Negotiation is essential in business. Even if you hate the idea of negotiating or do your best to avoid the whole process it is a skill which you will need in order to become successful. Many negotiations will make you feel overwhelmed; you may even see yourself as David against Goliath. However, it is possible to tackle any negotiation and for both parties to be happy with the result. The following tips will enable you to get the right result:
- Focus on making a good first impression
Research has shown that the first five minutes of any meeting can decide how the whole process will end. In the first five minutes you should be looking to assess the mood of your opponent and adopt the same mood. You need to come across as likeable so that the other party will listen to your arguments. The easiest way of achieving this is by talking and letting him see a little insight into you personally. Connecting with the other party on a personal and emotional level will make both parties more inclined to find a mutually beneficial outcome.
- Start high
The first offer is very rarely accepted and it is imperative to start higher than you want or need to get. The higher the initial figure the more your opponent will focus on the worth of these figures; this should leave you plenty of room to maneuver. A high starting point will also allow you to come down a little and let the other party think they have come away with the better deal.
- Make the first offer and prove your determination
As with starting high an offer on the table becomes the anchor point. This is the starting point to which all discussion will centre around. If you have made the first offer, and gone high, you are likely to obtain a better than expected outcome. It also shows the other party that you are confident – whether this relates to a product or to your own worth and this will help prevent them from attempting to walk all over you.
- Negotiate with passion
Emotions do have a place in negotiation. A heated argument is not an acceptable tactic and will invariably lead to the failure of the negotiation. However, letting the other party know you are happy with an offer by smiling or frowning if not. Showing emotion in the right manner will ensure your opponent reconsiders their offer, particularly as it will show you are passionate about the subject.
- Stay energized with coffee!
Studies have shown that the more caffeine you consume the less likely you are to change your position. This is one way to ensure you do not easily give in to their demands. This should result in a better offer than you may otherwise have accepted.
An important tactic in any negotiation is too subtly point out that time is running out. By advertising the offer is only on the table for a limited time you will place pressure on the other party. It is human nature to want what you cannot have and this is true in any negotiation. If you threaten to take it away they will want it.
- Back up your claims with solid data
Data can be used to back up your argument. Whenever possible you should do plenty of research and amass as much data as possible. The more proven data you have the harder it will be for the other party to argue with you. The data must be factual correct and from a good source or the negotiation will be detracted into the quality of the information. An abundance of data shows the other party that you have done your homework and know what you are talking about. The data supplied may even address many of their concerns and make the whole process simpler.
As you can see, business negotiations are not that hard when you know what you’re doing. The key to landing the best deal is to enter meetings prepared. Be ready to face all kinds of challenging situations, and don’t run away from a win-win. Believe it or not, sometimes win-wins are a lot better than no deal; of course, this doesn’t mean that every deal is a good deal. In special circumstances, walking away may prove beneficial.
By Davis Miller and TheGapPartnership.com!
Time Management Tips for Small Business Owners
Time is money, as they say in business circles. How you spend your time in order to be as productive as possible will determine, in part at least, how successful your business is going to be. If your business is mismanaged, on the other hand, you run the risk of failing entirely.
That’s how important time management is. After all, how can you expect to manage a bigger business when you cannot even handle the rigors of overseeing a small-sized enterprise? In any case, here are some excellent tips that you can use in managing your time with your business properly.
Keep a Time Log
You have to identify what you are doing, how long you are doing and if there is room for improvement. You cannot measure your productivity without logging in your time. You don’t even need to get expensive software or a bandy clock for this. You can start by writing down your tasks – essentially making up a to-do list – and logging how many minutes or hours you’ve spent in each task.
This has another advantage – it keeps you organized because you know exactly what to do next after each task is done. It saves you from the hassle of wondering what to do next, effectively allowing you to maximize your time.
Learn Not to Hog Tasks
It may be tempting, especially for perfectionist entrepreneurs, to do everything yourself in your business. After all, you know best what needs to be done. However, that’s counterproductive because it will bog you down eventually. Your tasks will run into a bottleneck, and you’ll find more pending work to do instead of completed ones.
What you should do is learn how to delegate tasks to your employees. Train them well in what needs to be done, and you’ll be fine. You can concentrate more on tasks that need your attention the most – client communications, doing budgets and keeping records, etc.
