Negotiation Tip of the Week “Negotiation Wins And Value Are In Your Mind”

“Negotiation Wins And Value Are In Your Mind”

You win a negotiation in your mind based on the value you assign to the outcome.

We give meaning to what occurs to us and we act accordingly. Thus, if we say we won something we’re usually filled with the ecstasy of victory. If, on the other hand, we sense a loss, we find ourselves filled with regret, dread, or even fear. In the latter case, we don’t feel like we came away with the maximum outcome we could have achieved. To the degree we find ourselves obsessing over what we deem a loss in the negotiation, we may attempt to unravel the agreement or worse, just not abide by the agreement.

To the point, while you’re in a state of evaluating to what degree you won or lost the negotiation, the other negotiator is assessing the same sentiments. Thus, if she has a sensation of loss, she too may be considering how she’ll atone for the position she’s in.

In your negotiations, always consider the value perspective the other negotiator has per the value she sees in the outcome of the negotiation. You should go out of your way to make sure she sees the value in the outcome for her side and she perceives the outcome to be fair and equitable. If that sense is not prevalent, you could be laying the groundwork for the reopening of the negotiation.

Here are a few things you can do to assure the perception of value is embedded in your negotiations.

  1. Let the other negotiator know that you respect the time and effort that she’s committing to reach an amicable outcome; emphasize amicable. If done in the beginning of the negotiation, such a perspective will send a subliminal message that she’ll surmise to mean you’ll be fair. That will set the grounds for a less cautious negotiation on her behalf.
  2. Early in the negotiation, give her a concession/point that she had not expected. Be mindful not to make it too great a concession or one that will place you in a disadvantaged position. The goal is to show in action the words you stated in number 1 above.
  3. At the conclusion of the negotiation, thank her for the agreement that you’ve reached. Then, ask for her honest opinion per her level of satisfaction with the outcome. Don’t be fearful of opening Pandora’s Box. If you are fearful of doing so, tell her that you’re not opening the possibility of renegotiating, you just want to make sure she’s happy with the outcome, and be pleasant (i.e. smile on your face) as you do so. If she says she’d like to have had ‘X’, you can state that you’d like to have had ‘Y’.

Even when you don’t achieve the expected value and outcome you sought from the negotiation, the world won’t come to an end. If you look for the gains you’ve made you’ll find some to be thankful for. So, in your future negotiations, look for that degree of insight you gained from having gone through your prior negotiation and seek the benefits from it that’ll add value to your next negotiation. Be it ever so minute, that will be your value from having engaged in the prior negotiation. That will also be the platform upon which you will enhance your negotiation abilities… and everything will be right with the world.

Remember, you’re always negotiating!

What is the Best Way to Sell My Business Online?

Marketing a business for sale by owner or through a broker on the Business Broker Journal Network offers several distinct advantages for you, the seller. Let’s take a look at the benefits of each approach.

How can business brokerages help me to sell my business?
If you are not comfortable tackling the task of selling yourself, a broker could be worth the fees you will pay. The sale of a business should be approached with much more formality than the sale of residence. Using a broker gives you an expert who can help you prepare your business for sale, find a buyer who will pay top dollar, and negotiate the details.

1.) Shouldering the load: Selling your business requires a great deal of time and attention, two things that you may not be able to spare while continuing the daily operational requirements of running your business. Passing selling, negotiating and closing responsibilities on to a business broker will allow you to focus on your business and keep you from being spread too thin.

2.) Confidentiality: When listing a business for sale by owner, the owner reveals that his enterprise is for sale, therefore affecting the relationship with the public and prospective buyers, employees, suppliers and other associates. A good business broker can market a company for sale in such a way that protects the owner’s identity and effectively screen potential buyers to ensure that they are qualified and serious about purchasing.

3.) Close Quicker: With a business broker working full-time on the sale, chances are the transaction will be completed much sooner and for a higher price. To find a business broker in your area, click on Find a Broker.

4.) Buyer Interaction: When business brokerages sell businesses, the owners involved are very rarely able to speak to potential buyers. Being able to speak directly with someone will give you an idea of how badly he wants the business and how he might run it so keep in touch with your broker regularly for updates on all prospect-related conversations.

Should I sell my business myself or work with a Business Broker?
Listing your business for sale by owner is one of the simplest ways to approach a very important business transaction. You’ve invested so much time, sweat and money into your business, and it can be difficult to entrust your entire future to a third party even if trust is very high. Can I really sell my business myself?” you ask. The answer is absolutely! Let’s examine more closely the benefits of selling a business independently.

1.) Cost savings: This is nearly always the primary concern for business owners who decide to sell their own business. The commission on the sale of a large business can be very lucrative for a broker, and take a large chunk of profit away from you. This can be especially dangerous if you are attempting to sell a troubled business. Managing the sale of your own business can keep much-needed money in your pocket.

Posting your business online is an easy and cost efficient way to advertise, and will reach infinitely more interested parties than advertising in print. At Business Broker Journal.com, you can list your business for sale by owner for only $49.95 per month. In addition, premier placement is available for a reasonable fee, giving your business additional exposure on the site. The average business takes between five and eight months to sell, and a online listing can dramatically shorten that statistic.

Whether you sell your business independently or use business brokerages, marketing on the Business Broker Journal network can help you gather the largest number of lucrative offers in the shortest amount of time, ensuring a win-win situation for both you and your buyer.

Change Management Presentations – Don’t Leave Summaries Till the End, Grab and Re-Grab Attention

The problem with presentations that contain data or technical information is that they can be complex, and often need to make multiple points before coming to a final conclusion. This means you may lose your audience half way through hence not get the decision you want at the end. A good way to avoid this is to summarise and pre-sell as you go.

Senior executives get bored very easily. A few years ago I attended a conference where the director of product development from Microsoft was speaking. He said that he’d sat through so many pitches for new products that now when he gets bored, he simply shouts “next slide, next slide.” And If the presenter is really crappy then he shows no mercy and shouts “last slide”; when this happens you can bet that the idea is going in the bin. He says it happens when he loses the thread of the presentation and gets bored.
This is easy to rectify if you simply stop regularly, do a recap of what you have said, and then pre-sell the next few points.

A great everyday example of this is the news. At some point today stop and watch a news programme. But don’t listen to the actual news, listen to how it’s structured. Specifically count the number of times that the newsreader summarises the main points before moving on to tell you more. The producers of the show know that they are competing for your attention so they constantly have to remind you what you’ve just been told, and then sell you on what’s coming next. To stop you from switching channel they constantly grab and re-grab your attention.

It’s no different when you present data, analysis or technical information.
Here’s a short cut structure you can use to make sure that your audience stays mentally tuned into your next presentation.

1.During the planning phase (which I recommend you do on word or paper) insert a summary after every three points.

2.Before moving onto the next set of points make a note of why your audience should listen.

Here’s an example from a client presentation I did recently.

“Before we move onto the next section I’d like to remind you of what we’ve covered so far

a. It typically takes you 212 days to respond to repair for a customer

b. You get around 60 complaints per day in your contact centre as a result

c. In addition your staff are leaving because of all the angry calls from customers

In short your customers are not happy and it’s affecting both client and staff retention. In the next part of the presentation I’m going to show you exactly what you can do to stop both the complaints and the staff turnover.”

There you go a simple summary and pre-sell.