Rahul Nayak Blog | 8 Business Essentials to Change how You Approach Your Goal | Talkmarkets

8 Business Essentials to Change how You Approach Your Goal

Date: Wednesday, April 5, 2017 7:00 AM EST

Building a company requires business-minded people who can transform creative ideas given by experienced, senior members in the team and eventually make the most out of business opportunities available in the market. You might be one of the senior most members of the management of your company. However, there are times when you need to negotiate over small or even big matters related to the company.

In fact, negotiation is something that almost all of us like to do – be it purchasing a smartphone from a local mobile shop, a multi-million business deal, or simply buying insurance plans. Experts, on this, say that if you’re not ready to negotiate whatever the case may be, you shouldn’t expect anyone else to do it instead of you.

Further, below are some methods to help you negotiate:

1. Why Negotiation?

The point of negotiation in business arises when you don’t have clarity on what you want or need, typically in terms of capital or resources. Although it does not require much of your attention, you need to have a crystal clear idea of what exactly your needs are. Be specific about your needs and present them firmly.

2. Always Specify 

When you are specific, you leave no room for confusions or misunderstandings. When you negotiate your ideas, you sell your ideas. You have to prove the credibility of your negotiation as well. Be specific about what you want as well as what you don’t want.

3. Don’t Fix the Upper Limit

When you fix the upper limit, you try to steal the deal. You can’t raise the bar anymore. Also, you might end up underselling yourself. Use facts to win that negotiation because it is hard to argue with the facts. Your opponent would have no option to increase the offer or accept your increased offer. For instance, you ask for 20 percent hike when the company is open for up to 30 percent hike. You settled for much less without even realizing that. In your head, you have won, but in reality is that you have lost your chance of getting a better hike.

4. Know Your Worth

When you are offered a job or a business deal, it is because you are eligible for that particular job or business deal. You are evaluated on the basis of your performance. Your rewards are also dependent on that. When you do a great job, a message is sent to the HR department that they have hired the right candidate. Your performance establishes your worth and eventually makes you an asset to the company.

5. Talk to The Right Person at The Right Time

If you don’t talk to the right person at the right time, you are making all the efforts in the wrong direction, which is not fruitful at all. You end up achieving nothing significant. This can make you feel frustrated. If you want to make a deal with a company and you are trying to meet somebody who is at the junior level, then it is not going to help you. (S)he can help you by introducing to the people from the top level. Somebody who is authorized to take such decisions and accept such offers for the company, and then you can present your ideas and offers to somebody who is capable of accepting them.

6. Preparation is the Key

With the negotiation comes the counter-argument and counter-questions. Be prepared for all the possible arguments and questions that may arise during the process of negotiation. If you have all the answers ready, then things will be in your favor. How you prepare, contributes a lot to your worth. Leave no stone unturned during your preparation process.

7. Know When to Keep Quiet

If you know when to say, when to listen, and when to keep quiet, then half of your battle is won already. Be open to what your opponent has to say. When you are done offering your proposal, Keep calm and stay quiet. Give some time to your opponent to process the information. Don’t be desperate to get your answers instantly.

8. Aim High

Don’t be afraid to raise the bar high. Always keep in mind that there is a thin line difference in quoting high amount and quoting hilariously high amount; know the difference. It can make or break your deal. You can always negotiate the amount that you wish to pay or receive.

Note - Wherever you go, whatever you do; do it with confidence. Confidence is the hallmark of high self-esteem. Confident adds credibility to your preparation. It reflects that you know what you have to do. Confidence is infectious; it invigorates confidence from your opponents in your offers.

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