The Art of Business Negotiation
Firas Al Msaddi
CEO | Serial entrepreneur | Investor | Author of The Art Of Real Estate Investment | Husband and Father of four
I find the most effective and practical way to articulate the best practice of business negotiation is to break it down into 3 aspects:
1- Your approach
2- Your objective
3- Your form of communication
YOUR APPROACH:
The power of persuasion has to be grounded in communicating and conveying to the other party what is in it for them.
Every single aspect of your communication must be about what is in it for them; it must be mutually beneficial.
The first step is to identify, in order of priority, what matters the most to the other party you are negotiating with. Next, utilize different sales techniques to convey it to them.
YOUR OBJECTIVE:
Be clear about what you are aiming for. The five most common end results are:
Win-Lose
Lose-Win
Compromise
Win-Win
Lose-Lose
Business is all about establishing healthy long-term relationships, whether you are talking about employees, partners, suppliers, or clients. So, your objective is to achieve a long-lasting win-win situation that forms a mutual long-term relationship.
Companies or individuals who aim for a win-lose situation will not have long-lasting success. They will never enjoy the benefits of repeat customers, long-term employees, fruitful partnerships, or healthy relationships with other market stakeholders. It is not about striking a win-lose situation.
In fact, building win-win alliances is the only way to create durable long-lasting success in business.
To achieve a win-win situation, you have to:
? Qualify the value each party can deliver on the short, medium, and long term.
? Evaluate the interest of each party.
? Completely separate the quality of the relationship with the other party from the negotiation process.
YOUR FORM OF COMMUNICATION:
Develop enough understanding of the most preferred form of communication with the other party. Do they like to read emails and paragraphs, or they are more intrigued by numbers and statistics or visuals?
Lastly, and most importantly, make sure it is worthy.
Don’t spend a dollar to win a negotiation over a penny.
Marketing digital engineering and research service provider
9 个月IV Mechanical Plant inc.
??? Author | Philosopher | Business Consultant | Spiritual Growth Mentor,Coach ????
4 年Firas Al Msaddi you are an interesting man with many positive, constructive, special, creative, humanistic, far-reaching, very successful ideas, with great possibilities for growing and more successes. I think you will have many more and more successes in the future. I admire you, I appreciate you, I respect you, I respect you very much. I will promote you a lot, because your ideas are positive, creative, constructive, optimistic, very successful and it is a model of man and businessman worthy of following and which is a very good positive model to follow.
??? Author | Philosopher | Business Consultant | Spiritual Growth Mentor,Coach ????
4 年Very very good post
Chief Steel (Shanghai) Trading Co.,Ltd Engineering Project manager Sales Director Email:[email protected]
4 年Clear thinking, very worthy of reference sales ideas.