How to Open a Negotiation

Opening a negotiation is a crucial step that sets the tone for the rest of the bargaining process. The purpose of the opening is to create the proper setting for the upcoming negotiation. Oftentimes, the atmosphere you create and the way in which you present your argument can mean more to the transaction than any technical matters or financial terms. These steps will enable you to get the negotiation process off to a successful start :

1.      Become acquainted with the other party. The personal chemistry has to work in order to receive a successful result. It is rarely a good idea to leap right into things in a negotiation. Build trust and get your counterpart to relax and feel at ease. Discuss news headlines or the weather, share a meal, or have a drink and enjoy each other’s company. People tend to do business with people they know and like. This skill is especially helpful in international negotiations where socializing between parties is far more common than in North America.

2.      Define the interpersonal dynamic. At the opening of a negotiation, your tone of voice, your choice of words, and your appearance will influence and govern the interpersonal dynamic. When the personal chemistry clicks, bargainers often start making decisions based on their feelings rather than making rational decisions.

3.      Summarize the background. When you are ready to move forward after getting acquainted, open by summarizing the history of the transaction. Confirm that you and the other party are in agreement about the reason for meeting and about the issues that have been resolved previously. Then fall silent, forcing the other party to start talking. By doing this, you will obtain more, often valuable information while arriving at a discussion in which cooperation is the dominant theme.

4.      Prepare an agenda. This can be an effective tool where your ideas are stated in an orderly arrangement and matters can be discussed in a structured manner. Examine what it is the other party intends to get from the negotiation, which questions may come up for discussion, and who will participate. Your agenda will govern the expectations and preparations of the other party and the composition of their negotiation delegation. If your opponent prepares the agenda, insist on a copy in advance so you can prepare your delegation and avoid surprises.

5.      Lay the groundwork for bargaining. Your job is to get the other party to specify all of their requirements. If you meet their demands too soon by making a new and better offer, you will diminish your power position. A more hesitant and cautious approach will enable you to inch your way forward and get a read on the other party and their intentions before setting your course.

The goal of negotiation is to find a cooperative solution where both parties feel satisfied. A prerequisite for cooperation is a positive opening. By implementing these tips into your opening, you will create the proper setting for your negotiation where you and your party trust one another and you have positioned yourself favorably as you commence the bargaining process.

Source :

https://www.google.com/amp/s/keldjensen.wordpress.com/2010/11/02/how-to-open-a-negotiation/amp/

10 Ways to Get New Customers

Getting new customers for your business is hard work, but it's necessary if you want to be successful. Here are 10 ways you can get the attention of new prospects and turn them into loyal customers :

1.      Make Use of Social Media

The first step to acquiring new prospects is to use social media to your advantage. Creating Facebook, Twitter, Instagram and LinkedIn accounts for your business is free and can exponentially increase the exposure of your company. More importantly, since these platforms have become ubiquitous, prospective clients may be turned off if your business doesn’t have a social media presence.

2.      Keep Content Fresh

Consistently updating your website and social media accounts with new content is a great way to stay relevant and show prospects that you’re actively engaged with your industry. Find articles, infographics or studies that are related to your business and post links on your social media accounts. Additionally, it can be helpful to maintain a weekly blog to showcase your own opinions and personality.

3.      Use Testimonials

One of the best ways to attract new prospects is to show off your existing ones. If you know that you’ve provided a customer with a particularly positive experience, ask them for a testimonial. These testimonials don’t have to be elaborate or embellished. Simply providing proof that you can deliver on your promises will help to give faith to prospective customers.

4.      Network

Making use of the Internet can go a long way towards attracting new prospects, but personal connects are the lifeblood of business. Whenever possible, engage with prospects and clients face-to-face in order to give them a personalized experience. By making an effort to get to know everyone you work with individually, you can create a stronger bond, increasing the likelihood that they decide to do business with you.

5.      Expect Resistance

It’s human nature to follow a set routine. As you prospect for new clients, don’t be surprised if you encounter resistance from people who feel set in their ways. If you sense that a prospective client is hesitant about doing business with you, listen to his or her concerns and do your best to address each of them accordingly.

