Recently, Jason Cohen commented in an Entrepreneur University post about the important of negotiating everything in order to get a better deal from suppliers during the recession. Therefore in response, this week’s Entrepreneur University comes thanks to Colly Graham. Colly brings thirty years of practical experience of selling and his ability to empathize with sales people and establish immediate rapport and credibility as a trainer.

Today Colly discusses how you can learn to be an effective negotiator:

“Buyers and sellers alike need to sharpen their negotiating skills.

Each needs a set of strategies to deal with competition and competitive pricing in today’s marketplace.Sales people fall into the trap of the buyer telling them they will have to match their competitor’s price in order to get the business. Moreover, buyers need to ensure that they are negotiating the most competitive price at the quality and service their company demands.

What is Negotiation?

Negotiation occurs when someone else has what you want and you are prepared to bargain for it – and vice versa.

Basic Skills for Negotiators

* Influence – Necessity, desire, competition and time consider where the balance of influence lies misuse of influence causes resistance

* Information – Incorrect information is worse than no information at all what do you need to know about the other side that will be useful? What is the best way of finding out? Act like a detective to discover information

* Credibility – Make yourself believable, don’t take your own credibility for granted

* Judgment – The ability to strike a balance between gaining advantages and reaching compromises – patience keep things in perspective

“What Makes a Good Negotiator?

Negotiation is one of the most difficult tasks a person faces. It requires a number of qualities not usually found in business. Negotiation requires good business judgment and an understanding of human nature.

1. Stable people, able to negotiate with him or her self and see the funny side. Does not have a need to be liked.

2. A willingness to plan, know the product, the rules and the alternatives. Probe and check information

3. Good business judgment.

4. Be able to tolerate conflict and ambiguity

5. Commit to high goals and take risks to achieve these goals

6. Have patience

7. Get involved on a personal and business level

8. Have integrity

9. Be willing to listen with an open-mind

10. Be able to see the hidden personal issue

Today prospects and customers are forcing us to compete as a commodity with severe pricing pressures and negotiating. “Your price is too high” is a common cry! We need to develop knowledge and skills to effectively negotiate the sale.”

Is there a topic you would like to learn more about for the next Entrepreneur University? Leave a comment below and we’ll try to find an expert to discuss your topic!

Evan Carmichael