Be confident in your offer and know that you may have to wait. It can be difficult to wait for a reply on an offer, but it is best to hold tight until the other party comes back with a response. Jumping in with a lower counteroffer to your original offer will only reflect poorly on you as a business negotiator.
Generally, the first offer or proposal in a business negotiation is not the best one. Desperation in a negotiation does not drive success, so steer away from making sudden decisions that may appear that way. Also, be prepared to say ‘no’ to an offer. This can be a very powerful tool, but make sure you are prepared for the repercussions.
Everyone would like to have negotiations take place at their offices or properties, but this is impossible. Rather than go through the rigmarole of making the decision to meet at an exclusively beneficial location with the other party, propose to meet in a neutral venue instead. This will help facilitate an environment of equality where no one party has the upper hand. In addition, it shows your thoughtfulness and maturity as a negotiator.
While seeming like a no-brainer, being unprofessional is a common and costly mistake among negotiators. Politeness and good business protocol will go a long way in your negotiation, so be sure to maintain your professional demeanour. Attempting to bully or coerce the other party will only result in a bad deal, tarnished reputations or destroyed relationships.
Positive relationships are what makes for business success and growth. When both parties come out pleased after negotiation, the environment is better for keeping relationships amenable and productive.
When buying or selling a business, one of the best negotiating tools you have available to you is having a business broker. We at BizWorld Business Brokers are there to help you in every stage of negotiations. Our team has the knowledge, expertise and resources to make your sale or purchase a smooth, successful and stress-free experience.