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Successful Negotiation: 5 Effective Techniques for Better Negotiation

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StrategyDriven Practices for Professionals Article |Techniques for Negotiation |Successful Negotiation: 5 Effective Techniques for Better NegotiationAs one of the most crucial components of modern business, negotiation occurs every day in a variety of forms, and the outcome of these negotiations can significantly impact your bottom line. Successful negotiations serve as the foundation for profitable interactions and allow you to cultivate valuable long-term business relationships. While every negotiation is different and features unique circumstances, there are certain techniques you can employ during any negotiation to enhance your position and increase the likelihood of reaching the best outcome for both parties.

Consider the five techniques below to discover how you can improve the negotiation skill set of your team, then contact Shapiro Negotiations to schedule training with our expert negotiators. When your employees participate in our strategic, interactive program, you can be sure they are prepared to secure the optimal results in the toughest of negotiations.

Encourage Conversation

In any kind of negotiation, your negotiating partner needs to know you value their perspective and take their priorities seriously. Encouraging conversation by asking open-ended questions allows you to gain valuable information and guide the negotiation process to a favorable conclusion. Display a commitment to reaching a win-win outcome from the very beginning of the negotiation and take time to resolve any remaining doubts so the agreement may be entered into with trust and confidence. Remain professional, polite, and friendly throughout the discussion and maintain open body language to signal your receptiveness.

Listen Actively

To enhance active listening skills, Shapiro Negotiations teaches “The 3 Cs” – connect, consider, and confirm. Connect with your negotiating partner by making eye contact and using their name frequently throughout the discussion. Consider your response carefully, pausing to reflect after the other party finishes speaking before formulating an appropriate response or counterargument. Confirm the goals for the discussion and the progress you have made in reaching them. By following this approach, you can learn what the other party feels is most important in the negotiation, as well as the limitations they face and the areas they may be willing to compromise.

Demonstrate Value

To negotiate effectively, you must retain an accurate idea of your product’s value and be capable of proving this value to your negotiating partner. Demonstrate your company’s expertise in the industry and highlight your record of proven results by sharing hard data concerning outcomes of past successful deals. Suggest potential clients explore reviews and testimonials to hear first-hand accounts of your company’s character, values, and dedication to delivering the highest quality products. If the product in question is only available from your company or in especially high demand, the value of your product is even higher, giving you more leverage in the negotiation.

Explore Alternatives

Negotiations rarely end after the first meeting, often involving extensive back-and-forth between both parties to adjust the terms of the deal until they feel they have achieved a win-win outcome. This requires thinking beyond the details of the initial proposal and exploring creative alternatives so you can reach a fair, acceptable agreement. You can discuss a variety of options, including requesting or proposing concessions, “expanding the pie” by widening your offer or providing compensation to make up for sacrifices made by the other party.

Know When to Walk Away

Recognize when the other party’s demands have become unreasonable or if the terms they suggest create an unprofitable outcome for your business and make the decision to walk away from the negotiating table. Before the negotiation begins, you should be aware of your limits and gather market data to support your assertion that an offer or price is not fair or reasonable. A potential client that does not value your offering or insists on drastic contract amendments will probably continue to be difficult to work with after the deal concludes, so sometimes the wisest course of action is to get out before the stakes become too high.

Learn More Negotiation Techniques with Our Training Program

Informed by science and strengthened by experience, the negotiation training program offered by Shapiro Negotiations has helped businesses improve their negotiating skills for more than twenty years. With training sessions customized for your business objectives, we can instruct your team on how to effectively utilize a wide range of techniques so they can conduct successful negotiations for years to come. Boasting an impressive 300% return on investment, our team has helped more than 250,000 people in all kinds of industries enhance their negotiating abilities and achieve the best possible outcomes in any future business deals.

If you would like to learn more about how we can prepare your business for a lucrative future, contact us today online, call (410) 662-4764, or email [email protected].

