As a small operation or even individual, it can be that the corporate weight behind larger businesses you are competing with can seem extremely intimidating. This goes double if you’re not even involved in an industry but have something of worth to a particular business, and thus negotiations or offers are thrust upon you. It can sometimes be that larger businesses seek to completely override smaller operations or individuals via accumulated experts and monetary might.
We often see this in the tech industry, as giants like Google may undeniably valuable offers to innovative tech startups, not only to ingratiate them as part of their own services but also to help stifle competition outside of their own bounds. If having a deal such as this thrust upon you, it can be worth knowing how to hold your own and participate in the conversation to the degree that you both have something to say, offer and understand. This can allow both parties to move forward towards a competent and reliable result, and you’d be surprised just how effective this can be in the long term.
As far as this is concerned, we would recommend the following advice:
Hold Your Ground
Holding your ground in negotiations is an important part of seeing just how valuable these discussions can become. Many times people are obligated to suggest they cannot dip further, or that this is their final offer. Provided you are firm to a reliable point, and do not over-ask or over-emphasize, you can often find wriggle room either side of this provided you are also willing to compromise. It’s a delicate art, but with extended conversation and a belief in yourself, you can get this right.
Use Allied Services
Utilizing services that help to negotiate on your behalf, or are willing to help you understand the value of that you’re sitting on can be absolutely vital to going into the discussions with care and consideration. For instance, selling a cell tower lease on land you own can be quite a complex discussion and you may not be well versed with all of the particulars, but with a company that understands how to negotiate and a company willing to provide you with an esteemed assessment of your potential, you may come through successfully.
Commit To Your Research
Commit to your research, looking for any angle that can help you establish a more comprehensive offering in order to gain what you may want. For instance, you may be at the potential mercy of an intensively attractive acquisition deal, something that you find hard to take given your family history in the company. It could be that you find this innovation is only truly understood by you, or you have value to this company, as do some of you team, that would be hard to artificially replicate elsewhere. This may help you stay on the team while also taking said deal, provided you can back this up with careful figures.
With this advice, we hope you can confidently negotiate with a much larger business going forward.