Way to Negotiate Business Debt

It is a bad idea to try to tackle debt negotiation individually. A debt problem is threatening and lonely. Having a good support system of friends and family will help relieve the stress of business debt. To actually help get rid of debt, seek out a debt consulting company to help organize, manage, and communicate with lenders to get a beneficial debt settlement.

Time can be a business’ enemy or friend, depending on how soon the debt is acted upon. Immediately contact creditors and explain the current debt situation. Ignoring lenders will make the situation worse. Tackling a debt problem in the early stages will make the process easier to resolve.

It is in everyone’s best interest to find a solution, so lenders should work with businesses to lower interest rates, increase the credit line, and restructure repayment options. Dealing with multiple creditors or collection agencies can take away from running the business. Reputable debt consultants can negotiate with creditors to settle debts for less than what is owed.

Creditors are terrified of losing the money they loaned out and need to remove the debt from their books. They will respond positively to efforts in starting the negotiation process of debt collection. Debt negotiation means creditors have the chance to recover some or all of its loaned assets.

Be prepared to put down some money. Lenders may want at least half of the loan up front. Creditors may not even negotiate until some money is given over. This is where a consulting company is useful – they could get businesses a lower upfront fee to begin negotiation.

When a payment is made to the creditors with a credit card or bank account, the creditor then has all of the owner’s banking information. If an owner gets sued during the process, the creditor has this information and can get at an owner’s funds easily. Instead of these payment methods, pay debt with a money order so information is secure.

Creditors are willing to settle for less in order to guarantee they get something back. Many business owners should expect to pay less for a lump-sum payment. Owners need to demand the debt be shown as paid in full on the credit report. Fully paid or debt satisfied is the kind of language owners want to see on a report. Debt still active is not want owners want.

Do not back down and accept a repayment deal that is too much for an owner to pay. Do not agree to any debt payment plan that cannot be afforded. Owners need to tell creditors what they are willing to pay. Let them know if they demand more, the owner will be forced into bankruptcy where creditors receive no payment whatsoever.

Find out how far a creditor is willing to go. If they offer three months at no interest, try to get six months. Always aim for a higher deal and understand how much negotiating room there is to work with a personal budget.

Negotiate With Credit Card Companies

By now you know that debt affects the way you live and even look at the world. Most people who are debt free have the ability to work towards their future. However, if you have debt, you will feel like a rain cloud hangs over your head no matter what you do. You need change in your life and the time for change is now.

Once you sit down and understand that a lot of the problems in your life stem from the stress from your debt, you will likely be ready to understand what I’m about to say. Your debt can be a thing of the past. It is as easy as searching out a debt negotiation business and letting them take care of the hard work.

They can usually drop up to 40-50{7321bd14b259fcf2621295902ea867e1193d482c35cb847d06f395fb5682e5c8} of your debt and this will take a tremendous amount of the time it takes to pay off your debt. After you setup a plan with a debt negotiation company, your work is already done. From what I’ve read, most people get out of debt within 12 to 35 months and end up being extremely happy with the fact that they are out from under debt.

Now you understand that getting out of debt is just as easy as pushing a button or clicking your mouse. If you are in debt and notice that it is affecting the way you live, then do something about it now and feel better about your life.

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.