. Sometimes I would accept a deal even when it was not favorable to me. Not because I am being afraid, but because I assumed how people would feel to turn down a quest for business deal, and after such deal it becomes a burden to feel cheated not getting what was aimed for. Not until I understand the word ‘’No” for reasonable and necessary dealings and negotiating, I lived few years struggling negotiation even in transacting without benefit. What then is the need of doing business if you can’t negotiate to favor your business is simply behind the title: “ the Important of deal making & negotiation art in business.”

I have read many people complains on how they were or being cheated, this is simply because it is dangerous to take things you do not understand, when someone is being blindfolded from reality and not bold enough to decide a back off when deals seems not to be favorable. Many persons in join partnership in business feel cheated because a situation where one may have done the task to grow the business, make the money and being the fact you didn’t finance the business from start, your partners takes a huge amount of every profit. Most times people who are much involve get 30 percent from the monthly stipend. What define the art of making deal and negotiation according to wordweb dictionary, deal is stated as: “An agreement between parties (usually arrived at after discussion) fixing obligations of each”, while negotiation is “The activity or business of negotiating an agreement; coming to terms.”

In having a sustainable deal, we need to be bold to make money, simply making deal skill will serve your time and time again. You need to learn to be bold and ask for more and more again. If you are going to deal and trade and swap, you have to learn the art of negotiating. Basically, the art resolves around making other person feel they are getting as much as you are. The art of good negotiating will stand anyone in good stead in so many situations

Steps of the Negotiation Process

Step 1: Prepare – The first step in the negotiation process is to ensure that everyone is ready the actual negotiation. Before you begin negotiation walk through the steps in your mind of what you are going to do, and think of different situations that may occur and how you are going to handle them. If you need to, do some research beforehand. For instance, if you are preparing to buy a washer and dryer, you may want to read some reviews online or check out some price points of models that are available to see how low you can negotiate your price.

Know what you want from the process. Make sure you understand the needs of the people involved and be able to understand different positions and interests. Know your priorities and be able to identify boundaries.

Determine how to get there: Know what resources you can tap into, develop a strategy that you can work with, and have a walk-away position. Set a time and place: Once you have all the information you need, set up an appropriate time and place for the negotiation to take place.

Step 2: Open— In the opening stage of the process, you will identify your needs with the other party.

Be confident and demonstrate to the other party that you know what you are doing.

State your case: state your case by painting the context of your negotiation, verify you need and what you want as a result, and position yourself to frame the outcome appropriately.

Step 3: Exchange Views—Some people can refer to this as the “arguing” stage, but it is more appropriate to say that you are simply exchanging views with the other party. In such instances as a collaborative negotiation, the arguments may be gentle and polite, so it all depends on the situation the negotiation is taking place.

Respond to the other party’s views or argument by minimizing their benefits to you, weakening their argument, or managing their needs all the same. Strengthen your argument by maximizing the benefits for them, strengthening your truth, and legitimizing your needs.

Step 4: Explore— In the exploration stage, usually no agreements have been made other than early positioning. Both sides have established what they want, and now they can both move forward to reach an agreement.

Find areas where you both agree. Both parties can agree on some things, so make sure to find areas of difference that can be amplified into agreements.

Once you know where you agree and disagree, then you can work to find ways to reach an agreement by looking into criteria and outcome. Move forward by seeking variables, managing information, and keeping your main goal clear and flexible.

Step 5: Signal—The phase of signaling in the negotiation process is when both parties let it be known that they are ready to move forward with their position. Signaling indicates the willingness to negotiate certain terms.

Show the other party that you are ready to move forward, wait for their signal, and move towards concession.

Three (3) ways of making Negotiating deal

1. Using the money method

The money method involve using money to get what you want. You have to talk price to the least amount before paying.

2. Bargaining method

The bargaining method you don’t want to miss a life opportunity simply because you don’t have the full commitment financially. This is where bargain comes in, using your asset to get available values. Please never attempt using your business or home for such deal. It usually doesn’t go well especially when it involves bank loans.