6.      Get Referrals from Existing Customers

One of the easiest techniques for finding new prospects is to make use of your existing customer pool. Talk to your clients and see if they know of anyone who could also benefit from your services or expertise. Remember that word of mouth can be incredibly powerful, and by having an existing client refer you to a prospect, you can greatly increase the likelihood that you land the new customer.

7.      Return to Former Customers

Sometimes customers leave you for one of your competitors. While that’s an unavoidable part of doing business, there is no reason to assume that the change is permanent. Rather than trying to win over new clients, consider returning to some of your former customers and see if they’re interested in coming back. Oftentimes, clients aren’t nearly as happy with a change as they thought they might be and are more than willing to return to your business.

8.      Keep Track of the Competition

In order to succeed in business, you need to know your competition. This knowledge can be especially useful in acquiring new prospects. If, for example, you know that a competitor has introduced an initiative that is unpopular or that they’re experiencing a staff shakeup, it may be time to swoop in and see if any of their clients are up for grabs. By keeping your ear to the ground and looking after your competition, you should be in a prime position to capitalize on any opportunities.

9.      Don’t Get Complacent

After experiencing a sustained level of success, some businesspeople get complacent and they stop searching for new prospects. While there is certainly nothing wrong with success, you should never lose the initiative to do more. Remember that, eventually, your existing customers may move on or go out of business, and you’ll need to replace them somehow. If you allow yourself to become too satisfied with what you’ve already done, you may not be able to replace a customer that leaves, or you may miss out on a promising new prospect altogether.

10.  Listen to Your Customers

Listening to your existing customers can give you invaluable insight into what you’re doing correctly in your business. They can tell you what your strengths are, allowing you to highlight these strengths to new prospects. Additionally, by maintaining a constant dialogue with your clients, you can correct issues before they grow into larger problems that could result in losing a valued customer.

Source :

https://www.businessknowhow.com/marketing/get-new-customers.htm

6 Strategies to Resolve Conflict at Work

Workplace conflict can occur in a variety of ways: between two employees, among entire teams or between supervisors and the team members they manage. As difficult as the issue might seem in the moment, resolving team conflict is possible. There are six strategies to resolve conflict at work :

1. Embrace conflict.

When conflict arises, don’t avoid it or pretend nothing has happened. As time goes on, tension will build and the conflict only will get worse. Deal with these uncomfortable issues as soon as possible, before problems and bad feelings become embedded in everyday work. If you notice a conflict between employees, encourage them to find a way to work it out. If conflict develops between two teams, it's a good time to improve interdepartmental communication. If you have a conflict with one of your employee, address it head on and in private. 

2. Talk together.

Set up a time and place so you can talk for an extended span without outside interruptions. When you do meet, each person should have adequate time to say what he or she believes the other party needs to hear. Don't let any individual monopolize the conversation or control the topic. Each person should talk about the disagreements and how he or she feels about the situation. Remember, this is not the time to attack or assign blame. Focus on the problem, not your opinion of the other person’s character.

3. Listen carefully.

It's essential to give your complete attention to the person who is talking. Do not interrupt the other person. Make sure you're getting the message he or she intends to send. Rephrase and repeat back what you've heard to confirm understanding. Ask clarifying questions if needed. You can request that the other person repeat a central idea or reword his or her frustrations in a way that makes sense to you. Listening always should be about gaining understanding. Don’t let yourself become reactionary to the other person's words.

4. Find agreement.

Your conversation primarily will focus on the disagreements, but resolution is possible only when you find points of agreement. You should emerge from the experience with some positives instead of all negatives. Shed light on commonalities. Share examples or instances in which you agree with the other person or can see another point of view. For example, if you disagree on new sales tactics, you might share what you liked about the other person’s idea or the motivation to work harder for the team. Looking for agreement demonstrates your willingness to seek out common ground and build a relationship around those trust elements.

5. Provide guidance.

If you're in a leadership position, there are times you may need to mediate work conflict. Don’t take sides, ever. Realize you are there simply to help your employees work out their problems. You might need to guide the conversation. And if hurt feelings run high, it's likely you'll need to redirect the topic so your employees return to the real problem. If you're in a position to give advice on next steps, highlight the positive aspects of the process and suggest related topics or actions they can work through after the meeting.

