Business Financial Negotiations: Sealing the Deal to your Greatest Advantage

Happy Fathers' Days to all great fathers who's been labouring to provide for their families. We won't stop labouring so as to leave great financial legacies for our children. We've been following a series of discuss on techniques available foe entrepreneurs to raise funds for their ideas to come to reality.

So far, we've covered five of these techniques including bootstrapping, then followed by bartering, the TTP Code, borrowing and crowdfunding. Today, I'll tip in something new until when next we'll continue unraveling fundraising options. Let's take a peek at "Business Negotiations"

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Many people with great business ideas lost out in the place of negotiations. Negotiation here can be between the entrepreneur and a prospective investor or with a client. The ability to negotiate is great characteristic that every entrepreneur must build and maximize anytime he heads to broker a financial transaction.

Negotiation is simply seen as an art of getting what you want, when you want it, at the price you want. Poor negotiation can devalue and cripple a company just as quickly as losing key customers. However, most negotiating strategies seem like common sense, many people easily get caught up in the emotion of the moment and ignore their basic instincts.

Any successful negotiation is like horse-trading which requires a sense of timing, creativity, keen awareness and the ability to anticipate the other party's next move. Like Chess play, make your your moves progressively smaller, while you anticipate the same from the other party.

Below are a few tips when negotiating a business financial deal. Always take your negotiations serious and plan them. Don't get caught unawares.

• Make the First Strike Bold: Know that in every negotiation, you'll never get what you don't ask for. As such, it is important that you make your first offer bold and aggressive. The first offer is usually the most important and the benchmark by which all subsequent offers will be judged and compared.

• Be Congruent: As an entrepreneur who is also the service giver, never look less of the value you want to offer. Never have twisted words. Be simply Congruent and stick to your value. Never be intimated at the threats of the client to drawback.

• Propose Value First: A value proposition is a promise of value to be delivered, communicated, and acknowledged. Always concentrate your efforts in the value you'll give and not on what you stand to gain. While you know your worth, but press on to showcase the value of your product /service.

• Represent Capacity: In your attempt to win the bid, the entrepreneur must always focus on his wins and make a perfect representation of his professional baggage, success stories, other top client, to build trust in the deal.

• Ask the "Whats's your budget" question: While an entrepreneur buyer is not expected to disclose this, however, a seller entrepreneur must always dig to allow the service recipient state his budget. This will enable the entrepreneur to scale his bidding strategy.

• Go For a Win-Win Solution: Never want to slide your client by giving a value that is inferior or less quality because you want to settle for a price he can pay for. Know that the service received becomes a benchmark for future engagements. Every product of the entrepreneur that goes out is a representation of his value.

I am hopeful that taking cognizance of the above tips would help you take to your greatest advantage, your next business financial negotiation.

I would be glad to share thoughts with you on this subject. Let's maximize the comments section of this blog post.