Effective Negotiating Tactics for Business
In essence, we are all negotiators using diverse strategies and tactics to get what we want and need. From ordinary tasks like buying a brand new car to conflict resolutions in Iraq, the need to master the art of negotiating has become a crucial skill for success. For this reason, renowned negotiator, Chester Karrass, titled his bestseller book as “In Life You Don’t Get What You Deserved, You Get What You Negotiate”.
Entrepreneurs active in daily operations are exposed to a multitude of manipulations and negotiating tactics. It can be discussions to lower supply prices, hire or terminate people, acquire resources, and get longer payment terms. In order to fight back and help the business survive, you must learn how to play the negotiating game!
While it is a complex game, there are popular tactics employed by many people. It may take the following forms:
The Sound of Silence
Humans like to interpret responses may it be verbal or non-verbal. If the opposite party offers something on the table, they expect you to react immediately. But if you stay silent, the common tendency of the other party is to offer another concession or explain further. At the end of the day, you can gauge their strategies and negotiating parameters without revealing yours.
Low-Balling
These negotiators are experts in hidden costs. Basically, this tactic starts by offering products or services at very low prices relative to competition. Once you agree with the price, these low-ballers will immediately present the hidden costs, saying those are not part of the deals.
There are more negotiating strategies and tactics available for entrepreneurs. Even anger can be a very effective negotiating tool but not encouraged for inexperienced negotiators. In Fast Cash Loan, the top 10 negotiating tactics are explained fully. Michael Scott shares his top 5 negotiation tips in Thoughts About Law, Business, Online Marketing, & Life.
