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5 Effective Tricks Successful Entrepreneurs Use in Their Business Negotiations

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Negotiation is at the heart of a successful entrepreneurial journey which steers an entrepreneur through the twists and turns of game-changing business contracts and deals. Our day-to-day life revolves around negotiating for our needs and wants but for business matters, negotiation skills are exclusively crucial because your company’s sustenance and your customers’ demands are directly dependent on how effectively you are able to work out and win the deal at hand.

Negotiation is an art that not everyone can master and for an entrepreneur, it serves as a core component for winning business deals, persuading investors and sustaining customers in the long-run.

Here are 5 effective strategies every entrepreneur must consider for success in their business dealings:

1. They come prepared

Successful entrepreneurs rely on solid preparatory work they conduct before coming to the negotiation. The preparation involves thorough research of the parties involved, check into their background and history, how they run their business and also connecting with their current or former business partners to know their area of expertise. The idea is to know your counter parties well enough, so you are able to nurture your strengths while targeting their weaknesses at the negotiation table.

As a buyer, you must know every detail of the products and services you are interested in buying, playing with the psychology of your seller through anticipating their moves and being certain about your wants in order to show up as a strong negotiator. Moreover, as a seller, you must have an empowering position at the table to strike the deal of your choice.

“When you negotiate you must be prepared to compromise.” – Nelson Mandela

2. They keep their ego and emotions aside

Business negotiations are challenging because it is a tug of war between the diverging needs and wants of various parties – but, successful entrepreneurs with their prep work, have the assurance and confidence of how to go about intense haggling. Intense situations elicit emotions and embark on one’s ego easily hence, it is always advised to leave them both at the door while objectively targeting a neutral standpoint while getting what you need and subsequently, not losing too much. Letting your emotions and ego run the show will bring about negative consequences, and make you lose more than you gain. For a successful path forward, negotiate with a poker face.

3. They are the controllers rather than “in control”

Successful entrepreneurs know how to play their game. They always rehearse a scenario before actually jumping in and beating the opposing players. Going through the possibilities and opportunities beforehand brings confidence and assurance on your goals.

It also helps you focus more on your opponent’s moves and makes you less attached to the outcome. Hence, it is always recommended that you role-play a negotiation deal with your friend or colleague with your preparatory work. Remember, the more you practice, the better you get at the game.

4. They know their exit points

Negotiation is a mindset. A successful entrepreneur never makes any contract a “big deal”, rather he relies on his knowledge, goals and areas of interests to make decisions. He remains focused on his motives, thus setting aside his ego and emotions which later aids/helps him in steering through with strength and maintaining a dominating position at the negotiation table.

Coming prepared and knowing your objective, helps you determine when to walk away and not to force the deal on yourself just to get stuck on the opportunity at hand. Staying too biased on your objectives is also not considered ideal. Your neutrality is the key component here.

“My father said: You must never try to make all the money that’s in a deal. Let the other fellow make some money too, because if you have a reputation for always making all the money, you won’t have many deals.” – Dwight D. Eisenhower

5. They strive for a win-win solution

Successful entrepreneurs are not too self-centered, they keep in touch with the opposing party’s priorities the same way they value theirs. Keeping in consideration your own position, try to satisfy your counter party’s interests while remaining intact with your conceding offers. Have thorough knowledge of your limitations, what you can easily give away and how to strike a deal benefiting each other.

Professional negotiators know how to effectively satisfy the other party making them believe that they got the best offer even when they didn’t. It helps bring contentment at the final hand-shake, leading to successful prospects of business dealings in the long-run.

Bilal Bin Saqib is a social entrepreneur, an avid business problem solver and a change consultant based in London, UK. He is the founder of an NGO in Pakistan, Tayaba, which helps the water-deprived communities transport water through the innovative water-carrying device i.e. H2O wheel which helps them carry 40 litres of water at a time. He is also the founder and director of a UK-based digital product agency, BBS & Co. Bilal completed his Masters in Social Innovation & Entrepreneurship from the London School of Economics where he was also awarded the highly commendable Master’s student of the year award in the UK.

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By investing your time and effort in networking, you will gain more business through the relationships you make

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Are you completely new to networking?

Then this article is a great place to start. Networking isn’t hard on paper…you go along to online and in-person meetings, make new connections and build relationships, and those relationships lead to more work so you can grow your business! The challenge is that in reality, it isn’t quite so straightforward, as our emotions get involved and make things much tougher.

It’s incredibly common for nerves to creep in and to feel overwhelmed and apprehensive when it comes to networking – even when it isn’t new to you. But how can you become more successful at it, feel less self-conscious, and make networking work for you and your business?

Here’s a few tips to help you embrace every business networking opportunity you get, so you can grow your business and achieve your goals.

Rock up with confidence

If you want to keep those nerves at bay and ooze confidence at networking get-togethers, you’ll need to downplay it rather than seeing it as a big occasion. Try not to put pressure on yourself and see it as a casual meet-up with a bunch of people with similar goals to you. To help you relax in the run-up to the event, be sure to set achievable goals and expectations before you go.

Keep your chin up and your goals in mind – positivity is key. One easy goal for your first networking meeting is very simply to speak to one other person and see where the conversation goes. Introduce yourself and your business, but take the time to listen to their story, too. It’ll only take a few minutes and will be over before you know it, so it’s nothing to fear. You may even enjoy it and want to speak to a few more people, too!

“You can close more business in two months by becoming interested in other people than you can in two years by trying to get people interested in you.” – Dale Carnegie

Where to go networking

If you’ve never been networking before, it might not be very easy to find a group – but only because there’s so much choice and you don’t know where to start your search! Groups come in different sizes and styles, so it’s important to find one that suits you and your business. Informal, formal, big, small… the choice is yours.

For your first meeting, start small to ease yourself in – a big group could prove too daunting, and stop you from feeling comfortable enough to get involved. After all, you want to make a strong first impression!

If you’re wondering which group to opt for in the long-term, give a few a go! Get a feel for them, speak to as many people as you can, and see which one suits! You’ll know when a group feels right for you, and you can see where those all-important relationships are most likely to be built. If a group doesn’t feel like the right for you, give a different one a go.

Get more leads and referrals

This will happen for you, as long as you put the effort into building those relationships. If you take the time to get to know people, and then check in with them and support them, they’ll see you as a trustworthy and reliable contact who they can call on. And when they feel that way, those leads and referrals you’re looking for will come a-knocking.

Once you’ve made relationships with people who you trust, and they’ve had a positive experience working with you, you can even ask for referrals! But don’t rush this, as you don’t want to inadvertently push people away or try and force the relationship along too quickly.

When you do get an opportunity to work with someone you’ve met at a networking group, go above and beyond to offer more value than they’re expecting, as then, they’ll be much more likely recommend you and introduce you to more of their contacts!

Grow your business

By investing your time and effort in networking, you will gain more business through the relationships you make, and you will be able to grow your business.

We know that it’s not easy, going networking for the very first time. And that’s why we want to give you all the advice and tools that you need so you can walk in with confidence and make the most of the opportunity.

2023 is just around the corner, and you have the chance to make it the year you make networking work for your business. And the benefits could be incredibly amazing for your business, just like they have been for ours, and many business owners we have worked with over the years.

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