small business finance

Business negotiation tactics for small business owners

Business owners are faced with negotiations every day from suppliers to customers, especially the small business owners. The tactics involved vary widely and having a set of negotiation skills is very important. To get what you want you might have to take a look at the bigger picture and consider the other side’s view. It takes time and practice to get some negotiation skills down pat but there are some tricks that even beginners can use to get the very best out of any situation.

Negotiation tactics for small business owners

Finding a way that both parties can win is a good place to start. If you can find a way for the other side to get some or all of what they want while giving you all that you want then it will be much easier to close your deal. Giving a little can get a lot so make sure that you can find a way to be flexible on giving a discount or a rebate if it will help you reel in a big fish. Know what you are able to do before you get to the negotiating table. If you have all of your paperwork ready and are able to move on a deal quickly then you might be able to strike a better deal.

Make deals not enemies by considering the other party as a trade partner and not an opponent. If you can find a way to make a deal and strengthen your ties then it will be better for your small business in the future. Give yourself a minute to think. Taking a minute to think instead of rushing into a deal might give you the time to think about all of the possibilities but it will also give the other side to put their best deal on the table. Focusing on the deal and not the person in front of you will help you keep things in perspective. Keep the possibility open that you might have to walk away from the deal if it is not going to go in your favour.

All of these negotiating tools will work best with time and practice. When it comes time to sell your product or even get a loan then you can use these tips to get the best deal. ALC Commercial can help small business owners with these negotiating tips, small business loans, and business advice to make sure that you negotiate the best deal possible.

For more information on business loans, commercial finance, debt consolidation, bad credit business loans and low-doc business loans talk to our experienced and understanding loan specialists to see how our business loans can support your business goals.

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