4 Smart Ways to Negotiate With a Cash-Strapped Buyer

When you start a business whether small or big, you can not run it successfully without dealing with people. That involves negotiations all the way. Most entrepreneurs are master negotiators. That is one quality everyone needs to survive in any business environment. That is because to remain in business, you got to regularly negotiate with suppliers, employees, customers, service providers, government regulators and sundry other people. These are people you must as a matter of course deal with on daily basis. When the persons you are negotiating with are cash-strapped or pretend to be cash-strapped as many people usually do, the following strategies come in very handy if you seriously want to get something out of the negotiations.

01. Emphasize to them the benefits of your product or service. This strategy is rather obvious. The more you are able to get others to see how much benefit your product or service can provide for them, the better your chances of getting them to deal even if they are cash-strapped. When the “pull” to get the product or service is strong enough, not having money becomes less important. Some people may even go to borrow money to make payments when they are sufficiently worked-up to have the product or service.  

02. Find out how much they can afford. By doing this, you are presenting a picture of genuine willingness to help. That helps to build trust. With trust, your negotiating cash-strapped partners could actually confide in you by divulging correctly how much they can afford. When you are equipped with this information, you could decide to save everyone’s time by calling off the negotiations if actually the fellows can not afford the deal. If you find out they can, you may decide to accommodate them further by lowering your own demands to meet theirs. That way, you could strike a deal that is capable of making all parties happy.

03. Ask them if they can pay in installments. This way, you are further cementing the picture of willingness to help out. Your negotiating partners may be unable to afford a bulk amount at once but if the picture of payments in installments over an extended period of time is presented, they could deal at that point. That again presents a good picture of willingness to help.

04. Subtly remind them that they can deal elsewhere. This strategy is rather tricky and could backfire if not tactically used. You may inadvertently hurt the ego of your negotiating partners if you are not careful here. A bruised ego automatically means a no-deal situation. That kind of scenario should be avoided at all costs. If you do it right and suggest to your negotiating partners that they could deal elsewhere, it will present a picture that you genuinely want to help even if the deal is not done with you. That could nudge them to want to deal with you believing that you could give further concessions that will enable them to deal.

It is difficult to negotiate successfully when you aim to win all concessions. Success can only be guaranteed when all parties to the negotiations leave the table believing they won something. That creates the scenario of win-win on both sides. That is the ideal situation these tips can help achieve even if the other partners are actually cash-strapped or they are feigning it as many are wont to do.  That is the win-win scenario every entrepreneur who wants to have maximum benefits from negotiations should endeavor to create as much as practicable at all times and in all situations. Negotiating concessions is a very good way to save money or to make money for the business. That makes it highly desirable for the business.

Best 5 Ways to Keep Your Employees Highly Motivated

When you talk of motivating employees, many business managers always avert their minds to good pay and more pay to keep employees happy. Many usually focus so much on this aspect that they at times ignore the fact that their workers are human beings after all with all the complexities that go with being human. Employee motivation surprisingly is a mystery for many business managers in this age and time. The surprises do not end there. Some managers even go as far as not taking any other reasons into account when the financial fortunes of the business are dwindling. For that reason alone, they make the decision to lay off workers. These managers ignore the fact that some workers may even be prepared to work for little or no pay for sometime if they are sufficiently motivated some other ways. This is because not all employees respond to the same motivations. As human beings, we all differ particularly in our likes and dislikes, passions, interests and desires. To succeed as a business manager therefore, you must learn how to identify what motivates each employee. That is the knowledge which will enable you to manage your employees to fulfill the objectives of the business as well as the individual objectives of the employees. That by all accounts can not be a very easy task because of the complexity of human nature. That is why these five ways to motivate workers come in very handy most of the time.

01. Job Satisfaction. When workers are satisfied and happy with the job they do, they tend to work harder and are generally more productive. So, when the work environment is conducive enough, it attracts and keeps talented and dedicated employees. With job satisfaction, many employers are usually motivated to show up regularly with the commitment to perform at optimal level all the time. Happy employees translate to happy customers most of the time and that is very good for the fortunes of the business.

02. Sincere Appreciation. There is hardly any human craving that is stronger than the need to be appreciated. Managers who know how to appreciate and commend their employees in a very sincere manner usually get a lot of mileage from it as a motivating tool. In fact, the ability to recognize the positive behaviors and achievements of their employees is one of the strongest points of successful business managers. Little things really count for much in appreciating employees. Top on the list is personal attention which may be through one-on-one compliments, hand-written notes and some pep talk along the line. In fact, any way no matter how little a manager can use to make an employee feel useful and important no matter their stations in the business is very helpful here.

03. Genuine Recognition. An overwhelming number of people will do to for recognition exactly what they will do for money if not more. Managers who know this simple fact always have a way with their employees and many use the tool as a secret weapon for employee motivation. Many employees genuinely crave to get their names on the company’s “roll-of-honor.” Even if such names are placed on the notice board, in the newsletter, or for periodic citation and receipt of a plaque or certificate, a lot of good is done on employee emotions. Successful business managers always look for ways to increase employee motivation by recognizing excellence in the workplace. Some of these ways could just be simple, inexpensive, yet highly effective methods of employee motivation that many managers at times ignore.

04. Leadership Inspiration. It is human nature for everyone to look up to someone else particularly the person who leads. That is the reason why in a business environment, inspiration largely comes from management. The way the business manager carries on her business usually provides very important clues for the workers. If the leader is unconcerned and unmotivated, it runs down the line. Every manager who can lead with a mission, a vision and palpable zeal motivates workers along as well. This is because many workers are always very proud to be part of an organization they perceive is going somewhere and it stands for something they value and cherish.

05. Employee Compensation Pattern. Most employees are motivated by money. That is the singular reason why many work for a paycheck all their lives. Motivating workers with money is a very tricky business because of the vicissitudes of business life. Even though everyone needs money for their basic needs, when money is the sole motivator, disillusionment sets in by far too quickly when there is a down-turn in company fortunes. It is tricky because no company is immune from poor showing once in a while. At such down-turns, the only workers you can count on are those not motivated by money alone. These are the only ones you can rely on during bad times. That is why a combination of all five ways to motivate workers is highly recommended.

What matters most in employee motivation is the system in place which the workers believe in. Since we are all motivated differently depending on our belief systems and individual natures, a careful use of a combination of these five ways yields the best results. Any system in place in any business outfit must as a matter of course give due recognition to these five ways. That is what guarantees that the business has at least one vital thing to contribute to the motivation of each employee. The bottom line is high productivity and subsequent profits. If well motivated employees are the only ones the company can rely on to generate more profits, all efforts employed to keep them motivated can not but be worthwhile on the long run.