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Sealing the Deal: Successful Negotiation Strategies for Businesses

When you own a business, you have to strike a very careful balance between getting what you want and giving the customer what they want. If that balance falls too far one way or the other, the business relationship can feel strained or disproportionate, with one person left giving up more than they bargained for. If you want to learn to successfully negotiate, Julie Keyes, experienced business advisor and founder of KeyeStrategies, LLC, can help you learn the art of sealing the deal. This skill is invaluable for every business owner looking for ways to satisfy the needs of both the customer and your company. In the meantime, read on to find out more about 3 negotiation strategies you can start to implement today:

1. Ask “What is it Going to Take?”

Sometimes, negotiation can feel like you’re on opposing sides with your client, but that’s not the case. You’re attempting to strike up a mutually beneficial relationship that will bring a service to the client and revenue to your business. Ask them, “What is it going to take to finish this deal?” Sometimes just asking them a question about what they’re looking for can put you on their side and assure them that you’re looking out for their interests.

2. Know Your Bottom Line

Before you take a single step into the conference room, know how far you’re willing to go. For some, landing the deal is more important than setting up both parties for success. That can be very dangerous, as it sets a precedent for your company as one that can be talked down into being unprofitable for the sake of the client. That is a one-sided deal and not really much of a negotiation at all.  

3. Sleep On It

Before you sign on the dotted line, let the client know that you want to sleep on the deal before you sign. During that time, consult with others in the company, including all those that it would affect. Getting a second opinion (and third and fourth) is never a bad idea, especially if you’re already uneasy about the negotiation. If a client tries to force you to decide before you sleep on it, you probably wouldn’t like working with them anyway. Compulsivity can be dangerous.

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Julie Keyes
Julie Keyes

Founder & Owner at KeyeStrategies, LLC

Julie is a Certified Exit Planning Adviser and Value Growth Advisor with 30+ years of experience. She works with business owners who seek to understand and maximize their exit and critical transition options.