Best Practices in Negotiation Speaker Says "The Bucks Start Here!

Best Practices in Negotiation Speaker Says "The Bucks Start Here!

If you're in business, undoubtedly you have noticed that credit lines for many small establishments have disappeared.

Quickly, we have moved to a pay-as-you-go culture. Terms that used to read, "30 days" now declare, "Cash, check, or credit card."

Even "COD," cash on delivery, is becoming rare.

Diminishing credit certainly discourages marginal and frivolous spending, but it also shrinks the economy and tosses people out of work.

In this atmosphere of tight money, we should take a second look at non-productive negotiation practices, particularly giving away our stock and trade, letting people have "free samples" and outright gifts of our goods and services in the hope they'll return the favor later, if not sooner, with paying trade.

Like any pendulum, there is the amplitude, a most distant point that it reaches before it swings the other way. We have reached that spot when it comes to wasting our time in fruitless marketing endeavors, such as social networking.

For example, a person with whom I have done business in the past discussed with me a marketing program that he is seeking to establish. I mentioned my expertise, and offered my services, which he declined.

But he did say he wanted me to introduce him to a capable subcontractor I use for special functions. By doing so, I would have been cutting myself out of the food chain, and I would have received nothing for improving my past client's capabilities.

I said I'd introduce them for a flat fee, which was nominal, based on the value of the connection. That accommodation was also rejected.

My client acted as if he was entitled to gain access to my human resources, that my team should become his for the asking.

Indeed, he was so insistent and demanding, that I determined I couldn't link him to my associate with the confidence he would behave himself. Moreover, his reluctance to pay me suggested that my cohort might meet with similar resistance in money matters.

Instead of offending one, I'd alienate both, and for zero compensation. Worse, I'd have to donate my time in briefing both parties to enable them to work together efficiently.

I'd be out of pocket.

When I graduated from college and was in the leasing business, my boss, the president of the company, gave me a brief but poignant lecture when I brought in a marginal deal. I told him I hoped to earn future business by shaving my margin on the first.

"It doesn't work that way, Gary" he replied. "Every deal must stand on its own merits!" he boomed.

And my career has affirmed his wisdom. You can't lose money on today's deal and hope to "Make it up in volume."

If there is a continuous stream of income coming from a particular source, there may be occasion to respond with an occasional perk, an uncompensated gesture, a symbol of gratitude.

Send your best clients a calendar, or a Mont Blanc pen, or tickets to a sporting event, as a thank you.

But if they are one-time buyers with a low probability of purchasing again, profitably, and they are demanding a freebie, your stock and trade, tell them "sorry."

The bucks start here.

POST COMMENT

School Speaker: 13 Steps To Becoming a Motivational Youth Speaker Personal Protective Equipment - What is Available? Add More Outdoor Fun with Playground Equipments Motivational Speakers Profiled - Sergio Marchi Motivational Speakers Profiled – Midge Ure OBE Purchasing Guide: How High-definition Home Theater Equipment Selection - High-definition Home Top Construction Equipment Producers In The Uk Label processing enterprises how to purchase printing equipment - printing equipment, label - Printing Industry Who struck a quality book printing equipment, "string" - books of quality, Indian enterprises - Printing Industry Ceramic Speakers By Joey Roth The next five years, profit growth rate of China's equipment manufacturing industry is still up to 30% - Manufacturing - Machine Tool Industry The M17 Is A Portable Alienware Fantastic Piece Of Equipment The 57th China Teaching Equipment Exhibition notice - the 57th China Teaching Equipment - Education Industry