Full transcript
0:00business deals are a tricky thing
0:04you want to get the best possible deal
0:05for your company but you also don't want
0:08to offend or turn off the other party
0:10how do you find the perfect balance in
0:13this video you will learn three steps to
0:16negotiating a business deal
0:18step one research the other party and
0:21understand their position to start try
0:24to find out as much as you can about the
0:26other party what are their goals what do
0:29they hope to achieve through this
0:30negotiation
0:31what are their key concerns
0:34it can be helpful to create a list of
0:36these points so that you can refer back
0:38to it during the negotiation
0:40once you have a good understanding of
0:42the other party's position it's time to
0:44start preparing your own arguments
0:46what do you want to achieve in this
0:48negotiation
0:49what are your key concerns
0:52make sure that you have a clear idea of
0:54what you want before entering into any
0:56discussions
0:57during the negotiation itself try to
1:00listen more than you speak and really
1:02try to understand the other side's point
1:04of view
1:05by taking these steps you can increase
1:07your chances of successfully negotiating
1:10a business deal
1:13Step 2 make a realistic proposal
1:16when you're ready to make a proposal
1:18it's important to be realistic
1:20to do this you'll need to have a clear
1:22understanding of what both sides want
1:24and what they're willing to compromise
1:26on
1:27CE you know this you can put together a
1:30proposal that meets everyone's needs
1:32before you can make a realistic proposal
1:34you need to understand what both sides
1:37want and what they're willing to
1:38compromise on
1:40it's important that you know your limits
1:42before you start negotiating this way
1:44you won't get caught up in the moment
1:46and agree to something that isn't in
1:47your best interest
1:49be clear about what you're willing to
1:51compromise on and what your bottom line
1:53is
1:54once you know what both sides want and
1:57what their limits are you can put
1:58together a reasonable offer
2:00start by making an offer that's fair and
2:03reasonable then be prepared to negotiate
2:05from there
2:08and step 3 be prepared to compromise
2:13in any negotiation both parties will
2:15have to make some concessions in order
2:17to reach an agreement
2:19it's important to be prepared to
2:21compromise on certain terms in order to
2:23get the overall deal that you want
2:26one of the most important things to
2:28remember when negotiating is that you
2:30should never give up more than you have
2:32to
2:34you should also try to keep your
2:35concessions as small as possible
2:37by doing this
2:39you will be able to get the best
2:40possible deal for your company it's also
2:43important to remember that you should
2:44never agree to anything that you are not
2:46comfortable with
2:48if there are certain terms of the deal
2:50that you are not happy with be sure to
2:53voice your concerns and try to negotiate
2:55a different outcome