3 Legal Tips Every Entrepreneur Must Know

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StrategyDriven Entrepreneurship Article |Legal Tips|3 Legal Tips Every Entrepreneur Must KnowEvery business faces the possibility of legal issues at one point in time or another. Did you know that the smallest companies in America with about 250 employees and less encounter legal issues the most? This highlights why business owners need to know all legal matters related to their business, to be on the safer side. How can you keep these issues to the bare minimum? Below are a few tips to help.

1. Be sure to document any agreements or contracts

As an entrepreneur, you may need to go into agreements with various professionals along the way, for example, contracting some independent service providers. For all such engagements, contracts will most likely be involved to set clear terms and conditions. In such cases, it’s advisable to have all contracts and agreements documented for future reference. For accuracy’s sake, be sure to contact a lawyer to assist you with your drafts so that your documents are well prepared, can be easily understood and enforced by law. Doing this will also help prevent any future misunderstandings.

2. Guard all your ideas and innovations

Being an entrepreneur mainly involves identifying problems and coming up with creative ways to solve such gaps. Even if your business idea already exists, there’s something that sets you apart from your competitors; whatever that differentiating factor is, you can protect it. All you need to do is speak with a lawyer and know how best to protect your ideas, designs, or creations. Your lawyer may suggest using the help of copyrights, trademarks, and many other forms of protection that will benefit you and your business.

3. Protect yourself, your business, and any other personal possessions

Starting up a business as a sole proprietor comes with many benefits, like your ability to enjoy the total profit. However, a sole proprietorship has less protection as compared to a limited liability company. Be sure to have a chat with your attorney for advice on what business choice would best suit you and be most beneficial to you. You may end up switching to a limited liability company and getting access to the required protection your assets will need. You can also protect your business and properties by ensuring you have all the necessary documents, such as your certificates, licenses, and permits. The type of business you’re running will determine the kinds of documents you’ll need to have. Your attorney can offer advice to help you know all the requirements of your type of business.

Similarly, taking care of personal injury within the office building must also be considered by entrepreneurs. There are many incidents that has been noticed regarding the personal injury of employees within the office premises, thus, read more about it if you are not aware of its legal consequences.

Another way to protect your business is by making sure you have the right insurance coverage. Workers’ compensation plus general liability insurance are good options to have. Lastly, be sure to conduct a safety and risk assessment for your business. It’ll help you ensure that your work premises, hardware, and business operations align with best practices. Additionally, contact capable personal injury attorneys whenever you experience any damages to your personal or business properties.

Starting a business comes with several legal rights and responsibilities, and sometimes it may come across as burdensome or even boring. Despite your take on this legal aspect of the business, the fact remains that the legal stuff is vital, so get all the assistance you can. Find yourself an attorney to handle all the legal issues to protect your business from any trouble.

Three Ways Property Owners Entice and Retain First-Rate Tenants

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StrategyDriven Managing Your Business Article | Three Ways Property Owners Entice and Retain First-Rate TenantsHave you ever rented to a tenant who refuses to pay rent on time, adhere to rental agreements, or get along with other property residents? If so, then you understand the value of a high-quality resident.  Whether you are trying to attract a reliable, considerate tenant with a stable income or are simply trying to keep one, these three techniques will increase your chances of finding a first-rate, long-term tenant.

1. Implement an Effective Tenant Selection Process

Quality residents are easier to find if you have a detailed screening procedure. Do not allow your need for a renter to prevent you from checking an applicant’s income, references, criminal history, previous eviction history and credit rating. Having the potential applicant provide references from previous landlords and employers will give you another opportunity to identify any red flags before generating a lease agreement.

2. Keep Your Property Well Maintained

Regular cleaning, painting, and appliance replacement will make your property look like a nice place to live. Property investment gurus like Paul Daneshrad understand that you must treat your properties as assets. Therefore, a landlord must keep their rental property impeccably maintained if they wish to entice good tenants to stay. Renters who make regular payments enable you to make repairs, comply with building code requirements, pay utilities and taxes, and supply other services to residents. You do not want to tick them off a tenant by not promptly responding when they inform you that something is broken. Keeping up with maintenance schedules and maintaining your property will reduce the likelihood of things breaking.

