The success of any business is dependent on a number of internal and external relationships including customers, suppliers, clients, and employees. Businesses that are successful in the long term get there because their company has forged and nurtured trusting relationships over the years. This is why it is so important for businesses to pay close attention to the way they interact with others during negotiations. Rather than looking at negotiation as a power struggle and a fight to be right, businesses reach success when they learn how to cooperate with clients and customers to create a more positive business solution. In other words, businesses need to move from competitive negotiations to collaborative negotiations in order to protect these important relationships.
Think About the Future
The most successful businesses realize that if they focus too much on the here and now, they may lose opportunities of greater value down the road. Sometimes it can be to the company’s advantage to negotiate a deal that is more favorable to the client at the moment. Though it might be tough to let go of the value you are missing out on today, it’s wise to consider how it might strengthen the business relationship and lead to more lucrative transactions in the future. As the old adage says, “slow and steady wins the race.”
It’s in Giving That We Receive
If you want to build trusting relationships that last over time than you must think about more than just yourself. Negotiations aren’t about winning, but rather they are about creating a solution that is beneficial to both parties involved. Successful businesses realize that by giving something to their counterparts, they can expect to get something of equal or greater value in return. This leads to a win-win solution where both parties are happy as opposed to severing an important business relationship just to “win” the negotiation.
Create Open Communication
The fastest way to build a trusting business relationship is by encouraging the other party to communicate their needs and concerns and actually listening to what they have to say. Negotiators who spend time chatting with their counterparts and asking what they want are far more likely to develop trusting relationships that last over time. Furthermore, negotiators who make time for small talk end up making more lucrative deals than those who don’t place any emphasis on the relationship. Turns out that keeping an open line of communication can lead to stronger and more trusting business relationships and this will ultimately increase your bottom line.
