8 Tactics for Successful Business Negotiations

Negotiating a deal is more than friendly conversations and talking numbers. You must be an
effective communicator to win big. Whether you’re pitching a new client or trying to close a
pending deal, you need to set the tone right. 
You may have often read or heard about closing deals and how hard it gets if both parties
are not in accord. In the movie, The Wolf of Wall Street, Leonardo DiCaprio gives us hard-
hitting lessons on negotiating a deal: it’s all about explaining to the clients the benefits and
what’s in it for me.
Be smart enough to analyze the potential of the other party and play your cards accordingly.
Check the company CIR of the party you’re pitching. This way, you can assure yourself if
you’re doing the right thing.
If you find it hard to start the conversation and lead it to the battleground, let us help. Read
on to know the eight tactics that can help you negotiate a deal like a business maverick.
Go prepared
There’s no way you are going to close a deal if you go unprepared. While pitching, you may
fumble or speak about things not related to the conversation. The other party may create an
impression of you. It may not show further interest. On the contrary, if you know your
product or pitch, you’re likely to appear confident. Here, dressing for the occasion makes
sense but what works is your knowledge about the deal. 
Don’t play too hard
Every entrepreneur wishes to close a deal on easy terms. But you should know where to
draw the line. If you try too hard to make it work, you may end up losing it rather than
closing it. So, relax and assess your strengths and weaknesses. Know what you can bring to
the table during the negotiations. Take it easy!
Listen to the other party
Being an effective communicator helps you impress others. But if you’re also a good
listener, nothing beats that combination. So, if you’re trying to negotiate a new deal or
renewing a contract, you must listen to the other party carefully. Take note of their views
and what they feel about it. Learn if they want time. All this can help you come across as
passionate and empathetic. 
Be honest
You can’t build a solid foundation based on lies. It means if you lie to the client and get the
deal, you lose. All your fake promises will turn against you in the long run, and you may lose
the client forever. So, be honest in your approach. Dictate the terms clearly and try to
understand if there’s a viable outcome here. 

Don’t overpromise
If you know the capability of your business, you can negotiate better. Know your strengths
and weaknesses and pitch accordingly. But if you overpromise and underdeliver, it’s a loss
for your business. Your client may not consider you in high regard, and you may lose
business. Know what you can offer in the long run. 
Set a deadline
You can’t expect negotiations to go your way all the time. If you’re expecting to close the
negotiation in a day, you need to rethink your plan. Negotiations may take time. There could
be three to five rounds of negotiation. With that said, it doesn’t mean that you should hold
a candle for the deal to close soon. Analyze if it’s working out or your efforts are going in
vain. Decide quickly. 
Do not consider multiple offers
Your sole focus should be on negotiating one deal at a time. If you go prepared for three
other offers, you may go nowhere with that approach. So, it’s better to make yourself
readily available for a deal that is profitable and could close soon. 
Know when to back out
If you’re in a negotiation process and come to realize the worth of the other party, take time
to decide the next course of action. If you’re reviewing your client’s business credit report in
India, it can tell you a lot about their financial standing in the market. 
You may negotiate a deal on your terms but end up shaking hands with business credit
defaulters. It’s similar to delighting a client that adds no value to your business. So, know
your worth and negotiate if it turns fruitful for your business.