Negotiation & Deal Structuring: BizBit #5 - Be Fair
If you've ever had someone pay you begrudgingly or with an unpleasant attitude you understand why being fair is very important in business. You can take a nice person, lock them into an unfair agreement and watch how the relationship deteriorates.
Not saying to give away the farm, but you really need to understand the value of what you're offering in exchange for what you take.
If you establish a reputation of being fair, business will happen more effortlessly for you.
Admittedly, fair is a subjective word. It still represents something to strive toward.
How is fair determined, you might ask. It's simple and boils down to what mothers have been telling their children for ages, "treat others as you'd like to be treated".
The result will be long lasting business relationships that are based on a solid foundation, with equitable exchanges.
H2B
www.youtube.com/How2Business
Friday, October 29, 2010
Wednesday, October 27, 2010
How To Business... Negotiation & Deal Structuring: BizBit #4 - Creating Value
Negotiation & Deal Structuring: BizBit #4 - Creating value
Whenever and wherever possible you want to create value for your clients and point out value propositions during negotiations.
Creating value does a few things; it builds trust, fosters a sense of collaboration and not competition while increasing your value in the eyes of the client.
All these aspects are essential to gaining the most productive outcome in your negotiations.
A little value will take you a long way....
H2B
www.youtube.com/how2business
Whenever and wherever possible you want to create value for your clients and point out value propositions during negotiations.
Creating value does a few things; it builds trust, fosters a sense of collaboration and not competition while increasing your value in the eyes of the client.
All these aspects are essential to gaining the most productive outcome in your negotiations.
A little value will take you a long way....
H2B
www.youtube.com/how2business
Monday, October 25, 2010
How To Business... Negotiation & Deal Structuring: BizBit #3 - Justifying Your Position
Negotiation & Deal Structuring: BizBit # 3 - Justifying Your Position
No one likes to hear "because I said so" and that's tantamount to what you are saying when you take a position in a negotiation without a solid, justifiable reason.
When you give a reason, your telling the other side I respect you enough to let you in on how I arrived at my decision. You also invite discussion regarding alternate ways around particular issues.
Consequently, the other side will feel obliged to extend the same courtesy to you and pragmatic reasoning will always help a negotiation go more smoothly.
H2B
www.youtube.com/how2business
No one likes to hear "because I said so" and that's tantamount to what you are saying when you take a position in a negotiation without a solid, justifiable reason.
When you give a reason, your telling the other side I respect you enough to let you in on how I arrived at my decision. You also invite discussion regarding alternate ways around particular issues.
Consequently, the other side will feel obliged to extend the same courtesy to you and pragmatic reasoning will always help a negotiation go more smoothly.
H2B
www.youtube.com/how2business
How To Business... Negotiation & Deal Structuring: BizBit #2 - Make The Other Side Feel Good
Negotiation & Deal Structuring: BizBit # 2 - Make The Other Side Feel Good
You might have heard the saying "you win more bees with honey", well it's true.
Being nice and listening will take you a long way, people want to work with people they like and can talk to.
Additionally, if you can truly understand what the other side needs and provide a plausible solution for them, inevitably you begin to work together as partners and not advisaries.
If you can accomplish this during the negotiating process the outcome will be a winning one.
H2B
www.youtube.com/how2business
You might have heard the saying "you win more bees with honey", well it's true.
Being nice and listening will take you a long way, people want to work with people they like and can talk to.
Additionally, if you can truly understand what the other side needs and provide a plausible solution for them, inevitably you begin to work together as partners and not advisaries.
If you can accomplish this during the negotiating process the outcome will be a winning one.
H2B
www.youtube.com/how2business
Thursday, October 21, 2010
How To Business... Negotiation & Deal Structuring: BizBit #1 - Managing Expectations
Negotiation & Deal Structuring: BizBit #1 Managing Expectation
Managing expectation is really what negotiating is all about.
For instance, when you walk into a car dealership all starry eyed and excited the salesman smells blood in the water. Conversely, when you walk in with price print outs from other dealers, some online stats, etc., you're telling the salesman you're in no hurry and he has work to do.
Guess who leaves with the better deal?
Understanding this important skill will take you a long way in business...
H2B
Managing expectation is really what negotiating is all about.
For instance, when you walk into a car dealership all starry eyed and excited the salesman smells blood in the water. Conversely, when you walk in with price print outs from other dealers, some online stats, etc., you're telling the salesman you're in no hurry and he has work to do.
Guess who leaves with the better deal?
Understanding this important skill will take you a long way in business...
H2B
Monday, October 18, 2010
How To Business... Unspoken Rules: BizBit #5 - Greed, The Dirty Deal Killer
Unspoken Rules: BizBit #5 - Greed, The Dirty Deal Killer
Greed, The Dirty Deal Killer...
100% of nothing is nothing and that's what you'll end up with when greed starts talking.
Learn to take bite sized pieces, a little success goes a long way and justifies a larger piece of the pie next time around.
Greed is based in having an inflated sense of self worth. Be realistic and ground yourself before reality does it for you.
Take one step at a time and don't be greedy.
H2B
Greed, The Dirty Deal Killer...
100% of nothing is nothing and that's what you'll end up with when greed starts talking.
Learn to take bite sized pieces, a little success goes a long way and justifies a larger piece of the pie next time around.
Greed is based in having an inflated sense of self worth. Be realistic and ground yourself before reality does it for you.
Take one step at a time and don't be greedy.
H2B
How To Business... Unspoken Rules: BizBit #4 - Don't Be Desperate
Unspoken Rules: BizBit #4 - Don't Be Desperate
Desperation...
Don't be... Desperation seeps through every pore and quickly sours any deal.
Even if you are feeling desperate and don't know where your next meal is coming from, learn to segregate, compartmentalize and focus on the task at hand. In all reality, you don't want the people you hope to do business with feeling sorry for you and you don't want their sympathy.
Favors and hand outs are for charity, if you want to do business step to the table and leave need and desperation behind.
Subscribe to our Free Business Channel - www.youtube.com/How2Business
H2B
Desperation...
Don't be... Desperation seeps through every pore and quickly sours any deal.
Even if you are feeling desperate and don't know where your next meal is coming from, learn to segregate, compartmentalize and focus on the task at hand. In all reality, you don't want the people you hope to do business with feeling sorry for you and you don't want their sympathy.
Favors and hand outs are for charity, if you want to do business step to the table and leave need and desperation behind.
Subscribe to our Free Business Channel - www.youtube.com/How2Business
H2B
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