Mastering the art of negotiation in business

Understanding the art of negotiation can facilitate you to secure the best deal. Whether you are in retail, marketing or distribution, good business deals, akin to any other negotiations, are based on striking a favourable ground for either side.

Understanding the art of negotiation can facilitate you to secure the best deal. Whether you are in retail, marketing or distribution, good business deals, akin to any other negotiations, are based on striking a favourable ground for either side.

Great negotiators make best use of what they need from a deal, while simultaneously offering the other side the best offer.

A terrible negotiator, on the other hand, is not ready to strike middle ground and easily wants to edge out the contrasting party.

So, how best can you go about this?

Firstly, be aware of the highest and the lowest stake in any deal. 

If, for instance, you negotiate to supply ice cream to a supermarket and the price range is between Rwf300 and Rwf500, you do not need to quote your price below Rwf300 or go beyond Rwf500.

Any price set within that range would set the centre stage for successful negotiations without any indication of upsetting either party.

Debunk the myth of winner takes all mentality. Allow the other side some breathing space to negotiate. You need to be flexible and always calculative. Know your emergency bet, the least you can offer and still gain. This would always offer you the best chance to negotiate thus creating a win-win situation for either party.

Most importantly, always be the first to blow the trumpet over a deal by setting the negotiations limit.

Offer options to the other party. This would facilitate him/her to make the best bet for his gain. Create an atmosphere, in which you are all happy to enter the deal. This would make your negotiations smoother.

Once negotiations are successfully concluded, you will have curved a niche as a good negotiator, built trust and enhanced your business.

 

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