Are you a good business deal negotiator? Do you want to improve your negotiation skills? Do you need some negotiation skills training ideas? If your answer to the second and third question is yes, then below are ten negotiation exercises and tips for entrepreneurs and managers alike.
“If you cannot negotiate, you will end up getting good deals at exorbitant prices or worse still, you will get nothing.” – Ajaero Tony Martins
Entrepreneurs and business people need negotiating skills as part of their business equation. These entrepreneurial skills will help you get the best deals and offer the best services to your customers, so that both parties are happy with the transaction. But not all entrepreneurs and business people are naturally born with negotiating skills. However, this is not to say that you cannot learn how to negotiate. So without wasting your time, below are the top 10 negotiation skills training tips for entrepreneurs that can help you hone and develop such skills.
Top 10 Negotiation Skills Training Tips and Exercises for Entrepreneurs
Tip #1: Plan and be prepared
“I feel that luck is preparation meeting opportunity.” – Oprah Winfrey
When transacting with a client, you have to be prepared with all sorts of questions and inquiries that might pop up while talking to the client. Therefore you need to prepare everything there is to prepare: presentations, FAQ’s, product knowledge and even your physical appearance must be prepared. You also have to prepare the lowest possible bid you are willing to give to your client.
Tip #2: Grace under Pressure
Sometimes dealing with clients and customers can become frustrating but that does not mean that you should lose your poise and temper. This takes you back to tip #1 as with being prepared, you retain your composure even when the going gets tough. By preparing your equip yourself with plans, alternatives and knowledge that can help you make it through the end of the negotiation; you will emerge a winner.
Tip #3: Organize yourself
Aside from planning, you also need to learn how to organize things. This gives you a strong foundation with your negotiation as it helps you become prepared. Organize your thoughts for smooth flowing transaction and to be able to lead your clients down a path that you want them to which is to do business with you.
Tip #4: Vocal Ability
This is one of the top 10 negotiation skills training tips for entrepreneurs that you need to hone even before you make your very first transaction. Sometimes, this is all you need really to make the transaction a success. You need to be able to deliver what your product is all about, why they will need it and why they should choose you with confidence.
Tip #5: Knowledge is Power
“The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a business owner.” – Rich Dad
Even before you come face to face with your clients, you need ample knowledge already about your product. You need to know every detail and the nitty gritty of your product to be able to deliver with confidence; as well as to be able to answer all their inquiries if they have any.
Tip #6: Integrity
“The most important thing in your business relationships is your reputation for honesty. If you can genuinely and sincerely fake honesty, you will be a success. Never doubt it.” – The Mafia Manager
“It takes 20 years to build a reputation and only five Minutes to ruin it. If you think about that, you will do things differently.” – Warren Buffett
Always remember that even if you are unsuccessful with a transaction, you need to maintain your composure and thank the client for their time. You never know they might find a need for your product in the future and if you have a bad reputation to them, you will lose the sale forever.
Tip #7: Give and Return
You can’t give away information that is sacred to your business if you won’t get anything in return. Make your conversation proactive and make sure that both parties have a say about everything. This will help you figure out if you should walk away from the transaction or if there is a possibility that you can make it work.
Tip #8: Discuss
Most of the time customers don’t always go for the first offer thus you have to be prepared to discuss. This is a skill that you should learn, as there is a good way of discussing things with clients that won’t make it seem like you are pushing too hard and that will annoy clients.
Tip #9: Be Willing to Walk Away
“Part of being a winner is knowing when enough is enough. Sometimes you have to give up the fight and walk away. Move on to something else that’s more productive.” – Donald Trump
“Sometimes by losing a battle, you will find a new way to win the war.” – Donald Trump
In line with tip #7, you should learn the signals of when you need to walk away. In every business, each product aims to satisfy clients but also as business you need to earn profit. If you feel like the transaction is going nowhere and you can’t push any further, be willing to walk away. Surely there will be many other people willing to transact with you.
Tip #10: Be Patient
This is a virtue that every entrepreneur needs to live by. Just be patient and you will see the rewards soon.
In conclusion, these top 10 negotiation skills training tips for entrepreneurs can greatly help you win a transaction and satisfy both the client and yourself. Try them out today, and I will see you at the top.