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Negotiation for Small Businesses
 

Negotiation for Small Businesses

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Presentation about "Negotiation for Small Businesses" originally written for the Surrey Business Club, November 2007.

Presentation about "Negotiation for Small Businesses" originally written for the Surrey Business Club, November 2007.

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  • A concise approach to negotiation
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  • It was the business that failed, BTW, I still got my degree (and then my Masters).<br /><br/>
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  • These slides were originally written for the Surrey Business Club, in November 2007.

    They were written as a memory jogger for ME, and NOT actually projected at the meeting... so apologies for the formatting. However, so many people asked for copies of 'your notes', I thought I'd upload them.

    Regards,

    Mark<br /><br/>
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    Negotiation for Small Businesses Negotiation for Small Businesses Presentation Transcript

    • Negotiation
    • So who is Mark Harrison?
      • 37 years old
      • Studied Maths / Computing at Oxford, formed my first company in my finals year. [It failed, BTW]
      • Joined the workforce in 1992, discovering IT paid better Climbed the greasy pole for a few years, retired in 2003 (because I’d bought a bunch of investment properties)
      • Got bored…. Now do three things (sometimes at the same time)
        • Interim Director
        • Run a training / mentoring business
        • Non-exec Director
    • We're all at it
      • vs. vs.
      • Tim is (even now) WAY better at tennis than me
    • Three Components
      • Principles what
      • Psychology why
      • Ploys how
    • Principles
    • Principles
      • You spend all this time worrying about what your customers want BUT… What the hell is it you want?
        • Please DON’T tell me it’s a sale
        • Cashflow?
        • Growth (because you want to be bought)
        • A one-off purchase vs. a long-term relationship
          • Think carefully, your customer might want something different
      • The longer time they invest in negotiating, the more motivated they are to agree a deal
      • BATNA (Best Alternative To Negotiated Agreement)
      • Work out who the “economic buyer” is
        • If there are several, find them ALL
        • If your business is B2C, see later about WOMEN
      • IT’S NOT
      • ABOUT PRICE
      • People buy from people / brands
      • Buyers value other things
      • - (Speed / Security / Service)
      • - eg FSC Certification
    • Before you go into the negotiation
      • What's the MOST you can pay
        • Or least you can settle for, if you're selling
        • Auctions vs. leveraging Proprioception
      • Close the (conceptual) sale before you start talking about price
      • Sell what customers want, eh?
    • Psychology
    • Beliefs
      • Empowering
      • Disempowering It’s a law?
      • They need you?
    • Never say yes (or offer the asking price first)
      • What happens if you do?
      • Is the seller
        • Happy
        • Unhappy
    • Ploys
    • Ploys = Strategy + Tactics
      • The strategy
        • Frame the negotiation
        • Get the seller to invest time
        • Never give away too much in one go
        • How much authority?
    • Opening Tactics
      • Frame the negotiation
      • Offer low / Ask high
      • (Kingfisher compensation)
    • Tactic The Opening Response
      • Flinch
      • For phone, gasp
      • Just a bit of fun, or is it?
    • Time Tactic Ask the wife
      • For those without a wife...
        • Husband
        • Boyfriend
        • Girlfriend
        • Partner
      • Take your time
    • Women buyers
      • Women buy… (US figures)
        • 94% of home furnishing
        • 92% of holidays
        • 91% of new homes
        • 89% of new bank accounts
        • 80% of DIY purchases
        • 60% of cars
        • 51% of consumer electronics
        • [Source: www.tompeters.com]
      • Relationship
      • Networking
        • This is not “wishy washy stuff”
    • Go away… then, when you come back...
      • Only come up by a small amount
        • I was selling…
          • My asking price, £179,950
          • They offered £170,000
    • Splitting the Difference
      • Whoever offers to, loses
      • Encourage the vendor to make the offer THEN We aren't going to drop this over a few thousand / hundred are we?
    • Good cop, bad cop
      • The vendor is bad cop
      • The estate agent is good cop
      • There is no good cop OK – it’s a property example, but use what you learn across ALL your businesses
    • www.yourpropertyexpert.com