The old axiom that you do not make money when you sell rather when you buy is very true in one way to make sure your business is in the black is to negotiate properly. Before you get to the negotiation table you want to work out a few things in your mind.
The first thing you need to consider is your bottom line. If you do not have a line in the sand drawn in your mind will not be prepared to present and defend your case with the proper convictions. Be prepared to walk if things are going to cross that line in the sand and be prepared with a plan B if such an event happens. Remember, your goal is for your business to be profitable siege I can emotionally charged during the negotiation process and forget when the bottom line position is.
When drawing that line in the sand be realistic in your expectations. Odds are you’ll not be able to purchase something you need for your business at 50% below market value. That would be unrealistic goal to set as your standard in most situations and will blow your goals out of the water. Study the landscape and see what the worldis offering and try to improve on that was not only your price but terms as well. Also remember that you may need to go back to the seller time and time again if this Read More →