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Category Archives: Business

Start Profitable Negotiating Business

The first thing is to start off small by advertising your services to small businesses and firms in your locality. If possible you can also educate them on the services of negotiators and convince them on why hiring a negotiation firm in 2011 will be in their best interest to help them achieve their business goals. You should know that you won’t be hired to help close a multimillion dollar deal in your first month of operation so your fees should also be very affordable.

Once you land your first deal, you should engage in a step-by step preparation, taking into consideration exactly what your client and the other party wants and how you can get them to reach a common ground which will be satisfactory to both parties. You should also control your nerves and prevent your emotions from betraying you even though you will likely find your first negotiation quite intimidating.

You should always try to be alert and find innovative options to break deadlocks during negotiations. This will undoubtedly increase your success rate and help you get continuous patronage from your clients.

You should also keep in mind that negotiation skills can be built upon which means you should always look for ways to make improvements on both your negotiation weaknesses and strengths. This will help you stay on top of the game for years to come.

Testimonials are very important in helping your negotiation business to become successful so you should always try to get written as well as video testimonials from clients after every successful negotiation. You should also set up a website where prospective clients can log onto to have a clearer picture of what you do, read your testimonials, watch testimonial videos, etc. This will also offer you the opportunity to increase your client base and thereby increase your revenue.

Small Consultancy Firms

1) Success

All parties involved want a successful conclusion to hours of negotiation. An unsuccessful negotiation means a waste of time, resources, and funds that no business can afford. So try to understand the other party’s point of view and be ready to give some ground, but don’t shift your stance completely.

2) Flexibility

Try to accommodate the other party’s point of view. Each side must shift its stand a little and meet halfway in order for the negotiation to be successful.

3) Focus

Do not let the negotiation meander through useless topics. Get down to the core issue and thrash out a deal. The side issues come later.

4) Don’t let Preconceived Plans stop you

You may have chalked out a negotiation strategy before sitting down at the negotiating table. However, there is no plan that cannot be altered for the sake of a favorable outcome.

5) Ego

Keep ego issues away from the negotiating table. This is not about winning the deal or making the other side agree to all your conditions, but thrashing out a deal that will be beneficial to all parties concerned.

6) Keep promises

If you promise something on the negotiating table, do not backtrack later. Not being true to your word can lead to loss of goodwill, and other potential clients can blacklist you.

7) Body Language

Not all communication is done through words. Study the body language of the negotiators to see how they react to your proposals. This will help you make proposals that they may be hesitating to articulate.

8) Sincerity

The deal will never go through if you are not sincere about making it work, especially if the other party senses this.

Negotiation For Small Business

Do Not Shy
The very first business negotiation tip for small businesses is that you should be willing to negotiate. There is no point in avoiding talking about money. At other times, people may be right when they believe that it is demeaning and rude; but when a business negotiation is going on, you cannot afford to be unwilling to talk about money. On the contrary, it may become an expensive affair.

Do Not Show Emotions
Another business negotiation tip for small businesses is that you should not involve yourself emotionally in the deal. Attaching yourself emotionally to win the deal will produce a negative impact. Emotionally involved people even start shouting, threatening and wanting to get their way by using any means necessary, resulting in a negative exposure of their image. Here, you should keep in mind that a deal can take place only when both parties believe that they are gaining something from it. On the contrary, such intense emotional behavior may force the other person to walk away from the table.

Don’t Be Deceived By Rules Tricks
One more business negotiation tip for small businesses is to not let the other person deceive you by showing you any type of rules. For example, if you make some changes in the contract before signing it and the other party tells you that you cannot make such changes, then you are stuck. In this situation, you must tell them categorically that since both the parties are signing the contract, it is not possible that only one party has the rights to make changes in the contract. Many experienced negotiators use these tactics because they understand that most of the people do not wish to break any rules. If it happens to you, then ask the other person to show you the proof of existence of such rules. However, if the other party has any objections, then they can be resolved by sitting together.

Should Become an Expert Negotiator

The work of an expert negotiator is to make sure that two or more parties making a transaction reach a common ground that is not just satisfactory but comfortable for everyone involved. The demand for experienced negotiators are increasing at an alarming rate with each passing day and this means there are so many job opportunities available in the expert negotiation field in spite of the bad economic climate the whole world is experiencing at the moment. You will never run out of work as an efficient expert negotiator.

Unlike other kinds of jobs that pay fixed salaries, there are no limits on the amount of money you can earn as an expert negotiator. This means you can literally write your own paycheck working as an expert negotiator if only you build a reputation as a competent one. With an increasing number of negotiation jobs, you will be gaining more experience which will boost your income levels.

Anyone can be train to become an highly successful negotiator with commitment dedication and strong will to succeed. It doesn’t require you to have a high level of academic degrees to succeed in the negotiation world and you can certainly become a competent negotiator with confidence, patience and the desire to learn the ins and outs of the industry.

You can train to become a negotiator whether you work full time in the corporate world or work from home and this can be a great additional stream of income. Within a few months, your income from expert negotiation jobs could become even greater than your regular salary.

