Negotiation has everything to do with
maintaining a mutual benefit for each negotiator. In establishing a business, negotiation will
be apart of the process to build strong business relationships. In using negotiation, business relationships
can establish greater results in maximizing future opportunities.
I recently interviewed a business owner
that established a business with photography.
She is a photographer that will travel almost anywhere for her
clients. One of the things she mentioned
is the importance in identifying levels of negotiation. These levels of
negotiation depend on who you are negotiating with.
Negotiations between business partners are
totally different from negotiation with a client. She mentioned that a typical negotiation process
of price handling takes about two weeks to negotiate a final price for client.
However, other negotiation processes might take longer with a different client
depending on their particular need. For example, one of the clients negotiation
process took four months to complete.
Her business partnership with her boyfriend
helps develop a negotiation structure that is beneficial for both
partners. The primary focus is to ensure
that financial stagnation will not take place in the business. Each partner has a percentage of the company
and is responsible for that percentage.
They both understand the value of compromise and assurance that the
business establishes growth. For
example: they both had a habit is giving discounts to friends and family. After carefully discussing the compromising
solution, they understood that it’s important to give discounts if it’s a local
event.
The focus factor for business owners in
negotiations is to discern and be aware of dirty tricks. The interviewee express the importance of
maintaining a mutual benefits even with difficult clients. We might encounter clients that will try to
take advantage of the individual and get a cheaper deal. Some business opportunities are not for the
best of the company. Which means, the
negotiation process lets you know if you can work with them in the future.
On a personal note, the interview
successfully outlined any examples of negotiations. Manly clients are referred
from other clients with big names such as Chick-fil-a that helped build
creditability for the company. The
importance of developing great negotiation skills establishes yourself as a
brand and overall the business.
