Negotiating is probably one of the most under-trained skills among business owners. Most of us know what we know about negotiating because we’ve been knocked around a bit at the negotiating table, but we don’t really know what the tactics are, why they work, or how to counter them. This course will take you through over 20 negotiating tactics as well as the preparation and the mindset you need to have to negotiate more profitable deals for your business.
Business owners negotiate multiple situations every week whether it’s a situation with an employee or a contract with a client or vendor. This course will walk you through how to look at a negotiation from the beginning so that you’re in the proper frame of mine. Then you’ll learn how create a game plan for each negotiation that you enter. You’ll learn everything from getting your counterpart’s story and why that’s important to how to deal with issues like deadlock. You’ll know the rules for negotiating over phone or through email. Philip will cover situations that include “quickie one-off” deals to long-term contracts. You’ll know what to look out for when it comes to closing the deal and some of the sticky issues that come up when the actual contract lands on your desk.
Negotiating doesn’t have to be a dreaded, tiring process. It can actually be fun! After taking the Negotiations Training for Small Business Owners course you’ll feel knowledgeable and confident going into every negotiation. The people you negotiate with will gain a new respect for you not just as a negotiator but as a savvy business person.
How you view the person you’re negotiating with and the situation you’re negotiating can make or break your results in a deal. Many people approach negotiating with little to no flexibility and they have perceptions of the person they’re negotiating with that cause them to miss clues and opportunities. In this session you will learn:
Preparation is often the single largest factor in determining your success in anything. Sports, military battles, business plans, and business deals all share the need for preparation. Preparation covers everything from understanding the rules of the game, to your options, to your opponent’s alternatives and tendencies. If you don’t take the time to consider these things you’ll be flying unprepared. In this session you’ll learn:
We cover this tactic first because it’s often the one that your counterpart will use first, especially if they’re untrained. It’s also the one that will cause you to abandon your game planning, and that’s a problem. Scarcity is rarely real and you often have choices to help you manage the tactic. In this session you’ll learn:
Silence is quite possibly one of the single most powerful tactics there is. In a negotiation it can figuratively move mountains. Using silence isn’t always easy and having it used against you can be even more uncomfortable. In this session you’ll learn:
There are several times during a negotiation that using silence can be useful. In this session we'll walk through a real world negotiation and you'll learn:
My dad used to always tell me that there is no such thing as “fair”. In a negotiation fairness can become a hurdle because we are fundamentally hard-wired to be “fair”. Fairness shows up in several ways in a negotiation and you need to be aware of what it means, how to spot it, and how to deal with it. In this session you’ll learn:
How you start into a negotiation is incredibly important. After you’ve done the game planning and before you actually start trading concessions with your counterpart there’s one very important thing you need to do, and that is to have your counterpart fully explain their position to you. But how do you do that? In this session you’ll learn:
Often, deciding what your initial bid or ask will be can be a challenge. And the event of actually presenting your bid or ask to your counterpart can be stressful. Many negotiators cost themselves money because of how they handle themselves during this part of the conversation. In this session we'll discuss:
People love to deal in rounded numbers. They're easy to add and in fact the human mind finds them easy to process. The problem is that rounded numbers create a poor situation for sellers and buyers tend to give up too much money if they don't understand how exact numbers affect their thinking. In this session we'll cover:
Many people already understand the value of reference, or comparison, prices. We know that they help affect our counterpart's interpretation of our prices. However, not all reference prices are created equal. In fact, certain reference prices can work against you in a negotiation. In this session we'll cover:
As a business owner you get into the practice of making assumptions so that your business doesn't get stuck in one place. Allowing that practice to become habit in a negotiations often means that you'll miss information or volunteer an off-target concession. In this session we'll cover:
Competition is an often used tactic, but it’s often used poorly. Bluffing competition can be costly when negotiating with a trained or skilled counterpart. If you misread the clues you can cost yourself money. In this session you’ll learn:
Time pressure is an incredible lever in negotiations. Many people know instinctively to use it. Many companies unconsciously hurt themselves with it. In this session you’ll learn:
Sometimes the single worst part about being a business leader who’s handling a negotiation directly is that everyone knows you’re the person who has the ultimate authority to say “yes” or “no” to any part of a deal or the whole deal. It’s not always good to be in a position of authority. Being able to find others who are more powerful than you are in a negotiation can be very helpful to your position. In this session you will learn the 9 forms of authority or power in a negotiation;
In this session we'll walk through some specific situations that you might run across in a negotiation and discuss how you might deal with them. You'll learn:
Since negotiating is a two-sided process sometimes the shortest path to getting what you want is in helping your counterpart deal with their situation. In this session you’ll learn:
Doing business with a particular company for years can be both good and bad. The good part is that you can count on the revenue. The bad part is that things change and trusted revenue can disappear overnight if you’re not doing the things you need to do to take care of the relationship. In the session you’ll learn:
Setting up a Joint Venture or Teaming Agreement with another company can be a great way to grow your business. These sorts of arrangements do require a much more intimate level of sharing when it comes to how your business operates. They can sometimes slow you down when it comes to making decisions for your business. In this session you’ll learn:
Up to this point we've covered the major (or common) negotiating tactics. There are several minor tactics that are often used for various reason and we'll cover 4 each in this session and the next two sessions. Those are:
In today’s world we handle a lot of transactions over the phone and through email. In many cases this approach works just fine, and in other situations it can lead to misunderstandings and/or missed details. Even worse, it can lead to strained or poor relationships. In this module you will:
Many people complete negotiations without ever hearing their counterparts say "no" and they fear deadlock because they don't know how to get out of one. But if you never take your counterpart to "no" then how do you know that you got everything they were willing to give you? In this session we'll cover:
After you've negotiated the deal there's still the fact that it has to be closed. You have to get signatures on the contract. Sometimes there are issues that come up in the contracting phase that can derail the whole deal. In this session we'll discus a few that you should start considering when you're putting together your game plan. We'll cover:
Philip grew up the son of a small business owner and serial entrepreneur. Philip 3-peated in Inc5000 as the CEO of an engineering consulting firm, but his first paying job was as the janitor in his dad’s barber shop.
Having seen the benefit of what a strong small business can do for its ownership, Philip is on a mission to help small businesses grow smartly and provide substantial results for their owners and employees.
Philip has worked in both large and small companies in industries ranging from manufacturing to distribution to engineering consulting to professional services. He’s consulted to many small business owners on a variety of issues ranging from the sale of their business to day-to-day management and operations.