Negotiations Mastery for Entrepreneurs and Business Advisors #BizGro Partners and #CapitalOne COPYRIGHT © 2014 BIZGRO PARTNERS, INC. ALL RIGHTS RESERVED.
Negotiations Mastery for Entrepreneurs and Business Advisors
May 12, 2015
The most important skill you need in business is negotiations. If this skill is not properly utilized you can be costing your business and your clients thousands of dollars.
In business, you make more money negotiating than with any other skill. Yet many entrepreneurs have truly not developed this skill at the level needed to properly manage relationships and generate profits for themselves and their companies.
At our workshop we presented strategies and a mindset that can help generate cash flow for business's instantaneously. At our workshop we covered the following:
We defined the negotiations process as a distinctive discipline from sales, marketing, and networking.
We discussed why it is counter intuitive to exercise negotiations competence in this culture.
We discussed the mental inner game components that make all the difference.
Why "Win Win" negotiating doesn't always work and what to do about it?
Real deal, modern practical strategies that can be utilized in any negotiations.
How to defend yourself in a negotiation where the other side is clearly trying to take advantage of you?
How to negotiate with friends, family, and people you like which is always a tough ordeal?
How to develop a team approach to negotiating major deals?
In business, you make more money negotiating than with any other skill. Yet many entrepreneurs have truly not developed this skill at the level needed to properly manage relationships and generate profits for themselves and their companies.
At our workshop we presented strategies and a mindset that can help generate cash flow for business's instantaneously. At our workshop we covered the following:
We defined the negotiations process as a distinctive discipline from sales, marketing, and networking.
We discussed why it is counter intuitive to exercise negotiations competence in this culture.
We discussed the mental inner game components that make all the difference.
Why "Win Win" negotiating doesn't always work and what to do about it?
Real deal, modern practical strategies that can be utilized in any negotiations.
How to defend yourself in a negotiation where the other side is clearly trying to take advantage of you?
How to negotiate with friends, family, and people you like which is always a tough ordeal?
How to develop a team approach to negotiating major deals?
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Transcript
Negotiations Mastery for Entrepreneurs and Business Advisors
#BizGro Partners and #CapitalOne
COPYRIGHT © 2014 BIZGRO PARTNERS, INC. ALL RIGHTS RESERVED.
Housekeeping
Speaker
Thank You’s
WHY BECOME A WORLD CLASS NEGOTIATOR?
Key Question:
1. YOU MAKE MORE MONEY NEGOTIATING THAN WITH ANY OTHER SKILL IN BUSINESS.
2. IT’S THE ONE SKILL THAT ENCOMPASSES ALL AREAS OF YOUR LIFE.
3. THE CONSEQUENCES OF NOT DEVELOPING NEGOTIATIONS SKILLS CAN BE DEVASTATING.
3 Reasons:
What is the Core Function of Negotiations:1. Relationship Management2. Problem Solving.3. Profit Enhancement
Negotiations is like Martial Arts and can be used for good and evil
purposes.
The Highest level of Negotiations is to set up the relationship when a negotiation is
not needed.
The 3 components of Developing Negotiations Skills:
1. Mental Inner Game2. Strategic Set Up3. The Gambits & Counter-Gambits
Mental Inner Game:The Mental Game is the most important component in negotiations. Without the proper mental game, all other knowledge and skills become moot. Negotiations is the one exercise where your confidence and self-esteem can be quickly exposed because there are no rules in negotiations. It is you versus your mind.
The Name of the Game in Negotiations is “Respect” and Respect is about BoundariesTHE CONCEPT OF BOUNDARIES
An integration between the intuitive brain and the conscience brain is what needs to be achieved for a healthy mindset.THE CONCEPT OF A HEALTHY MINDSET
CONSCIENCEINTUITIVE
INTEGRATION
Key Inner Game Concepts1. See yourself as a champion deal maker, a
world class negotiator, a haggler, and a pain in the_____________
2. Negotiate everything all the time. (Similar to being a flirt)
3. Overcome your fear of losing relationships and people not liking you.
4. No deal or relationship is more important than your well-being. Be willing to walk away any time and any place even if the deal is seconds away from being completed.
5. See yourself as having leverage in every situation even when you do not have the leverage.
6. When you have leverage, don’t wield it with abuse.
7. Maintain self-respect and self-dignity at all times. Always be a professional.
Strategic Set Up1. Always ask for more than you expect.
2. Get the other side to name the price. (A little overrated). If this does not work, refer to # 1 “Always ask more than you expect.”
3. Never accept the first offer.
4. Create multiple issues in the negotiations even if it does not represent issues for you personally. This is needed for tradeoff purposes. If you are working with one issue the negotiations will be in bad shape.
5. Always have a higher authority. Never claim to be a solo artist.
6. Manage expectations.
7. Never seem too interested or excited about a deal. (Stay levelheaded)
8. Always have multiple options. (Having one option is the kiss of death).
Key Strategic Set Up Principles in Negotiations
1. Law of Scarcity.
2. Hooker Principle
3. Information is power.
4. Indifference is the real enemy, not objections. War is your friend.
5. Never negotiate with terrorists.
GAMBITS AND COUNTER GAMBITS
1. Test for Validity (Learn the most important word in the Dictionary)
2. Make Friends (Great Way to avoid negotiations)
3. Plant Deficits (Tied into the Law of Scarcity)
4. Flinching5. Trade off Methodology6. Answer concession with a concession. 7. Higher Authority (Make it vague)8. Good Cop/Bad Cop9. The Assumptive Close10. Funny Money11. Disappearing Acts12. “The Conditional Contract.” 13. Answer a Low Ball with a Low Ball
1. Test for Validity Back
2. Separate business and friendship3. Plant deficits back4. Maintain composure and probe5. Be careful what you are trading 6. Make your concession inconsequential7. Call it out and call for a meeting with the
decision maker. 8. Call it out and let other side know you
know what they are doing. 9. Continue negotiations if necessary 10. Negotiate dollars, not percentages11. Find another deal12. Stick to the contract13. Stick to your low ball until the other side
becomes reasonable.
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