Negotiation is a vital ingredient for strengthening your financial wellness. You only have to ask to receive, as the good book simplifies it. Powerful negotiators always get incredible discounts, higher salaries, and lower rates on their loans and mortgages. Therefore, mastering the art of negotiation should be a top strategy when it comes to improving your financial posture.
Learn How to Leverage What You Have
You will only nail down a better deal if you have something to give in return. When making purchases, negation includes finding out the intricate details of what is on offer, and using bargaining chips for great discounts. In an under-booked hotel, for instance, you can ask for a reduction in price by promising repeat business.
A staggering 90,000 people got underpaid on their social security funds in the period between 1990 and 2006. Most of them never even noticed the problem. Higher prices or interest rates on loan products might be a mistake, and being inquisitive can save you a lot of money. Check with the bank, or vendor, and ask for the criteria they use to arrive at the figure on your invoice. Some banks, like Heritage Bank, pride themselves in engaging clients in all levels of transparency, to structure loans that sit well with their financial status.
Aim for a Win-Win Situation
Negotiation is an endeavor aimed at fairness, as opposed to manipulation. Instead of pressing them in a corner, offer something in return, that the other party deems valuable. That way, they shall be more inclined to let you get away with a discount or lower interest rates. Also, remember that great negotiators always make the other party feel at ease. It is easy to get a great deal if everyone feels positive (and receptive).
Keep an Open Mind
Master negotiators always go in with an open mind. They are full of optimism and confidence when they walk onto the negotiation table, but their world doesn’t crumble when they get a NO. You will, therefore, need to have a fallback plan. If you were hoping for a 30 % raise at work, would you be content with 20 %?
Keep the Door Open
No deal? That’s no reason to back down. Some agreements cannot be reached in one sitting, especially where the opposite party has to confer with top leadership, spouse, or any other partner or stakeholder. It’s imperative, therefore, to schedule a subsequent meeting or phone call. Make the other party know that you sincerely think both of you can reach common ground out of a second meeting.
Negotiation is one of the surest paths to success, and you get better at it with practice. The secret is to always be clear about your goals and strengths, staying positive and being receptive to a bargain on your expected deal.
As a Business Banking Professional, Kim helps businesses providing commercial loans specifically meant to provide a business with the capital needed to start-up or expand. In her role, she interacts with entrepreneurs and business owners concerning future financial investments in an effort to help the business find the strategies that would work for them.
Vice President • 770-515-7028 • [email protected]