6. Be quick to forgive.

Every conflict needs a clear resolution that acknowledges hurt feelings and finds a solution that begins to mend them. Apologize, tell the other person you're truly sorry for any ill words or actions and mean it. You'll also need to forgive the other person. Agreeing solely for the sake of appearances can lead to grudges that deepen over time, undoing any progress you've made together.

Source :

https://www.google.com/amp/s/www.entrepreneur.com/amphtml/303617

Establishing The Purposes of Business Meeting

Meeting is one of the major media of oral communication. In general sense a meeting is a gathering of two or more persons with the view of making decisions through discussion. It is an assembly of people does decide on some preset issues. So, a meeting is a gathering where two or more people assemble together with a view to taking some decisions on some preset issues though mutual discussion. Every organization, large or small, arranges good number of meetings on certain time interval to discuss and decide on different issues.

Purposes of Business Meeting

Meeting is one of the major media of oral communication. It is essentially important for every organization. The basic objective of meeting is to take decisions on some predetermined issues. It has also some other purposes. The objectives or purposes or importance of meeting are discussed below :

1.      Making Decisions: The foremost objective of any meeting is to take important decisions on some predetermined issue. Decisions are taken here on consensus and it is very crucial to take decisions on routine and non-routine business affairs.

2.      Exchanging Information: Meeting is arranged also to provide information to the audience about various matters of the organization. Audience also exchange information in meetings.

3.      Conveying Organizational Vision, Mission and Operational Plans: Meetings are also called to convey organizational mission, vision and operational plans to the newly appointed employees. Managers or heads of various departments call these types of meetings for the fresher so that they can be better acquainted with organizational culture, mission, vision, plans etc.

4.      Announcing Changes: Another purpose of arranging meeting is to announce the upcoming changes brought in organizational policies, mission, vision, logo etc. before the audience. The causes, benefits and ground of such changes are explained in the meeting so that people understand and accept the probable changes without much resistance.

5.      Negotiation: Meeting is also called for making negotiations between the conflicting parties through fruitful discussion. Sometimes employers and employees or trade union leaders sit in meeting together to reach on some agreement so that organizational activities can be run smoothly.

6.      Resolving Conflict: In large organizations conflict among people is most common. Healthy conflict helps to increase productivity but unhealthy or undesirable conflict must be resolved immediately after found. Meeting helps the conflicting parties to reach on common understanding and thus resolving or minimizing conflict.

7.      Solving Problems: An important purpose of meeting is to provide solution to organizational problems. Problems that are critical and require opinions of most of the members of a board or council must be solved by calling meeting. In meeting diverse thoughts are found that help to face problem suitably.

8.      Reviewing and Informing Progress: Meeting is also called for reviewing and informing the progress of any project, plan and activity and so on. Form it the attendants of the meeting are able to know the present status of the projects and can provide their opinions to improve if there is any loophole.

9.      Celebrating Success: Meetings are often called to celebrate the success of the organization, completion of any project, achievement of any award etc. it increases the organizational harmony and motivates employees to work united to achieve more.

10.  Interaction with External Stakeholders: Every organization is to work with different parties of the society and it must build a long term harmonious relationship with them. Meetings are called to exchange information and to share experience with different stakeholders of an organization so that their interaction with the firm is increased.

Form the above discussion we find that meeting has great importance in business. Without it, business activities cannot be performed smoothly. In fact it serves important purposes for an organization.

Source :

http://bizcommunicationcoach.com/what-is-business-meeting-purposes-of-business-meeting/

What Makes a Great Meetings?

