The Negotiation Table: How to Make The Best Deals with Your Business Partners

The Negotiation Table: How to Make The Best Deals with Your Business Partners

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Expert negotiators know that the tactics learned in your high school and college debate classes won’t close the deal. The fact is, the majority of human interactions rely more upon emotion than facts and logic.

Negotiators who attempt to persuade based on the negotiation practices of the 60s are going to find themselves lost at sea. It’s the modern negotiator who knows how to honestly present facts in a way that the listener is perceptive to who will ultimately seal the deal.

Here are four ways that can help you to be a better negotiator in the business realm:

Know Your Audience

It goes without saying that if you don’t know who you’re negotiating with, it’s going to be difficult to determine the best negotiation tactics. If you’re going in blind to a negotiation, your first goal should be to evaluate the person you’re trying to create a deal with. Some important clues about what the person values may include the way they dress and talk. When meeting a potential business partner for the first time, it’s more important to get to know them and let them talk. Ask open-ended questions to discover more about your business partner.

Ask the Right Questions

Make assumptions, but before acting on those assumptions follow-up with intelligent questions to determine the validity of your assumptions. If a potential business partner comes to a meeting wearing sneakers and a pair of jeans, you may accurately assess that this individual wants to appear laid-back and flexible. A pointed question about how the individual feels about a benign subject may give you insight into their character while also serving to break the ice.

Let the Faucet Drip

One of the most effective techniques for getting to know a business partner is by using a delayed response. Don’t think about what you are going to say next. Instead, listen intently to everything your business partner says. Once they finish, take about 10 seconds to think about what your partner said before responding. Formulate your response after they finish speaking to fulfill two goals.

The first goal is to control the conversation by setting the pace of your response. The second goal is to give your partner time to feel a little nervous. In the time it takes for you to respond, you may find that your partner blurts out additional information. Think of this as letting the faucet drip. Once you turn off a faucet, there is still some water left that will drip. Let your partner say everything they are thinking, and you’ll have the edge in any negotiation.

Always Get Legal Advice

Before finalizing any deal, it’s recommended that you seek legal advice from a law firm, such as Carter West, that has experience with corporate law. Look for experts in your particular business niche who can help you navigate the legal ramifications of any deal. Having a lawyer present during a deal can also give both parties more confidence in the deal as they know that everything will go by the book.

Ultimately, it’s your skill with negotiation and your intuition about your business partner that’s going to enable you to close a deal. By approaching any deal with a calm attitude and an approach that focuses on careful listening, you’ll be better able to get a deal that both you and your business partner can be satisfied with. Seal the deal with a legal contract specific to the terms of your agreement, and reap the benefits of your newfound business partnership.

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