Must know about Sales Negotiation Psychology

Sales professionals who can conduct effective sales negotiations are able to avoid losses, build profits, and close more sales. There is no doubt that success rates dramatically increase along with a sales executive’s business negotiation skills. Any person who strives for excellent results – not just average or good results – should invest in a very strong negotiation training program to fully enhance his or her skills.

What You Need to Know

As a sales professional, there are certain business negotiation skills that you absolutely must learn and cultivate. These include:

o Know how to find, pursue, and successfully close opportunities

o Effectively evaluate your sales negotiation performance and continually improve

o Learn how to ask the right questions to know what your counterpart needs

o Understand how to determine a counterpart’s sales negotiation style

o Know when to make concessions to ensure fairness and save value

o Build confidence through effective negotiation skills

o Enhance your cross cultural negotiating skills

o Know how to devise effective strategies to support the sales cycle

Invest in Consistent Improvement

Even if you think you possess strong negotiation skills already, you can never know enough. A good course in negotiating will teach you things that will increase your bottom line exponentially. There are so many nuances and fine points in the world of sales that no professional should ever be comfortable with his or her knowledge. You should always be seeking to improve yourself by partaking in negotiation training programs that will challenge you and build upon your abilities.

Info of Negotiating Technology Contracts

I receive at least three calls each day from technology vendors interested in selling something: hardware equipment, software tools, consulting services, etc. Usually, these calls are “cold”. My name somehow landed on a telemarketing list in the hands of some vendor who is calling me out of the clear blue sky hoping that what they sell somehow matches what I need. You can waste hours on the phone letting some non-technical, script-reading, telemarketer or sales representative chew your ear off about their latest and greatest gizmo. Very rarely do these types of calls ever translate into a real business opportunity.

The most popular cold call opening is “Good morning. This is Joe from the XYZ software company. We offer break through whatever solutions to help you reduce your total cost of ownership for whatever. Let me ask you, are your responsible for managing your companies whatever investment?” I get so many of these calls that I can answer them in my sleep. Years ago, I used to engage in some level of discussion with these people and it always went nowhere. Unless you really think they’ve got something you might want to buy, cut them off immediately. And just like any telemarketer, they have a scripted response for anything. If you answer the above question with “No. I am not”. The immediate response will be “Could you direct me to someone in the company that is responsible for whatever”. If you hand out a name and number, you’re just passing the buck to some other poor soul in your organization. My favorite response is “No. We don’t respond to phone solicitations.” Nine times out of ten, they will give up.

Sometimes, the cold caller will make another run at it and re-state their purpose or as they close the call, sneak in another sales pitch. “Yes sir. I understand. We offer something really great for your company and would love to send you a free trial version at absolutely no cost. Its free to try.” You could be tempted to say “Free? Tell me more.” Again, this type of response will just open up the sales speech flood gates and you will be wasting your time trying to get a word in edge-wise. Stick to your guns: “As I said. We don’t respond to phone solicitations.” is the proper response. If they make yet one more run at it, the final blow would be “Not sure if you’re deaf, but I said we don’t respond to phone solicitations. Tell me your name and transfer me to your supervisor.” You will either hear apologies or a dial tone. Either way, you’ve just gotten yourself off of a call list and will never be bothered again.

If you’re interested in buying something, you do the calling, not the other way around.

Put The Horse Before The Cart

Never begin looking for technology solutions without knowing what you’re looking for. Know the business problem you’re trying to solve. If you know you need a software package that automates statistical analysis, flush out a more detailed set of statistics requirements (types of model, sample sizes, etc.) before you begin to shop around. Usually, software products have bells and whistles that, although look cool, are not absolutely needed. Before you begin comparison shopping, define your basic technology and business requirements. Knowing what you really need will give you confidence and leverage in a negotiation.

Always Comparison Shop

No matter what, always evaluate multiple options. If you’re looking for software, don’t get excited and latch on to the first package that looks good. And certainly don’t give a sales rep. the impression that you’re overly interested in their solution. They will be less likely to move during a negotiation. The IT market is over abundant with hardware, software and services solutions. Probably, you will have many options to choose from. Be picky!

Create Your Game Plan

Before you begin negotiating a deal with any technology vendor, plan your negotiation carefully. I have included some general planning questions that you should answer in preparation for a negotiation. The questions I have listed below may not make sense for your negotiation, so feel free to modify them for the occasion. The point here is to prepare in advance. You don’t want to figure out the answers to these types of questions in the middle of a negotiation as it may give an inch to the sales person. I would even recommend writing the questions and answers on a sheet of paper for reference.

Tricks Effective Negotiating

1. Know the needs, and what you want: Before you begin any negotiations, it is essential to learn, discover, and be certain, you truly know, the needs, and being able to prioritize the most essential ones, from your wish – list! Don’t assume you fully know, and understand, but, rather, begin the process, by effectively listening, and learning from others, and using that knowledge, as a relevant guide. How can anyone properly articulate what he seeks, until/ unless he truly understands it, himself?

2. Budget/ financial restrictions: All too often, pseudo – negotiators begin the process, and then later, try to align the economic realities, to fit, what was negotiated! On the other hand, quality, professional negotiations, begin, with creating the budget, and then using that, as an important guide, in seeking what you need, and can afford.