Generally, meeting means an occasion when people come together to discuss or decide something. Meeting member to get together and discuss a problem or issue or a special matter. It is also defined as a situation in which two or more people meet together in order to take a decision. It is an effective and important tool in the communication process. Meeting enables face to face contact with a number of people at the same time. Many meetings take place in a business organization. Some definitions of people at the same time. Many meetings take place in a business organization. Whether large or small, person-to-person, in a conference room or via web-based chat rooms, meetings can be efficient communication tools when thoughtfully conceived and well-managed. But successful meetings don't happen all by themselves. Here are 5 steps to great meetings:

1.      Consider your desired outcome.

Before you reserve a room and send out invitations, take a few moments to consider why you want to call your meeting in the first place. Who should be present? What outcomes do you expect as a result of the meeting? What impact do you hope to have? As with any tool, meetings yield desirable results only when their limitations are taken into consideration. A timely email, picking up the phone, or a quick visit to someone in the lab might get you what you want much more quickly and efficiently than organizing a meeting. When mismanaged or poorly run, meetings can be counterproductive, distracting, and a waste of time and money.

2.      Create an agenda.

Once you clearly understand the reasons for your meeting and your intended outcomes, create an agenda. Clear agendas drive successful meetings. The agenda not only tells people what to expect, it outlines topics of discussion, sets the context and scope, lists key issues, and states desired objectives. When sent out before the meeting, an agenda permits you and others to prepare. Avoid wasting valuable meeting time distribute information beforehand. If appropriate, ask for input and have your most current agenda visible during the meeting. It helps keep the meeting focused and references the most current information.

3.      Identify and invite key participants.

Identify key people you need in the meeting. Include anyone you believe will help you get the information and results you need-;no more and no less. This list is easier to compose once you have an agenda completed. Avoid excluding knowledgeable people based on politics. Include any people, groups, or departments that you're certain will be affected by your meeting. Have a plan for distributing your results to those who were present and also to anyone invited but unable to attend.

4.      Present the issues and stay focused on the goal.

Begin and end your meeting on time. Make sure you have any tools, data, and reports you need readily available before your meeting starts and put it in the meeting space in advance. Don't waste meeting time hooking up equipment, checking connections, or looking for files on your laptop if these tasks can be completed earlier. People will appreciate your efforts to conduct an efficient meeting that ends on time or earlier than scheduled. Once you start, set a good example by speaking clearly, respectfully, and constructively. Encourage all meeting participants to contribute to the meeting if someone isn't actively participating, the meeting is probably a waste of time for them. Move your meeting along by sticking to your agenda. If discussion goes off topic, or becomes personal and unconstructive, refocus. Identify topics for escalation and possible off-line discussions for a later time. Animated or heated discussion during meetings can be constructive and quite productive as long as it does not become personal and off topic.

5.      Wrap-up the meeting.

Once the agenda has been covered, or your allotted time is up, wrap up the meeting. Avoid the urge to continue by addressing any new issues that may come up. The wrap up officially closes the meeting. It confirms, clarifies, and recaps what was discussed and everyone's understanding of the situation or goals. Confirm whether or not your meeting has fulfilled your objectives. If it turns out that your meeting has left you with additional questions, identify any new topics, suggest further action, escalate your concerns, or reschedule follow-up meetings as needed. After the meeting, distribute notes and minutes to those on your distribution lists in a timely fashion. As a final thought, solicit feedback from others.

Source :

https://www.google.com/amp/s/thebusinesscommunication.com/what-is-meetingadvantages-and-disadvantages/amp/

https://www.inc.com/peter-economy/5-steps-to-great-meetings.html

The Importance of Business Communication

Communication plays a crucially important role in all aspects of a business. Business communications may be in-house or external. With internal communication, you are dealing with staff in meetings or via such written messages as emails and text messages. With external communicating, you are dealing with suppliers, clients or other businesses. Effective business communication helps build a good relationship between the employer and the staff, which can help increase productivity and the company's bottom line. Poor communication in business can result in a number of unforeseen problems, including disgruntled customers, delayed projects, and diminishing productivity and more. Therefore, here are the importance of business communication.

1.      Increased Productivity

The success of any project is dependent upon the ability of staff members to collaborate, and effective business communication is the key to successful teamwork. This promotes understanding and builds trust between the employers and the staffs. That's one importance of business communication. Effective communication within an organization involves listening to your staff members and responding to their needs. This results to confidence in what they do and accomplishing the desired task fast and effectively. Staff are also unlikely to make mistakes when there is effective communication. And should they make mistakes, you are able to correct them without creating an unfriendly working environment.