3. Use Effective Communication Strategies

Approachable, frequent, and clear landlord-tenant communication will help you build positive relationships. It is especially considerate for you to show flexibility in how you communicate with tenants, as some people prefer emails, texts or phone calls. Make yourself available in person and through all three of these communication modes. High-quality residents will want to stay long-term if you are easy to reach in the event of an emergency. Providing your tenant with a 24/7 contact goes a long way to building a trusting, professional relationship that will last.

Reliable and responsible tenants are hard to find, and not keeping them long-term can make your property management experience difficult. If you are choosy in your selection process, impeccably maintain your property, and practice frequent and clear communication, you are more likely to attract a trustworthy resident.

4 Time Management Tips for Professionals

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StrategyDriven Practices for Professionals Article |Tips for Professionals|4 Time Management Tips for ProfessionalsAre you the type of person who feels like they need more hours in the day? Have you heard the saying: work smarter, not harder? What can you do to ream more time out of your day?

Instead of working yourself well over your allotted time, you need to learn the value of your time and plan appropriately. Structuring your day, and often relinquishing control over your duties can help maximize your time.

You should know your limits. When there’s a leak in your bathroom, you would call a plumber, right? At work, you might expect a professional like a customs brokerage or an attorney to take care of difficult tasks so you can focus on your work. If you adhere to this order in your daily life, you can create some beneficial habits.

Plan Early

First things first: get yourself a monthly planner! A monthly planner will help you to plan out your entire week in advance. If you have never sat down and planned out your whole week, you will want to start small.

If you are a working professional, the chances are that you are using a service company scheduling software and it’s keeping you busy. You might have meetings planned, personal appointments, or critical deadlines to meet. Any plans in motion are the place where you need to start. As soon as a new plan pops up during your work, you need to immediately write them down.

Research has shown that writing something by hand solidifies the information into your memory up to 30% faster.

Plan for Work-Life Balance

You might feel like every minute of your day is planned out to the minute. In that case, you want to set some time aside at the end of the day for some rest and relaxation. Otherwise, a massive burnout is approaching.

Set aside an hour at the end of the day where you’ll do only what you want to do and not what you need to do. If that means writing down any niggling ideas you have for work the next day, this could be beneficial for your stress level. It is always better to have your stressors written out—then it is like a promise to yourself to complete and cross off the task.

Don’t Let Your Day Control You

When you are feeling overwhelmed, grab your planner. Separate your day into 10-to-30-minute chunks. Compile a list of your high priority tasks, like deadlines or meetings, and categorize them into these chunks.

It could help if you try to do some more manageable tasks first to get your mind into a workflow, but doing this won’t let those more difficult tasks fall to the back of your mind.

Learn to Be Present

With the rise of social media, we have distractions at genuinely every point of the day. If you work in a fast-paced work environment, you might continuously be inundated with work emails or phone calls. This could seriously distract you from some of your more important work tasks.

Our loss of interest and distractions are the most pressing reasons for time management struggles. It is important to ground yourself in between these high-stress moments and keep yourself on track. One great way to do this is to set a timer or an alarm to stay aware of your time and keep your mind on the present moment. You might even want to consider pausing your notifications when you’re working on more pressing tasks!

Six Easy Ways To Raise Capital For Your Business

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StrategyDriven Starting Your Business Article |Raise Capital |Six Easy Ways To Raise Capital For Your BusinessRaising capital for your start-up or small company is probably the biggest challenge most entrepreneurs face when starting a business. This is not only a serious obstacle but also a popular excuse for many business-minded people. From renting production space or office to hiring staff and buying goods and equipment, everything you do to take your idea to profitable business requires money.

Luckily, the success stories of all the entrepreneurs show that capital is available to everyone if you turn to the right resources and get a little creative with your capital-raising options! Below we share six ideas on how to get money to fund your business.

