Useful Habits for Rocking Your Contract Negotiations
Entering into contract negotiations can be stressful for anyone. Often, losing a contract means losing a substantial opportunity for your business, so many business owners become understandably nervous about making mistakes during negotiations. These habits will help you remain cool and collected during your next negotiation, and turn a nerve-racking situation into an advantageous one.
Planning is Key
Even the most experienced and talented negotiators take the time to prepare before beginning negotiations. Creating a game plan ahead of time means that you know what your end goals are, and what you’re willing to give up. Without good preparation, it’s easy to get caught up in considering the tradeoffs of proposals and remain too closed off to complete a deal.
Good preparation also means you’re able to take control of the situation. By keeping your priorities straight, you’re able to formulate conversation that favors your side of the deal and avoid being dragged down by areas of conversation that don’t contribute to your interests. More information about the needs of the other party means more leverage, so planning ahead goes a long way.
Know What You Want - And What They Want, Too
Listening is key when it comes to contract negotiations. Knowing what each side wants out of the deal means you’re able to hedge expectations or make your side more preferable by offering what they need most. In most contracts, everyone makes concessions. Making both sides feel that they’ve got a good deal is key to keeping negotiations running smoothly, and often opens up closed-off deals to more opportunities.
Never open up a deal with your true bottom line - doing so eliminates any room for concessions. Be prepared to make concessions, and as such, start with a more aggressive approach. This allows you some flexibility in negotiations and enables concessions while keeping the original goal. If concessions aren’t necessary, then you’ve secured yourself a better deal than expected.
You Don’t Have to Do It Alone
You don’t have to be an expert negotiator to get what you want out of a deal. The advice of a professional business coach can be invaluable to your business’s contracts. While you may not have a lot of experience in negotiations, someone who has gone through the process many times before can give expertise and guidance pertinent to your business. With the help of Business & Beyond, LLC, your next negotiations won’t be a struggle. Turn them into an advantage by getting in contact with us today.