Leave Your Employees Be
As a boss, there will always be the unshakeable urge to always keep your eyes on your employees to make sure that they are doing their jobs right. That’s a very destructive habit to get into, actually. Not only are you burdening yourself unnecessarily, you are also distracting your employees with too much oversight.
The right action to take is to let them be, provided that you have trained them well and you’re sure that they can do the job right. Checking on them every once in a while to see if they have problems is good, but doing it almost every time that you’re in the premises will stress everyone, yourself included. So, cut your people some slack and concentrate on your own tasks at hand.
Beware of “Shiny Objects”
Shiny objects refer to items that seem to need immediate attention but they actually can be passed over in favor of other more urgent tasks. Opportunities are good, but make sure to look at each one of them and see if they’re worth picking over other tasks that you have at hand.
Excellent time management will mean a more productive and more efficient business. By following these four tips above, you can maximize your time spent in managing your business as well as your potential income. Good luck!
David Dante is a entrepreneur from Sydney, Australia who has over 15 years experience as an Online Retailer and is also sought after as a Speaker, Start-up Advisor, Business Mentor and eBay Expert.
It is debatable whether anyone is born an entrepreneur. It is entirely possible to become one with careful planning and good routines. Being an entrepreneur is not just about financial gain; a successful entrepreneur will want to influence and help their local community. Not everyone can become this sort of person; they need to be confident, bold and capable of taking risks when necessary. A true entrepreneur will be able to create their own success story even when starting with nothing. The following are essential steps that all budding entrepreneurs should follow:
You own way
To be successful it is essential to have a goal, something to aim for. A true entrepreneur will always keep this target in sight and will achieve it no matter what obstacles are placed in the way. It is essential to have self confidence and belief; to know that you will reach your target. One of the most important attributes to have to ensure this is possible is to not be afraid of failure but to embrace any setbacks and turn them into new projects and new ways of achieving the dream.
Beat the odds
It can be tough to make it in the world of business. There are a huge range of variables that can affect any business decision and change the course of a business at the drop of a hat. Careful planning will ensure that, no matter what the odds, you will be well prepared and should be able to take something good away from every encounter.
To be an entrepreneur you will need to be self-motivating and have a high level of energy. This will be essential when dealing with the challenges of creating a successful business. A belief in yourself and in the product you are selling will enable you to lead by example and show the business world what you are capable of.
No matter how good you are as an entrepreneur there will come a point when you will need assistance. The right mixture of professional and enthusiastic people will enable you to build your business rapidly and successfully. No matter how confident and capable you are it sometimes helps to have someone else there who can assist when there are issues beyond your standard remit.
The most important sign that you are successful is that you have customers! No business can mange without customers and you need to keep them at the forefront of your mind every day. Your product needs to cater to their specific need and you should have a business plan confirming the target market and how you will sell to them.
To be successful you will need to earn the respect of your peers and other businesses in the local community. The best way of achieving this is to have a strong code of ethics and morality and to make sure you always live by this code.
Attract your audience
The internet has opened up a global market place and many people will now look through the internet for the best deal. It is essential to know where your target audience is most likely to engage. Social media sites allow the option of reaching out to many people at once.
It is impossible to achieve anything in business without organizing your finances, time and productivity. Time management is exceptionally important and effective communication is vital to ensuring everyone knows what they are doing and when. If you are not organized then there will be many hours of productive time wasted.
Most entrepreneurs do not start with the sole goal of becoming rich. They create something because they have a love of the product or service and want to share it with others. Of course most start-up businesses have only limited funds and financial planning is essential to ensure the company has the funds to trade and become the success you dream of.
A competitive spirit is essential to stand a chance in the world of business. The ability to negotiate successfully will also be an additional skill which will be frequently utilized. There are many tricks to negotiating successfully but the most important one is to listen to the other party and try to help them achieve what they wanted. From this point you will be able to obtain what you need and the negotiation will be a win-win scenario.
By Davis Miller and TheGapPartnership.com!
By Zach Taiji
Being an entrepreneur and growing your startup can be one of the most exciting and rewarding experiences, but the road to success is never easy. It’s a demanding and often times 24/7 job, requiring an effective work-life balance in order to be successful (and happy).
Thankfully, the little rectangular devices that live inside our pockets for most of the day contain powerful features that can help entrepreneurs manage their day-to-day routines and inspire success.