Start With Your Own Savings

Creating a new company and running your own business can be risky. Also, this level of risk sometimes prevents traditional lenders from providing loans to entrepreneurs. This can become even more difficult if the business owner hasn’t invested his or her own money.

If you take your business dream seriously, you can consider using your savings as a source of capital. Or maybe you are willing to refinance or take out a second mortgage. You should definitely look for available options of personal financing if you are ready to take risks and comfortable with the potentially bad consequences.

Talk To Your Friends & Family Members

Your friends are always there when you need them, therefore, raising capital through your closed ones is another viable option. Try to contact your buddies to get some money to raise capital, but think about how they can benefit from the idea of lending you money and what form the funding will take. For instance, you can ask for some debt financing and then pay it back with interest, or simply you add them on as partners in your business.

Similar to your close friends, your family members and relatives can be an entrepreneur’s first point of contact for raising capital. The peculiarity of the family is that they will always be ready to help and support a good idea with financial help. The bond between your loved ones is very strong, and even if you don’t have a very good business plan, you can still raise money from your family. Remember that the amount of funds collected from your family members may not be enough; however, it is a good start.

Regardless of what you decide to do, make sure to be honest with your friends and family, realistic about how much money you need and clear about the risks; otherwise, you will not receive money even from your best friends.

Apply For Business Grants & Loans

There are various types of lenders and debt products for small business – banks, government agencies, credit card companies, online lenders and microcredit programs. All of them offer term loans, invoice financing, lines of credit, cards, cash advances and much more.

For instance, since nowadays many businesses are dealing with the consequences of the global pandemic, Coronavirus Business Interruption Loan Scheme (CBILS scheme) provides the small and medium-sized businesses with two fast and effective solutions to beat the cash flow crunch. CBILS lenders offer a hassle-free CBILS loan and a flexible CBILS revolving credit facility to get financial support and fund your business, whether you need to hire more employees, pay for your workplace or create an emergency reserve of capital.

Find Angel Investors

Angels investors are people with a surplus of funds who are usually interested in investing in new start-ups, but it is also possible to raise money for a small business in return for an ownership stake. Furthermore, they work in groups of networks to collectively review proposals before investing and can offer mentorship or invaluable advice alongside the capital.

Knowing this, angel funding can be a great source of capital for your business. First, you must have a succinct, clear and memorable pitch and a solid business plan. Since angel investors aim to fund a potentially profitable business with clearly outlined services or products and experienced leadership, you should capture their attention with enthusiasm and promising data on the current situation and future potential of your company.

In addition to visiting different events, such as fundraisers and conventions, to find angel investors, there are also various online platforms that can help you find the right people and fund your business. Angel Capital Association, Angel Investment Network and Gust are considered the most versatile online platforms for finding an angel investor for your business.

Or Venture Capitalists

Unlike angel investors, venture capitalists usually want to invest in slightly more stable and mature companies, and sometimes want to have a voice in the direction of the business and the management of its day-to-day operations.

Since venture capitalists are responsible for achieving a certain return for a firm or fund, they need positive cash-flow companies with proven products and a high potential for growth. If your company meets all these requirements, you can apply for an investment in a venture capital firm. It’s not an easy task, but many small businesses have been successful in getting the much-needed capital.

Raise Capital Through Crowdfunding

Crowdfunding is a new and quick way to increase start-up capital. Instead of focusing on a few people like your friends, investors or banks, this funding option allows you to make small amounts of money from many investors at the same time.

To launch a successful crowdfunding campaign and raise capital for your business, you need to present a detailed description of your business. This includes the goals of your business, the value of your service or product, plans for making a profit, how much funding you need and for what reasons. Then anyone can read about the business and contribute money if they like the idea.

At the same time, you should be aware that crowdfunding is a competitive place to get funding, so unless your business idea is absolutely rock solid and can convince regular consumers with a simple description and a few images online, you may not be able to raise money for your company.