As a company director, you are constantly trying to satisfy various needs to reach goals successfully, with, say, salary negotiations, orders or partnerships. A good negotiation always considers both sides’ interests to find a suitable solution for all the parties involved.
Preparation
There is no substitute for good preparation when it comes to initiating a negotiation and guiding it in the right direction. Find out about the cornerstones of the negotiation and find out who you will be negotiating with. Tap into your network and find out about any mutual acquaintances ahead of time via LinkedIn or Xing. This means you can start the discussion confidently, actively responding to your interlocutor’s needs and requests. Often, agreements are reached through interpersonal connection. Think about your appearance and reflect on body language so you can read people better.
Options
Take the pressure out of an upcoming negotiation for you personally by creating multiple options. Depending on the circumstances, this means that you might not even need to enter into unpleasant negotiations, as you have the security of an alternative. If you are dependent on your partner in the negotiation, you can prepare options internally, such as various quotes and price combinations, giving you more room for manoeuvre.
Discussion
You shouldn’t come across as a salesperson in the negotiation itself. By asking lots of questions and responding to the customer’s needs, you can tailor your offer to them and act more like a consultant.
You need to stand behind your product and know it better than anyone else to be able to offer capable advice. What are the usual objections and problems raised by your opposite number, and how can you overcome them with a suitable solution?
Price
When price comes up in the discussion, you cannot get drawn into a negotiation: as far as the customer is concerned, the price is always too high, and you need to get used to this before every negotiation. If the price was calculated realistically, you should negotiate about the scope of the offer in advance. After all, the price reflects quality, which is why a low price leads to things being removed from the offer, too.
