By Neil Patel
What comes to mind when you think of negotiation tactics?
People in suits closing business deals?
Bargaining with a seller in a market?
Convincing your landlord to lower the rent?
Negotiation Tactics Play a Key Role in Life
It’s tempting to think of negotiation only in terms of price, but the term represents many possibilities beyond money.
For example, if you’re struggling to negotiate your desired salary, you can negotiate the job benefits, the scope of work required, hours, or remote-work options.
In other areas of life, you can negotiate a better package with your regular service providers, you can negotiate better deals when shopping and you can even improve your relationships and expectations through effective negotiation.
What about business? Can negotiation tactics help you grow your business?
Research over the past few years says yes.
Whether you are an established CEO conducting high-profile meetings or a small independent seller collaborating with other business owners in your community, negotiation can significantly impact the rate of your growth.
Why Are Negotiation Tactics Important in Business?
Most business decisions can be improved by learning powerful negotiation tactics. Here’s a few reasons why learning to negotiate is important for growing your business.
How about all of these?
- Improve Operations: Negotiation can help you find the right compensation package for your employees, get discounts from your manufacturers, have a successful fundraising round, and help you scale your business faster.
- Succession/Exit Plan: If you plan on selling your company eventually, negotiation can also help you find the right buyer at a great price.
- Improve Revenue: Done right, negotiation can help reduce business costs and increase profits. For example, negotiating better deals with suppliers or lower costs for rent.
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