After lengthy discussions that may have included haggling, swapping concessions, bargaining, and maybe even stonewalling, there’s no doubt that it feels good to have a done deal. However, the goal of negotiation shouldn’t be to “win.” If you look at it that way, that would imply that somebody else had to be the “loser” and neither party wants to walk away feeling like they “lost.” Rather, successful negotiators understand that negotiations aren’t about manipulating the other party to close a deal. Instead, they should be “win-win” negotiations where both parties walk away feeling satisfied. Whenever you are closing a deal, it’s important to focus on more than just the “I win” attitude. Leaders and managers should be trained to develop negotiation skills that not only help them close deals, but also help them create long-term relationships and lasting value. As you approach the end of your deal, consider the following tips for closing a deal that will lead to a successful business relationship.
1. Consider the Needs of Your Counterpart
As stated before, it’s always best to strive for a win-win outcome. In order to do this, you must consider the needs of the other parties involved. What is motivating them and what value can they bring to the table? What is most/ least important to them? What problem are they having and how can you help solve it? By considering these needs, you can adjust your offer to be more beneficial for both parties. In consideration of their needs, you should also come prepared with a list of concessions that you are willing to make. Be prepared to offer alternatives and concessions before coming to a final agreement. When you seek to find mutually beneficial solutions, you are likely to build trust and respect with your counterpart.
2. Treat the Other Party with Respect
In many cases, your relationship with the other party doesn’t end when the negotiation is over. It is very likely that you will continue to work with the other party as a client, customer, or vendor. Therefore, it is important to be respectful at all times so you can build a long-term relationship with them.
3.Ask Open-Ended Questions
During the course of any negotiation, it is always important to ask open-ended questions like, “Can you tell me more about that?” or “Can you explain why this is important to you?” This helps to give the impression that you genuinely care about their needs in addition to your own. It also forces you to do more listening and less talking, which enables you to collect valuable information about the other party.
4. Summarize the Deal
Imagine that you have just sat through an informative presentation. Despite how well you may have listened and taken notes, you could probably still benefit from a convenient recap at the end. The same holds true when closing a deal. Before signing on the dotted line, it can be helpful for both parties to restate everything they have gone over to be sure all parties are on the same page.
5. Always Express Appreciation
It’s good to keep in mind that both parties are taking time out of their day to go over this information. No one likes to feel unappreciated, and this is not different in negotiations. Always be appreciative of the other party and their time. After all, this is a great way to pave the road for more successful interactions with one another in the future.
6. Monitor Your Counterpart’s Behavior
As you approach the end of your negotiations, watch closely to see how the other party seems to be reacting. Do they seem happy with the outcome or do they appear angry or frustrated? Do they seem to understand everything that was discussed or are they confused? Do they seem excited about working together or anxious to get the deal over with? All of these can be signs of either a successful negotiation or one that is leaving the other party with a bad taste in their mouth. Since it is likely that this relationship will continue, be sure and address any questions or concerns the other party may have and use this opportunity to get them excited about working together.
7. Close with Confidence
Once the contract is signed and the negotiation is coming to a close, remember to remain positive and confident until the very end. The ability to negotiate successfully with another party will create lasting value for your business and helps to form the beginning of a professional working relationship. This is a great time to share your excitement about the new opportunity and thank the other party for their cooperation.
