How do we build mutual business negotiations? Is it even possible to close a deal that is beneficial for all parties involved? Surprisingly, yes it is. In business, there are ways of reaching mutual ground without having to give up too much equity. In simple terms, negotiation is a conversation between 2 or more individuals who are looking to find a solution to their problem.
Negotiations happen voluntarily and they’re often meant to build relations. In specific situations, they’re aggressive and unethical however it doesn’t have to be that way. When you’re trying to build mutual agreements, creating divergent situations doesn’t happen.
Don’t hesitate to ask for what you want
There’s no shame in asking for what you want in business. As long as your offer is not exaggerated, a counterpart should be more than happy to take it. Mutual Negotiations are meant to satisfy all parties involved in the meeting. It’s more like a 50-50 bargain where there’s no winner/loser. One of the main benefits of a mutual negotiation is that it permits future cooperation. It’s good to have a business partner with whom you can always talk about another deal. Honesty is the key in business; you have to be sincere with opponents, with your team, and with yourself.
Trust, esteem & respect – traits every business negotiator should have
Nobody likes to do business with a smug negotiator. Persistent sales people, CEOs with outrageous offers, and company owners who are not willing to compromise will never build connections. These people are willing to do everything in order to win a bigger share of the pie. Mutual negotiations on the other hand, are all about trust and respect. As long as your intentions are good and your strategies are clean an opponent has no reason to feel pressured. There’s no grand price when a deal is meant to satisfy all parties equally, so why should your attitude be any different? Some key aspects you should always keep in mind:
- Give respect and you’ll receive respect
- Lay out a clear offer on the table and try not to use any unethical measures to persuade a counterpart (skilled negotiators know how to spot a sneaky strategy in a blink of an eye)
- Know your business inside and out (know their business inside out too)
- Ask for what you think you deserve (be ready to make concessions but don’t give up too much)
If there’s a deal on the table, consider it but don’t ignore it
When there’s a deal on the table, don’t ignore it even if it doesn’t live up to your expectations. It’s rude to say out loud that a deal is not good without even trying to renegotiate. Ignorance leads to further negative feelings and opponents may feel offended. Consider any type of offer and if the price or the terms & conditions are not what you expected, sit down and talk about it.
A laid back attitude is always welcomed in a negotiation. Ask rational questions and don’t hesitate to state your expectations. A counterpart may not agree to everything you’re going to say, but at least you’re talking, which means you’re involuntarily re-bargaining. Most people assume that negotiations are all about who’s the most powerful and richest person in the room. Sometimes, money is not that important. It might sound incredible but there are people who want more than financial incentives from a deal.
Mutual business negotiations are built with patience
Patience is bliss in business. If you’re trying to build mutual negotiations, then you have plenty of time on your hands to talk about a certain deal in detail. Since there’s no competition involved there’s absolutely no reason for a negotiator to keep his guard up. Speak freely if you want to build relations and leave the table with a sweet bargain.
Some negotiators are extremely competitive. They believe that getting 51% from a deal is better than 50%. On the other hand we have people who don’t want to win in negotiations. It sounds strange but their goal is to close a deal that is good from different perspectives. First of all, they get the 50% and second of all, they build connections with powerful people with whom they will most likely collaborate again in the future.
For more on this subject or to speak to one of our talented consultants contact us at http://www.mcdaccginc.com or 714-872-2393