Running a small business can be rewarding. However, it’s not without its challenges. Less than 50% of companies make it to the five-year mark (U.S. Bureau of Labor Statistics). Many studies show that negotiation skills can make a significant contribution to business success. Many small online business owners report that they’re too busy to dedicate time to formal skills training Fortunately, a negotiation online course offers a convenient way to learn critical deal-making skills. Here are some useful techniques small business owners have a chance to learn.
Be well prepared
When well done, preparation can help build your confidence. Taking time to prepare could also help to ensure that you don’t inadvertently give up more than you need to in order to close the deal.
Anxiety is one of the most common emotions associated with making business deals, and lack of preparation can make feelings of anxiety even worse. Negotiation experts say anxiety can affect a negotiator’s performance in very particular ways. For example, sellers may make low first offers and may overlook red flags when they’re nervous.
So, arrive at meetings with a clear head, and make sure you’re well prepared on the most important points.
Practice communication skills
Miscommunication and misunderstanding tend to be more common in online communication, whether text-based or verbal. So, it’s important for small online businesses to polish their listening and interpreting skills.
The ability to truly hear what others are saying helps to build trust, as well as to detect and solve problems. Strong communication skills may also strengthen patience, which is crucial for productive deals.
Many challenges in the deal-making process are often owed to ineffective listening skills. For example, failing to listen well can lead to confusion – and sometimes conflict. One way to avoid confusion is to ask clarifying questions and summarize what has been said to ensure understanding.
Focus on building relationships
Trainers in negotiation courses emphasize the importance of building relationships. Taking the time to develop strong professional connections can allow small online businesses to not only find new customers but also to foster trust.
Trust is one of the most crucial factors when it comes to creating successful deals. For instance, trust can help drive collaboration in a process that’s often full of give-and-take.
Be willing to walk away
The outcome of an agreement depends a great deal on how much leverage is held by the company. Many times, small companies think size is the only source of leverage. However, small business owners may gain leverage by walking away from a potential deal.
Waking away from a deal is rarely an easy option. Online negotiation courses can show you how to determine if walking away is the best move. The best route is to develop alternatives before you need them so that you have an actionable option to walk away to.
Ask for concessions
It’s not uncommon for small online business owners to feel like the underdog at the table. However, even if the odds don’t seem to be in your favour, avoid giving away anything for free. For every concession you make, ask for something in return.
For example, if a customer asks for a discount on a large order, you could ask for faster payment. To ensure that the concession you get is valuable to you, think of your options ahead of time.
Practice often
Finally, there’s little doubt that online negotiation courses are a great option for busy business owners. However, to master the art of making deals, practice is essential. Practice helps you get familiar with various techniques and keeps your skills sharp. Taking the time to practice can also give owners of small online businesses the confidence to make deals with larger companies.
You can practice with family, friends, or colleagues. Have them play devil’s advocate so you can work on the tougher aspects of closing a deal.
