In a severely competitive marketplace, solo-entrepreneurs are currently doing everything they can to stand out from the crowd. Since entrepreneurship means business and business supposes profits for entrepreneurs and value for customers, everyone’s looking for new ways to grow revenues in one way or another.
Business negotiations are probably the most overlooked tool for ROI improvement, even though the importance of negotiation has been well contoured throughout history. Negotiation a complex skill that is powered by many soft skills and professional skills.
In today’s post, we’ll discuss everything there is to discuss the benefits of business negotiations for solo-entrepreneurs. But before that, here’s what I want you to keep in mind:
Negotiation can become art. An art implies a lot of skill, bits of talent, and much passion. Of course, every entrepreneur has different objectives concerning this side of things. If you want to make it art, then daily practice is necessary. If you want to simply improve the skill, regular practice is also necessary.
Grab a pen, paper, and start paying attention. Here’s why business negotiations are the best tool for solo-entrepreneurs:
Negotiation helps you define your long-term success
Here’s a quick real story.
A boy used to dream big. He wanted to become the best runner in the world, though he was lacking discipline skills. His potential? Incredible. The fastest runner in every school (and he changed many), junior state champion, and role-model for kid runners.
Nevertheless, when he got into the big league and had to compete with seniors, his performance has quickly dropped. Angered by the situation, the boy started to run more, and more, yet his training schedule and personal life was a total mess due to the lack of self-discipline. The boy had eventually given up, only to realize years later that he could have been the best runner in the world if he had only worked on that important defect.
Back to negotiation and solo-entrepreneurship.
If you were to learn from the boy’s mistake, you’d immediately start assessing the true importance of negotiation. If you want to succeed rather than give up in the nearest future, you should consciously improve your negotiation aptitudes on a regular basis.
Because long-term success is defined by many choices, decisions, and actions. Every time you communicate with business clients and regular customers, negotiation is present and thus influences the outcome of the interaction.
The cause-and-effect principle, which is a scientifically backed concept, suggests that every action will cause an outcome. So, if we think in terms of cause and effect, every time you negotiate well (cause), you improve the results (effects) of your interactions.
That’s one simple yet truly relevant reason why negotiation defines your long-term success.
Effective negotiation saves costs and improves profits
Let us now tap into our common sense and think about a common business negotiation situation. In the B2B industry, phone discussions that aim to turn prospects into customers are the first thing that comes to my mind. Every time you outsource services and solutions, your negotiation traits will impact the final price of every transaction. Just think about the difference in revenues at the end of the year!
In the B2C industry, one form of negotiation is the price you establish for products or services. That is a negotiation, indeed, because you are basically outlining the value of your products in terms of money. In this instance, copywriting (the art of selling through words) helps you justify the final price.
Let me go deeper with this one.
Copywriting completes negotiation – they go hand in hand, so if you miss one the other will lack.
As for the beginning of your journey, if you’re not a great copywriter, I’d highly suggest you outsource professional copywriting services. Allow others to do what they do best while prioritizing what you can do best. As a solo-entrepreneur, I often use an out-of-the-box solution that involves an essay writing service.
Here’s what I mean. Academic writers are often better prepared to write exceptional content. At least that’s what my experiences have shown me. Professionalism, much better prices, and exceptional communication make an essay writing service a much better option (at least for me) than expensive and often mediocre digital marketing agency services.
Negotiation is a conflict resolution process
Conflicts are a common part of every solo-entrepreneur’s journey. It would be foolish to ignore conflicts, and even more foolish to enhance them.
Proper negotiation skills are making the conflict resolution process a piece of cake, as a master negotiator will never lose its calm, focus, and purpose. When you have negotiation knowledge and skills, it’s much simpler to let go of the anger and frustration caused by the fact that you didn’t get what you want.
Your negotiation experience will give you the patience and persistence to keep working on that conflict and problem until it is settled. It helps you avoid scandals and helps you minimize the damage caused by negative reviews and dissatisfied customers.
Negotiation skills help you improve your marketing game
I see negotiation as a mental war between two players, each attendant looking to accomplish his own purposes. A great negotiator will consciously use his negotiation skills when discussing deals, seizing opportunities, and, most importantly, when marketing his products and services.
But why? What does negotiation have to do with marketing?
For starters, effective marketing implies a great understanding of your target audience. If you don’t have that, you are running blindly towards the far-away finish line.
However, considering that you do understand your customer’s needs, problems, and desires, you can use your negotiation concepts and experience to eliminate attract their attention and eliminate their barriers-to-purchase.
More specifically, you can define what holds them back from agreeing with the price you’ve set. When you personally inquire customers to receive direct feedback, those negotiation traits will help you ask better questions and manage the situation in an exceptional manner.
Effective negotiation generates win-win situations
In business, a win-win situation is a perfect outcome because it does not only get both players happy with the outcome, but it also sets up important future bridges of communication. The final outcome of one or two successful win-win situations is usually a highly beneficial business relationship.
Well, this can apply both to clients and regular B2C customers. The art of negotiation is mostly about finding that middle ground that allows the deal to continue and possibly creates room for other productive deals.
Negotiation mastery will skyrocket your confidence and potential
After you negotiate a deal successfully, the rewards will immediately come. That is a good reason to be satisfied and to continue doing exactly what you did to get to that outcome.
As you keep landing successful deals, partnerships, or contracts, your confidence levels will start growing. Of course, this is only one of the causes of the improved confidence, as you can improve this quality through a lot of ways.
You’ll gain momentum so you will use your negotiation skills every time you have the chance. Do you know what this would make you?
A beast. Not just an unsuccessful beast, but a beast with true potential. I’m calling it like that because a beast is extremely confident and often impactful through actions. When you meet “big players” or “hard situations”, you will act with full confidence and faith that you’ll reach the best outcome.
That is something that a lot of solo-entrepreneurs lack. I’m talking about the spinal cord that every entrepreneur should develop in order to be successful in business. Every kind of life outcome, business or personal, is fueled by our confidence (or lack thereof).
Therefore, the more you negotiate the more confidence you’ll get because successful negotiation results often provide that feeling of being “better than others”. Of course, don’t let that get to your head. Use it instead to empower yourself.
Negotiation that’s done well leads to respect
When you negotiate well, you will be granted respect from the people that have “seen you in action”. A person that knows what he’s talking about is a person who’ll acquire the respect of others.
If you negotiate every day and deal with a lot of interpersonal interactions, your negotiation qualities will help you improve your status and respect as a professional entrepreneur. When everyone respects you, you are basically where you need to be.
Here’s what’s certain. As a solo-entrepreneur, you can start and run a business without even paying attention to your negotiation skills. However, that would be foolish, as negotiation is present in almost every personal and business interactions.
Writers that don’t have writing skills will never produce quality content and will never be successful. Solo-entrepreneurs that can’t negotiate will rarely make wise decisions and good deals. It’s as simple as that. Start improving your negotiation skills right now, and don’t ever look back!