How to Win the Game of Negotiation.
With every passing day, there is an urge to negotiate about the things we want, negotiation involves buying. selling and doing every other thing that is business related and this means that negotiation is an act that needs to be mastered by anyone who desires success in the field of business.
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A business owner who is not good with negotiating, will miss out constantly on so many deals and on several occasions even lose out of the profits that should have been made. The act of negotiating involves the price, the pressure that comes with the process and also the ability to be persistent through the entire process.
Negotiation is more interesting when you know the cost price of the product as the buyer, when you know the cost price for the product you want to purchase, it will be easy for you to calculate what you are paying and it gives the other party more reasons to want to listen to you, knowing the cost price of the product has given the seller out and has given you more advantage (as the negotiator).
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Imagine you telling the seller that the cost price for this commodity is $500 and if you are selling it at $700 you are already making a profit of $200, that is enough profit already, the seller might have no other choice but to sell it at $700 since you already know the price. It does not just end with knowing the price, in negotiation even after knowing the cost price you may still be cheated.
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Be certain of the amount you are going for and ensure to stay glued to that price, no more and no less. Once the other party sees how much pressure you are putting and how fixed you are to the price, he or she might just oblige and deal with the rate you are offering.
To win the process of negotiation, there is an importance for self-confidence, once a good negotiator observes the absence of self-confidence in the other person, at that point he knows there is room for a quick attack and then win over the entire deal. In business which also has a lot to do with negotiation, the absence of self-confidence provides availability for losing out of the game totally. Self-confidence will make you apply pressure on the price you want for the product and make you stick with a favourable price irrespective of what the other person is saying.
Negotiation is one solid and crucial aspect of any business engagement. The side upskilled in negotiation wins the deals most often to their favour. Every businessman must learn this skill.
Great post.
In my opinion, negotiation is an art, an art in which the parties seek to obtain benefits. "Win-win" is the mark of a great negotiator.
Good article
I think that is very important when you have a business, you must be very bold when closing a deal or negotiation because the idea is not to be fooled and know whether or not we should close the business. If there will be enough profits or if on the contrary I will lose. That is why it is important to know the product and know how the accounts are handled in your business, not only is it about delegating work but to know what happens in each of the assigned activities.