For a trading to be flawless, it must be beneficial to both parties. The inspiration for this post was to believe that it is possible to learn how to trade – through, above all, concentrated exercise. And success starts with the approach. Identify the interests of both sides and build alternatives to benefit them. Present your proposal according to the interests and needs of the other, highlighting the solutions and benefits. Finally, keep in mind that the trading does not end when the agreement is signed, but when it is fulfilled. Have a look at Broker.cex.io, learn more on trading.
- Know your company
You know what your goals are, so rank them in order of importance. Do I need to hire a supplier? Form a new customer base? Look at your company’s short- and long-term goals and take this to the trading.
- Have an alternative
Never trade without alternatives. Set some clear limits before starting to trade what you can and cannot commit and be ready to end the trading if these conditions are not met. If the other party is not able to provide a good offer for both, better stop the discussion and look for another supplier/partner.
You must be willing to question the veracity and firmness of the other party’s views. This means asking for what you want and not accepting a “no” as the first answer. Remember: in confrontational situations, objectivity goes hand in hand with a good education.
What options do they have and what pressures are they under? In the best of worlds, you and the other side may end up discovering points in common, such as the same growth strategy or entering new markets, which make the deal more interesting. Go prepared with numbers and arguments that support your offer. Gather details of similar tradings. Your position will be strengthened if you use, for example, the percentage of market share that the other party can gain by accepting its terms.
- Value yourself
Discover ways to show the value of the solution you are proposing. Remember that you are in charge of defending your interests. That is, if you do not ask loudly, the other side will not improve the offer. The same reasoning applies if you are buying. Use this technique with caution if your relationship with the other person is important and long-term.
- Become a good listener
Good negotiators are like psychologists: they ask questions and then shut up to listen to everything they can. Who speaks more gives more information. Also, many conflicts could be resolved if negotiators heard better. Take the test yourself. In your next trading, see how long you can keep silent without interrupting the other side. You will be surprised.
- Think where you can give in
Think about which areas you can be more flexible to protect others where you cannot give in. For example: accepting a higher price in exchange for looser payment terms. But it is important to think about this before the meeting. During the meeting, make the other side appreciate your every concession: “If you do that, I can do this”. The side there must come out with the feeling of victory, of having done a great deal. For that to happen, keep some cards for the end of the trading.
- Assess your resources
We live in a sharing economy where companies almost always have something to offer to others. Perhaps your marketing team can help with the launch of a product from the other party. Or you can introduce the supplier/partner to some investors who are part of your network. There is always a way to use your resources for the sake of trading.