Knowledge

Introduction

Deals can make or break a company and possessing the skills needed to negotiate a good deal is something that all digital entrepreneurs require. Regardless of the industry you’ll be working in, getting the best outcome for your business will involve you having to bargain, mediate and debate the terms on which you do business with other companies and your customers. Effective negotiation is a two-way process that looks to deliver a result that is beneficial for all parties involved. A business owner who has the ability to strike the right deals will be able to turn a good business into a great business, and that is what we’re here to help you achieve.

In, ‘Understanding Negotiation Of Deals In A Business’, we’ll explain the importance of deal making and how it can lead to you running a more successful digital business. When making deals, you won’t only be talking to suppliers but to other groups of people too, so we’ll cover that off. Most importantly of all, in this unit, you’ll learn about the tips and techniques of successful deal making, the process involved and the different styles of negotiating there are. It’s these practical pointers that will give you the confidence to start making the deals that are right for your business.

What you will learn…

• The role negotiating plays in business.
• The people you’ll have to negotiate with.
• The different negotiating styles you can take.
• Potential risks in negotiating deals.
• Techniques for negotiating great deals.
• The skills you need to have to broker those deals.
• The negotiating process.
• Negotiation outcomes.

You probably already make many deals each day without even thinking about it, for example, where one person cooks and the other one washes the dishes afterwards. If we use this analogy, both people get what they want – which is something to eat and clean plates – and making deals in business is no different. By the end of the negotiation, both parties involved in the discussions want to have got something out of the deal and that’s the key thing to bear in mind.

For key terms and phrases found in the glossary, we have highlighted these words in bold.