The power of persuasion is tantamount to the potential success of ongoing business deals. When negotiating with a new or current partner, the best outcome is something that has optimal benefits for both sides.However, closing a deal shouldn’t be just about getting a yes, but an extremely effective and mutually beneficial yes. Below are some pointers on how to close a deal without compromising values.
1) Appeal to the Human
People want to be treated as if they matter. This means taking their requests into account. Make sure both parties are happy. Consider the needs of the partner and ensure the offer being made will suffice for them. Focus on developing the relationship rather than rushing the close.
2) Have a Firm Stance
Having standards and a bottom line will be pertinent to being satisfied with a deal. Walk away if the offer doesn’t meet minimal needs. If a partner doesn’t take the necessities into consideration, the potential for mutual satisfaction is nil. Being firm on certain aspects of an agreement will show commitment and seriousness. Not folding on certain criteria may also force an adverse party to change their mind.
3) Have Non-Negotiables
In addition to standing firm, there should be aspects of a partnership that are non-negotiable. Having standards that can’t be negotiated will ensure that compromising doesn’t lead to dissatisfaction. It’s perfectly acceptable to have deal breakers that allow for decisions with minimal regret tied to them. Be flexible only to the point where it’s still beneficial.
4) Share Values
If business partnerships are made between people who share similar values, neither party will have to negotiate their beliefs for something to work out. It will be easier to compromise and the parties won’t have to settle for something that goes against ethics or intrinsic needs.
5) Deepen a Relationship
Business partnerships have the potential to be long-lasting and therefore should extend the depth of a relationship. The final decision should be something that brings the parties closer. Not only will the deal be more likely to prosper, but there will also be the possibility for further negotiations to be made.
6) Focus on People
Focus on people, not problems. By understanding the person behind a business deal, the ability to compromise will come easily. It’s essential to have empathy and acknowledge a party’s views. Constructive communication between people who respect each other should result in a partnership that will have lasting success.
7) Evaluate Interests
Similar to focusing on the person, evaluating the interests of a party can help with coming to an agreement that serves both sides. It will also help with not getting sidelined by contrasting positions. Sometimes interests can be met even when opinions differ greatly.
8) Generate Multiple Outcomes
Providing a business partner with multiple feasible outcomes before choosing one increases the likelihood of a deal closing. Having many options will make a partner feel more in control and allow for flexibility on terms.
9) Be Objective
In any healthy partnership, emotions and personal opinion will not play a large role in the aspects of an agreement. The partnership should be based on objective factors that deal with facts to eliminate any unnecessary drama.
10) Get an Outside Opinion
Sometimes it’s impossible to come to an agreement, no matter how much both sides are willing to compromise. In this case, bringing in a third party is necessary. Unbiased opinions will offer clarity and could make the parties more likely to negotiate on things they weren’t willing to change previously.
Business partnerships are tricky and can be cut-throat at times. Following the above guidelines will help to ease the discomfort that comes with complicated negotiations and close the deal without compromising values.