Business managers should master the art of negotiations in order to close the finest deals. Today’s business environment is incredibly competitive, and company owners would do just about anything to see their enterprise thrive. It’s almost impossible to make yourself respected if you can lead; and in business, leadership and negotiation go hand in hand. Whatever you want you can have provided that you can ask the right questions. Preparation, determination, body language and willpower are all essential traits you must have when you run a company. Here are 5 important questions all business managers should ask themselves when negotiating a deal:
1. Can You Forget About Mental Barriers?
To win negotiations you have to forget everything linked to old-fashioned negotiation stereotypes. The client vs. supplier approach is not longer advised when you want to close a good deal. A brand new style of negotiation has been developed, the business partners style. Sincerity and openness replace egoism and selfishness. Old-fashioned negotiations are all about self-satisfaction. Well, it’s time to admit that the “winner takes it all” approach can’t be used anymore. Why engage in a conflict when you can build a partnership.
2. Why do you Fear Negotiations?
Even the most skilled business people may fear negotiations. Dealing with investors, suppliers and employees is not an easy job to do. A lot of patience and determination is required to win a good bargain. Fortunately, there are ways you can hone your skills. Patience and active listening skills are mandatory traits every company owner, CEO and manager should have. Without these you won’t be able to instill trust and professionalism. The calmer you are the better chances you have to make counterparts trust your judgment.
3. Do you have a Goal?
You can’t enter business negotiation without having a clear goal in mind. What do you want to obtain from a current meeting? Even though it’s natural to want to win, sometimes a partnership can have a lot more benefits. Many companies are backed in a corner by the current recession; together with other pressures, these startups are often forced to deal with conflicting situations. A lot of people feel constrained, and yes, owning a company is tough. But as long as your goals are well-defined, there’s no need to engage in stressful, demeaning negotiation with winners and losers
4. How Important do you See Body Language when Negotiating?
Body language is paramount in business negotiations. When used right, it can help you land the greatest deal. In business, people must learn to be direct. They must have the courage to speak their minds and look opponents straight in the eye. Don’t let anyone sense your weaknesses. If your voice is trembling because you’re nervous, speak less; if your hands are shaking, hide them behind your back, and so on. Because you can’t avoid negotiations, your only option left is you face your fears and practice to overcome them. None-verbal cues such as gestures and mimics can help you spot weak spots in your opponents. Assess their behavior really closely too, and if you feel their nervousness it could mean they have something to hide.
5. Do you have the Nerve to Say “No” and Walk Away from a Deal?
Saying “No” during business negotiations is hurtful. Nobody likes to see a potential partner stand up and walk away. That’s why reaching agreements are important when trying to close deals. Engage in a conversation, take turns when speaking, and maintain your calm. Professionalism matters a lot in this field. You can’t afford to lose your temper because your opponents will lose their respect for you too. It’s best to have the nerve to disagree but attempt to make things work. If an agreement can’t be reached, then it’s totally fine to walk away with your head up.
Regardless of your company’s domain, as a business manager you have to learn to negotiate. Treat opponents as equals, communicate with as much calmness as possible, and make sure you are informed. Nothing beat information, and the better prepared you are the highest chances you have to close a good deal. Proper negotiation training can also help for the purpose. Be ready to the trickiest questions, and make body language your weapon. Don’t let it be your weakness!