3. Begging method

This method is important if you consider not having the money, you could use anything to exchange, to meet requirement in deal; then use such method. Though it may not always be accepted, one needs to make a commitment of what they can give.

Rules of Negotiating you need to know:

• Go for the best deal you can possibly justify. Coming down later is easy; going up later is impossible.

• Create more variable – discounts, delivery, payment, stage etc.

• Don’t make concessions, trade them.

• Find out exactly what want (what they’ll trade or concede) get the list before you start negotiating. Hide yours.

• Negotiate successfully for everything you want at the beginning – you can’t negotiate afterwards, no one will go back over a contract you’ve signed when you realize you don’t like it.

• Stay cool and patient.

• Understand what they are not saying as much as what they are – watch their body language and facial expression.

• Always know as much you can before you start a deal negotiation – knowledge is power, because it put you in a competent state.

• Always be prepare to give up things to secure other things – be flexible and fluid

• Know the important of each point – some you can let go of, to some you can’t.

• Also understand that negotiation isn’t just about stuff – it has powerful emotional ramifications as well.

• Always aim to win.

In every business negotiation deal, know the bottom line – the point beyond which you will not go.p 2: Open— In the opening stage of the process, you will identify your needs with the other party.

Be confident and demonstrate to the other party that you know what you are doing.

State your case: state your case by painting the context of your negotiation, verify you need and what you want as a result, and position yourself to frame the outcome appropriately.

Stage 3: Exchange Views—Some people can refer to this as the “arguing” stage, but it is more appropriate to say that you are simply exchanging views with the other party. In such instances as a collaborative negotiation, the arguments may be gentle and polite, so it all depends on the situation the negotiation is taking place.

Respond to the other party’s views or argument by minimizing their benefits to you, weakening their argument, or managing their needs all the same. Strengthen your argument by maximizing the benefits for them, strengthening your truth, and legitimizing your needs.

Stage 4: Explore— In the exploration stage, usually no agreements have been made other than early positioning. Both sides have established what they want, and now they can both move forward to reach an agreement.

Find areas where you both agree. Both parties can agree on some things, so make sure to find areas of difference that can be amplified into agreements.

Once you know where you agree and disagree, then you can work to find ways to reach an agreement by looking into criteria and outcome. Move forward by seeking variables, managing information, and keeping your main goal clear and flexible.

Step 5: Signal—The phase of signaling in the negotiation process is when both parties let it be known that they are ready to move forward with their position. Signaling indicates the willingness to negotiate certain terms.

Show the other party that you are ready to move forward, wait for their signal, and move towards concession.

Three (3) ways of making Negotiating deal

1. Using the money method

The money method involve using money to get what you want. You have to talk price to the least amount before paying.

2. Bargaining method

The bargaining method you don’t want to miss a life opportunity simply because you don’t have the full commitment financially. This is where bargain comes in, using your asset to get available values. Please never attempt using your business or home for such deal. It usually doesn’t go well especially when it involves bank loans.

3. Begging method

This method is important if you consider not having the money, you could use anything to exchange, to meet requirement in deal; then use such method. Though it may not always be accepted, one needs to make a commitment of what they can give.

Rules of Negotiating you need to know:

• Go for the best deal you can possibly justify. Coming down later is easy; going up later is impossible.

• Create more variable – discounts, delivery, payment, stage etc.

• Don’t make concessions, trade them.

• Find out exactly what want (what they’ll trade or concede) get the list before you start negotiating. Hide yours.

• Negotiate successfully for everything you want at the beginning – you can’t negotiate afterwards, no one will go back over a contract you’ve signed when you realize you don’t like it.

• Stay cool and patient.

• Understand what they are not saying as much as what they are – watch their body language and facial expression.

• Always know as much you can before you start a deal negotiation – knowledge is power, because it put you in a competent state.

• Always be prepare to give up things to secure other things – be flexible and fluid

• Know the important of each point – some you can let go of, to some you can’t.

• Also understand that negotiation isn’t just about stuff – it has powerful emotional ramifications as well.

• Always aim to win.

In every business negotiation deal, know the bottom line – the point beyond which you will not go.

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