2.      Help Grow Customer Base

One importance of communication in business is that a customer is without a doubt the lifeblood of any business. Businesses rely on clients for their survival. Effective external communication can help attract new customers and retain the existing ones. Your marketing plan, for instance, can persuade clients to shop your goods or visit your store. A good public relations campaign may use the media to build your business' image in the local community. Knowing your clients' characteristics will help you determine when, where, and how to connect with them. Always take any opportunity that enables you to connect with your existing customers and potential customers.

3.      Improve Business Partnership

Another importance of effective communication in business is improved partnership. Communication is crucial when dealing with suppliers and other external business contacts. Sometimes suppliers need to be regularly updated on all the products so they can determine areas that they need to improve. Also, you may need to form an alliance with other businesses at some point. How effective you relate with these businesses will help determine whether or not you will succeed in these areas. If your company develops a reputation as an entity that's easy to form a partnership with, you can significantly increase your chances of forming business relationships with other entities.

4.      Facilitate Business Innovations

The final importance of effective business communication is that with it help facilitate business innovation. As the world is becoming globalized, you will need to take advantage of this fact and grow your audience and customer base. If both the employers and staff oversee communicate well, the advantages are twofold. Business innovation happens when staff feels comfortable to convey opinions and ideas. For instance, if you are considering launching a new product, effective communicating can play an integral role in how fast you introduce the new product to the market, how well your sales team performs and how it is received by your market.

Source :

https://www.eztalks.com/unified-communications/importance-of-business-communication.html

Image are taken from Google.

Communication Skills for Business

While communication comes easily to people in many situations, in the workplace it's often a different story. Business settings require special considerations when it comes to communicating effectively, especially during times of conflict. If you feel like your communication skills aren't up to par, don't worry; with a little practice, positive communication skills can be learned.

1.      Listen

Listening may be the most important business communication skill. When employees feel that they’re being listened to, they feel respected and are more willing to share their feelings and opinions. When speaking with an co-worker, focus on what she is saying. Avoid thinking about what you’re going to say next, the meeting you have at noon or what’s going on in the break room. If a problem arises, ask the individual how she feels about it and give her time to speak. Respond without interrupting and demonstrate that you're listening by nodding, asking questions and showing concern. Simply saying "That sounds like a difficult situation" shows the individual that you've heard what she has said.

2.      Ask Questions

Asking questions is part of showing that you’re listening. During everyday conversations, asking questions shows that you’re interested in what your colleague is talking about. Asking co-workers questions about how a child’s soccer game was or how a project is going makes them feel that you care about them. In a tense situation, avoid starting questions with “Why” (such as “Why were you late?”) as it can make the individual feel that he is being punished. If a disciplinary situation arises, to avoid a defensive reaction, ask the employee what happened, how he feels about it and how you can work together to solve the problem.

3.      Repeat What Was Said

During a conversation, repeating and summarizing what the speaker has said can ensure that you’re both on the same page. Simply rephrasing what the individual has said in your own words and asking if you’ve understood correctly can ensure that misunderstandings don’t occur and prevent tension from escalating.

4.      Communicate Your Feelings

Express your opinions in everyday interactions; if an employee has done a great job on a project, say so. Likewise, if a project needs improvement, be proactive in expressing how the project can be improved. In more complicated situations, avoid blaming an individual for her actions. Instead, communicate how these actions make you feel and request a change in behavior. If an employee consistently comes in late to Monday morning meetings, rather than just telling her to be on time, tell her that when she comes in late, it’s frustrating to you and the rest of the team because her input on the project is valuable to the meeting. Follow up by asking how she feels about the issue and work together to resolve the problem.

5.      Avoid Strong Reactions

If an individual is upset, such as an employee or client, avoid reacting immediately, such as criticizing the person or lashing out. Let the individual vent, then tell him that you understand his frustration; if you don’t understand, ask him to tell you more about what has frustrated him about the situation. Keep the dialogue moving without reacting personally to what is said. If the situation escalates or becomes tense, take a break from the conversation and make plans to discuss the issue the next day once you've both calmed down.

Source :

http://smallbusiness.chron.com/communication-skills-business-2866.html