When you’re running a business, one of the great unknowns is whether you’re doing everything efficiently, and getting the best value for money with every handshake and every contract. You’ll know that there can be a difference between perception and reality, and that you might feel you’ve struck a world-beating deal when in fact you’re paying through the nose for something that you could have found for less money elsewhere. In order to strike genuinely great deals in business, knowledge is your ally. So, this article is all about the knowhow you can bring to a deal.
Table of Contents
Negotiation
There are hundreds of different types of negotiation, but all of them rely on you setting out what you want in advance of your negotiating. You’ll know how much you’re willing to pay, or whether you’re willing to walk away without a deal if you’re not given what you want. This can happen in large decisions, like negotiating terms for a key partnership, or in smaller ones, like negotiating the very best price for water with Business Water Quotes.
But this might not actually be the best way to conduct a negotiation. On the whole, what you’re trying to achieve is a rate that is the best in the industry for a company like yours. You can’t move mountains, but you can insist on the cheapest deals – and that means research what others pay, the market rate for goods and services, and what you should demand of your partners.
Casual Conversation
There’s a sense in business that all the most important decisions take place around a boardroom table on the top floor of a glistening tower block. You can add ominous music if you like. But the truth is often somewhat different: business leaders, the people who really have the power to establish partnerships and deals, often meet casually to discuss business and what the position is on their end.
Making time in your schedule for these meetings – even if you’re not directly out to strike a deal – is a good way of building trust with current and potential partners, sharing what you’re looking for and hearing from your opposite number how far they’re able to stretch.
Walking Away
There are several instances when walking away is preferable to feeling exploited as a business. However, it’s a momentous decision to take, especially if you’re walking away from a deal that also guarantees you an income. There are hundreds of examples of these relationship breakdowns in the media – from creative differences in bands through to boardroom clashes between top executives at some of the largest companies in the world.
Your business needs to learn from these splits to ascertain whether walking away is a strategy you’re willing to employ to secure the deals you’re after. For instance, is it constructive to leave a partnership if there are few other partners who can offer you the same service? Or, if you’re in the driving seat, is walking away a good way to show your sway? These are questions that shouldn’t be taken lightly in your quest for the best deal.
Use these tips and tactics to get what you want in the world of business – striking brilliant deals time after time.
About Carson Derrow
