Successful Business Negotiation Works Differently Than You Think

Are you a small business owner or entrepreneur starting up a new enterprise? One of the most important skills you can learn is the art of negotiation. You’ll use this with customers, contractors, vendors, service companies, consulting firms, employees, partners, and pretty much anyone else you come in contact with in your business. If you aren’t negotiating, you’re not getting what you deserve. This doesn’t mean you haggle over every detail of every deal. In fact, there are many times when it makes more strategic sense to let something unimportant go when you plan to get something better back later on. Just make sure you’re keeping an accurate tally and an eye on the big picture.

One of the best small business tips I’ve read recently is in a blog post by Mark Suster. He tells a true story of what happened at his first complex negotiation. As a newbie, he didn’t know that you should never negotiate a deal piece by piece. When you try to do things that way, both sides end up compromising, but no one ends up happy. Instead, you should know everything the other party wants up front so you know where to give and where to take. Fortunately, Mark’s legal advisor and close friend was on hand to set him straight before he completely blew the deal. Go read the whole post, it’s a real eye-opener!

Tags: Business