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How to become a better negotiator

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One of the key tools you need to have as a small business owner is the ability to negotiate. When you negotiate well you can reduce your cost of goods, acquire business loans, and really accomplish a lot of things. The power of negotiation can be learned over time and it's not something that you are inheritably born with. So here are some tips that will be able to help you become a great negotiator.

Tip # 1 - Listen
This is one of the best things you can do as you need to listen to what the other party has to say. Once you are able to listen to them and their offer, you can take that into account when you do your rebuttal. You should make it a point to state certain things that they say when you are negotiating with your offer. As you go over their points you have to think how you can change the cost to be useful for both companies. Perhaps you can get the cost lower if you promise to add in some marketing for the other companies. Look at it from a business point of view and from both parties in order to make the right difference.

Tip # 2 - Get Educated
The next thing that you need to do is to get educated. You need to know what you are talking about if you are going to be able to have your demands met and to have people take you seriously. Study the market along with the market prices so you can turn to them when you are negotiating. Referencing these prices and information will help you to look informed and it can really bode well for you when you are trying to get your way. Make sure you are also looking up information about the quality of goods and that you can see how these differences happen in the market. You need to make your negotiating decisions based on the information you learn.

Tip # 3 - Make your offer
Now the offer phase is fun as you will go up and down and back and forth but at the end of the day you need to set in your mind what your final offer will be and you need to stick to it. Your final offer needs to provide you with value and quality but still needs to leave the other party feel satisfied and good about the transaction. Before you do make an offer, understand your budget and meet with your accounting team to see how much money you do have to play around with. You also need to meet with the marketing team in terms of what you can offer such as free advertising and so forth. Getting the right information from your staff will make it much easier for you to go into the negotiation world prepared.

Tip # 4 - Keep your cool
You may feel your body temperature rising and your heart racing as you are back and forth in heated discussions with the other person. You need to remember to keep your cool and to avoid getting desperate in the negotiation room along with getting too excited. Maintain your cool so you do look calm and collected as it will make it much easier for you to negotiate and to feel better about the deal you can strike.

Tip # 5 - Practice
To become a great negotiator you need to test out your skills often. Why not do it when you are haggling prices at the flea market and other places? You can even try practicing your skills on your friends and family members along with your employees. This is a great way to gear yourself up for the big negotiations that will happen.

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