Tactics for Successful Business Negotiations

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Business Negotiation

• Negotiating a deal is more than friendly
  conversations and talking numbers. You must be an
  effective communicator to win big. Whether youre
  pitching a new client or trying to close a
  pending deal, you need to set the tone right. 
  You may have often read or heard about closing
  deals and how hard it gets if both parties are
  not in accord. 
• Check the company credit information report of
  the party youre pitching. This way, you can
  assure yourself if youre doing the right thing.
  If you find it hard to start the conversation and
  lead it to the battleground, let us help. 
• Read Eight tactics that can help you negotiate a
  deal like a business maverick.

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1. Go prepared

• Theres no way you are going to close a deal if
  you go unprepared. While pitching, you may fumble
  or speak about things not related to the
  conversation. The other party may create an
  impression of you. It may not show further
  interest. On the contrary, if you know your
  product or pitch, youre likely to appear
  confident. Here, dressing for the occasion makes
  sense but what works is your knowledge about the
  deal. 

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2. Dont play too hard

• Every entrepreneur wishes to close a deal on easy
  terms. But you should know where to draw the
  line. If you try too hard to make it work, you
  may end up losing it rather than closing it. So,
  relax and assess your strengths and weaknesses.
  Know what you can bring to the table during the
  negotiations. 

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3. Listen To The Other Party

• Being an effective communicator helps you impress
  others. But if youre also a good listener,
  nothing beats that combination. So, if youre
  trying to negotiate a new deal or renewing a
  contract, you must listen to the other party
  carefully. Take note of their views and what they
  feel about it. Learn if they want time. All this
  can help you come across as passionate and
  empathetic. 

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4. Be Honest

• You cant build a solid foundation based on lies.
  It means if you lie to the client and get the
  deal, you lose. All your fake promises will turn
  against you in the long run, and you may lose the
  client forever. So, be honest in your approach.
  Dictate the terms clearly and try to understand
  if theres a viable outcome here. 

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5. Dont overpromise

• If you know the capability of your business, you
  can negotiate better. Know your strengths and
  weaknesses and pitch accordingly. But if you
  overpromise and under deliver, its a loss for
  your business. Your client may not consider you
  in high regard, and you may lose business. Know
  what you can offer in the long run. 

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6. Set A Deadline

• You cant expect negotiations to go your way all
  the time. If youre expecting to close the
  negotiation in a day, you need to rethink your
  plan. Negotiations may take time. There could be
  three to five rounds of negotiation. With that
  said, it doesnt mean that you should hold a
  candle for the deal to close soon. Analyze if
  its working out or your efforts are going
  invain.

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7. Do not consider multiple offers

• Your sole focus should be on negotiating one deal
  at a time. If you go prepared for three other
  offers, you may go nowhere with that approach.
  So, its better to make yourself readily
  available for a deal that is profitable and could
  close soon.

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8. Know when to back out

• If youre in a negotiation process and come to
  realize the worth of the other party, take time
  to decide the next course of action. If youre
  reviewing your clients credit information 
  report in India, it can tell you a lot about
  their financial standing in the market. So, know
  your worth and negotiate if it turns fruitful for
  your business. 

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Thanks

• Address  3/31, Chitrakoot Marg, Arpit Nagar,
  Vaishali Nagar, Jaipur, Rajasthan 302021
• Mob 91 724-000-0901
• Email support_at_creditq.in
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