3. Research; homework: Begin by doing your homework, and researching, and fully understanding, both, what you seek, but what, the other side, needs, and might be able to agree to! One should try to balance, making the best possible deal, with creating a win – win, scenario!

4. Proceed with genuine integrity: How can anyone hope to effectively negotiate, and get the best possible, meeting of the minds, unless/ until, he maintains absolute integrity, and avoids, the often – taken, easier path, of distorting the facts, and manipulating them, to attempt to take advantage?

5. Common interests/ common good: The focus of quality negotiating must be on creating an agreement, which works for the common good, and, which, both sides, believe, serves their needs. This means looking at all perspectives, and seeking a viable solution!

6. Meeting of the minds: The result will never be a good one, especially in the longer – term, unless there’s a genuine, meeting of the minds, and some, true, give – and – take!

7. Win – win: Those with negotiating skills, do not seek personal victory, but, rather, a viable solution, which all sides, feel, is beneficial! Those who proceed with this win – win, negotiating philosophy, and approach, generally, create the best results!

Secret to Successful Negotiation

1. Know the ‘pie’ – fixed or variable

‘Fixed pie’ negotiations are those where the only way I can get a better outcome is to get you to accept a lesser outcome. These never result in a win-win outcome. ‘Growing the pie’ negotiations include variables that creative negotiators use to create high perceived value for the other side at little cost to them. Thinking creatively can even allow you to turn a fixed pie into a variable one. Perhaps the asset (a motor vehicle) is fixed, but you could add variables like payment terms, advanced servicing or new tyres. The salary might be fixed, but flexibility of hours could add significant value for some candidates.

2. Know the impact

Will the outcome of this negotiation impact on any other current or possible future negotiations with the other party? You don’t want to compromise any negotiations going on now or set precedents that might disadvantage you at some time in the future.

3. Know which side is under the most time pressure

The side under the most time pressure has the greatest incentive to be flexible and may be prepared to give more as the deadline gets closer. If the other side is under the most pressure, your advantage grows daily. If the time pressure is on you, be aware this is a weakness and that if the other side becomes aware of it they will use it.

4. Know the relationship

Is this a one-off negotiation or are there likely to be future dealings? Is the relationship important to you? If the answer is yes, is it important enough for you to be more generous with your offer(s)? If the answer is no, will this change your approach and tactics?

5. Know the other side

Is their negotiation style primarily competitive or cooperative? How likely are they to try to bluff? If you haven’t negotiated with them before, is there someone else you know who has that you can talk to? Is there anything you can find out about them that they might not expect you to know? Anything you can do to compromise their confidence in their preparation is a useful tactical tool.

Generate Leads to Upscale Sales Target

This typically works out well and that what exactly called. It is nothing but a way of preparing your potential customers to your business and steer them to the extent of making them buy your products.

However, the question arises that when your product is already in good shape, then buyers will automatically be buying it. Then what is the need for this? Well, the answer lies in the kind of relationship you build with your potential customers.

It can be those strangers and potential customers that may show an organic interest in your business and might want to initiate a business proposal with you versus you as an owner of the business initiating a discussion with them. The former approach makes it easier for the future customers to buy from you over the given point of time.

In the concept of inbound marketing methodology, it comes with the level 2 stage of learning. Its role becomes significant when you have already attracted your targeted audience and are almost on the brink of actually converting those set of the audience into leads for your sales team.

Let’s talk about creating the best fit for the idea of lead generation into the inbound marketing methodology domain. For this, we first need to understand the concept of this in detail.

Suppose a visitor has come across your business, it could be through any means such as your company’s website, or a blog promoting your venture or even through a social media platform. Once he identifies if it interests him, he will try to look for a CTA button which is a Call-To-Action button. This CTA button actually will prompt him to take some more actions if he wants to get the information in detail.

Another form of generating leads us through a landing page through which you can understand the specific need of the guest who clicked to access that landing page.

Attaching a form with multiple fields is also a good way to generate leads. If this form is embedded in the website then you can capture the needs and requirements of the customer through his response in the given form.

Small Business Owners

1. Determine exactly what it is you want

Before you enter into any negotiation you need to do a little bit of homework upfront. This includes being very clear and very precise about exactly what it is you want. Then prepare a bottom-line compromise position. Have very clear outcomes defined i.e. I want this outcome, by a certain date at x price. This gives you room to move in your discussions, starting with your ideal position and stop at the line in the sand that you have drawn.

It also pays to know what you can’t accept. Being aware of your limitations ensures that you will not, in the heat of the negotiation, accept a position that will put you at risk.

2. Ensure you are negotiating with the person who has the authority to say ‘yes’

There is nothing worse than going through a negotiation and then find out that the person does not have the authority to sign off on the deal. Simply ask at the outset, “who has authority to sign-off on this deal?” and go directly to that person.

3. Aim for a Win-Win outcome

Negotiations do not have to be adversarial. This is one of the biggest mistakes people make when negotiating. If you go into them with a mindset of win-win, and aim to satisfy each of the parties involved, you are much more likely to be successful and the deal is less likely to come back and haunt you.