The Importance of Negotiation Tactics When Starting a Small Business

The Importance of Negotiation Tactics When Starting a Small BusinessPeople decide to start businesses for a variety of reasons, but one of the biggest reasons is because they have a particular skill that lends itself to their business. An example of this is someone who is mechanically inclined and decides to open an automobile repair shop, or somebody who is a computer whiz and decides to build and fix computers for a living. It’s a great idea to start a business based on your existing skills, but sometimes entrepreneurs won’t take into account the additional skills that are necessary to run a business. Areas like bookkeeping and accounting, tech support and cleaning can all be outsourced to other companies or independent contractors, but there are also skills that are necessary to effectively run a business that all entrepreneurs should always be working on improving.

One of the biggest skills entrepreneurs need is the ability to negotiate effectively. Every entrepreneur should focus on improving their negotiation skills. Some business owners really don’t like to negotiate, they’re worried about the outcome of negotiations, or they simply lack the ability to negotiate.

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How to Approach a Negotiation: Preparation and Honesty

About two weeks ago our CEO Deborah Sweeney was featured over at Mike Michalowicz’s great blog with her tip on negotiation tactics. The actual topic was ‘How to Win a Negotiation’ and Deb had 500 characters to distill her philosophy regarding negotiation into an easily digestible blurb. We liked the topic and all of the tips provided so much that we decided to take negotiation topic (sorry Mike!) and give Deborah a chance to expand on her quick little answer through a longer post. Plus it’s her blog, so she can use as many characters as she wants.

Can’t we all just get along?

So we don’t have to re-print the answer, you can either go read all of the responses over at Mike’s blog (which you should, because it really is a useful site and psst, Deborah’s tip is number 28), or you can settle for the quick and dirty version – when approaching a negotiation, be honest, be prepared, and be willing to compromise. Continue reading