Becoming a Better Negotiator

Whether closing a sale, haggling over a price with a supplier, or discussing a raise with an employee, business owners negotiate nearly every day. While you may already be an effective negotiator, consider the following strategies to help maximize your negotiating skills. Negotiating does not have to be a zero-sum game. When two parties enter into negotiations, they are both looking to create something of value that did not exist before. Instead of taking an adversarial approach, think about how both parties can arrive at a mutually beneficial solution. Without abandoning your own interests and objectives, consider the interests of your negotiating partner. Reflect on what your priorities might be if you were in your partner’s shoes and how you can best accommodate those priorities. Do Your Homework Before approaching the bargaining table to negotiate an important deal, make sure you are fully prepared. If, for example, you are attempting …

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5 Ways to Retain Customers & Increase Sales

There are several reasons your existing customers are your business’ most valuable asset. Increased profits from sales Increased profits from reduced operating costs Increased profits from referrals Not only is it 3-5 times cheaper to keep a customer than to engage a new one, but studies show that repeat customers pay more for purchases and purchase more often. Satisfied customers also help your business to grow through referrals to friends and family. To look at it another way, if your business is gaining 10% new customers annually, but losing 10% of existing customers annually, your company is not growing. Imagine if your company reduced your customer defection rate by 5%; your business would be growing at a rate of 5% every year. Not only that but your sales and marketing expenditure would be reduced. How do you take care of your most valuable asset, your customers? Here are 5 proven …

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