Easy Negotiation Techniques

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As entrepreneurs, we all want to be able to do more business and do so more consistently. A big part of the evolution from novice businessperson to becoming an expert has to do with how well you negotiate. Negotiation is a big part of the entire process of being in business, ranging from working with your professional support team to potential funding sources to working directly with your prospective clients. Many businesspeople find themselves intimidated by the negotiation process and, plainly stated, worry too much about saying the right thing at the right time. Sound familiar?

As a businessman, I’ve been there myself and also have learned some of the so-called tricks of the trade to make the negotiating process both less intimidating and also more effective. What I’ve found is that good negotiating boils down to following what I call the 3 P’s. These are Preparing, Planning, and Practice. Let’s take some time and go through what is meant by each of these.

First, what does it mean to effectively prepare for an effective negotiation? By this, what I am talking about is setting the table, if you will, for the negotiations that you will be faced with down the road. What is the first thing you need to do to let people know that you are a businessperson? You guessed it. You market your business. Marketing is an excellent way to “prepare” for the negotiations that will result because it gives you an excellent opportunity to present the basic services and terms that you offer.

For example, you have an excellent opportunity to handle some of the many questions that you will receive from your clients through what you say in your marketing. Many of the questions you will receive concern the nature and scope of your services so you marketing can help pave the pathway for what will later become an effective negotiation. This is called being prepared to negotiate.

Second, it is important to plan each and every negotiation that you enter into. What is meant by this step? When a client first calls you, the best way to begin planning is to use a script or some kind of checklist to ask them basic questions. From this, you will obtain the basic information you need to begin preparing a solution that will meet their needs and that will be also profitable for you. From this basic set of information, you need to answer the following questions:

1) What is the most important thing the client needs from this transaction?

2) What is the reason for their need to do business with me?

3) What is it that I as a businessperson can provide to them to meet their needs?

4) How can I best describe and deliver this solution to them?

Following these steps is what is called planning a negotiation. You answer these questions above and then use the answers to frame both your solution to the client and how it is presented to them. Since not all clients (and definitely not all motivating circumstances) are cut from the same mold, this step is essential to effectively negotiating a deal with your own clients. The result will be a solution that is customized for each of your clients and this personal touch can be highly effective in getting the job done.

The last of our 3 P’s has to do with practice. You can learn all you want from books, tapes, classes, or even mentoring, but there is no substitute for getting out there and working the business yourself. Everyone has to start somewhere and the best way to hone your skill set is to get out there and work some deals. It starts with marketing because that is what gets your phone ringing. The more you market, the more the phone will ring, and that will give you valuable practice at handling clients (and their questions or concerns) over the phone.

The more conversations you have over the phone with prospective clients, the more appointments you will set. Appointments can be the most intimidating part of the business for the novice businessperson because that means being on your game in a face-to-face setting. The best thing you can do to overcome this fear is to just do it! Set some appointments, practice ahead of time if you want to, and just be yourself. You know more than you think you do and, again, the best way to get better in a live setting is to have experienced it a time or two before. Sure, you may still get an oddball question here and there but, after a while, there will be little you experience that you haven’t seen or heard before.

The bottom line is that negotiation is not rocket science if you follow the 3 P’s that have been discussed throughout this article. Business negotiation is about selling but it is you that is the product being sold to your clients. Once you have the knowledge and the confidence that you obtain through both education and working your business, the rest is just execution. With just a little bit of preparation, planning, and especially practice, you can become more effective as a negotiator and this will result in more productivity for your business.

Dr. Matt Fagerness left the academic world to pursue his own dreams of business ownership and doing things “his way”. Today, he is a successful real estate investor, venture capitalist, business consultant, and author who has touched the lives of new entrepreneurs who are looking to build upon their own dreams of success. Focusing on written materials and coaching services for success-driven and business-minded people, Dr. Fagerness has a no-nonsense approach to starting and building small businesses that speaks volumes to the clients with whom he has worked. Dr. Fagerness and his various professional services are accessible by visiting http://www.jakejasper.com

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