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How can you negotiate sustainable business transactions?

| Jan 11, 2021 | Firm News |

Business relationships that last have a foundation of communication and strategic negotiation. Understanding how to negotiate sustainable transactions will enable you to approach new opportunities with enthusiasm and confidence.

With a consistent history of rewarding business dealings, you can establish a reputation as a competitive and successful company in your industry.

The art of negotiation

Negotiating is more than a method of communication; it is a skill that takes time to learn and develop. The most successful negotiators are those who understand how to combine strategy and flexibility to present ideas in a persuasive manner without relinquishing what they want. Some of the things to consider to help improve your method include the following:

  • Refine your listening skills
  • Show interest in what others have to say
  • Know what you are and are not willing to give up
  • Control your body language

Enter negotiations having adequately prepared to have an informative discussion with the other party. Research their ideals and if possible, familiarize yourself with some of their tactics ahead of time so you can optimize your own strategy.

Know when to move on

Sometimes negotiations drag on to the point of futility. According to MasterClass, you need to be able to recognize when it is time to move on. One helpful way to prevent wasted time is to set an expiration date for your offer. Respectfully, but clearly articulate your timeline for a decision to encourage an effective and prompt response.

It is professional to allow the other party time to discuss their course of action, but once it surpasses an appropriate length of time, it is best to move on. Knowing when to pursue other opportunities will allow you to maintain the integrity of your deal and avoid the disappointment of missing out on other promising transactions.