You might be thinking, why would I have time to use these apps when I’ve got a million other things to do? Good news: many apps are designed with busy people in mind, and require only a few minutes of your attention each day. Below are five apps that help make a busy entrepreneur’s day easier:
Checking and writing email is necessary part of any entrepreneur’s daily routine, albeit time consuming. CloudMagic is an email app for iOS and Android that features full push notification support, a unified inbox and connections to your other productivity apps like Evernote and Salesforce with “Cards”.
Todoist is a cloud-based todo list app that syncs tasks across almost every mobile or desktop device imaginable. Busy users can take advantage of colored labels, filters, recurring tasks and notifications to make sure you don’t miss anything important. Gmail users can even add their emails as tasks.
For iOS, Android and desktop devices, 1Password helps manage all of your passwords, payment card information, software licenses and more. The iOS version features Touch ID support and the app syncs passwords securely across multiple devices. A must-have for busy entrepreneurs who have several online accounts. $9 and up gets you additional features.
Audvisor is an app for iOS and Android devices that features quick three minute audio tips from 100+ experts, including Seth Godin and Guy Kawaski. There are currently over 1,000 audio clips covering over a dozen topics, ranging from entrepreneurship to marketing.
Signing and sending contracts is never a fun task, especially if you don’t have a scanner or computer in front of you while on the go. SignEasy allows you to securely sign and collect signatures on iOS, Android and BlackBerry. One of the most affordable signing app options, the first 3 documents are free and 10 additional documents are $5 each.
Zach works as a freelance writer/photographer by night and a public relations professional by day. He has over 4 years of writing experience in general technology trends, marketing/PR, social media and web design – and has helped place articles in various publications including Wired, PC Mag and 9to5mac.
Negotiation is often seen as a specialist’s skill. Only the toughest people can handle the pressure and come out of a meeting with their demands met. Hostile approaches have to be avoided because they cause controversy. However, this is not the case in a mutual negotiation. In fact, at some point in life everyone is a negotiator. It is simply not possible to go through life always agreeing with other people and it would certainly spell the end of a business if it just agreed to all the demands placed on it. There some excellent methods to ensure your negotiation skills are as good as a professional’s skills:
Going into any negotiation you must know what you expect to get out of it. It is good to start with an optimistic viewpoint but you have to know where your bottom line is and be prepared to walk away if this is not agreed upon. This information will allow you to commit to a deal or not. It will also allow you to push harder if you feel you might be able to get a better outcome. Knowing your outcome gives you the upper hand.
The more you know about the person or people sitting across from you in a negotiation, the better. You need to know what it is they are really after and then help them find a solution to that particular issue. Information concerning past negotiations can also be useful to understand their approach and knowledge of their past deals will allow you to evaluate the potential of any deal.
You are handling the negotiations for your business because you are qualified to do it. You know your subject and what the company needs. Don’t allow someone else to intimidate you. If you believe in yourself and your abilities, then you will be able to convince anyone else to do the same. There will be many times in your career when this will be necessary, there will always be someone who doubts you are capable of the role. You just need to remind yourself that you’ve earned the role and allow your actions to confirm this belief.
The most important aspect of any negotiation is listening. If you listen to what they want or what the issue is, then you will be able to respond and resolve this issue. You will appear calm and collected which will heighten others perception of you and your knowledge. Most importantly, listening will allow you to address the exact issue; not the one you think is a problem.
Emotions have no place in a negotiating room. If you become emotional, then you are no longer in control of the facts and figures and can easily make a rash, regrettable decision. Emotion also leads to heated arguments and this ensures no one comes out a negotiation successfully. Should you feel emotional during a meeting it is advisable to ask for a short break to collect your thoughts or to research a point. Aggression on the part of your opponent may well be intended to provoke a response and ruin the negotiation. Remaining calm will be more frustrating to them and show how professional you are. This is more likely to win you the negotiation than raised voices or allowing your frustration to show.
Negotiation might seem a scary subject but it is one everyone tackles every day. Keeping to the above points will ensure that you remain focused on what you and your company need from a meeting. Knowing what offer is acceptable allows you to negotiate from a strong position and not being afraid to walk away is essential.
What’s the point of a negotiation if the final outcome doesn’t bring any benefits to you or your company? None – in this case, we’re talking about a negotiation that’s completely useless to you. It’s really important that you prioritize. Think in the best interest of your company and don’t allow an opponent to persuade you to agree to a bad deal. Provided that you can work out a 50-50 agreement, it’s safe to say that the negotiation was successful.
By Davis Miller and TheGapPartnership.com!