Yesterday I had the pleasure of having Kathleen Burns Kingsbury as a guest on my radio show, Accelerate Your Business Growth. She shared a lot of valuable information with us, including the 5 most common negotiating mistakes business owners make. They are:
1. The business owner hasn't researched their market or clients at all or well enough.
2. The business owner negotiates price when he/she should be negotiating value. You first, of course, have to believe in your value.
3. The business owner focuses on features instead of benefits. This goes along with understanding your value and then speaking to that value. It's not about the bells and whistles - it's about the results. You have to be an active listener in order to focus on benefits effectively.
4. Business owners try to read the mind of the other party. Well, you can't! Get out of their head, listen attentively, and know that it's okay to end with a maybe. It's also okay for you to want more time to decide if the relationship or result is good for you.
5. Business owners don't know when to be quiet! This is a biggy. When you listen you are in a position to clearly evaluate where you are and where you want to go. You are also better at responding instead of reacting.
She told us a lot more during the hour-long show. I encourage you to visit the showpage and listen to or download the episode. Or, go to iTunes and search for Accelerate Your Business Growth. There you'll find all of the show archives.
Kathleen has a workbook, Creating Wealth from the Inside Out Workbook, that she has on sale until July 4th. I bought one and highly recommend that you do the same if you are at all curious about how your relationship with money impacts your negotiations. You can go here to purchase the workbook.