CEO, Atlas Surgical Group, one of the largest ASC groups in U.S. Author of “Success in Amb. Surgery Ctrs” and “The Healthcare Entrepreneur.”
Business sales are a cutthroat world. Anyone who wishes to succeed or climb the stairs of attainment needs to know how to navigate the process of negotiation. Negotiation can be for a sale you wish to make, a contract you wish to acquire or a partnership you seek. As a CEO, here are the strategies I’ve found to be most successful:
Nine Tips For Negotiating
1. Know your client’s needs.
Every client has what I call pressure points—the Achilles tendons of their needs. Points that, if pressed upon, will yield a positive outcome. A restaurateur may be hoping to save on ingredient costs. A hospital administrator may be concerned with saving overhead in medical supplies. Zone in on those points, and capitalize on that. Conversely, trying to convince a doctor to use a medicine for financial reasons to the detriment of patient care will only backfire.
2. Build a relationship.
Business dealings are not a zero-sum game. Everyone can be a winner at the table. Foster a positive bond with the client, and your sincerity will yield dividends many times over. Many instances come to my mind when a vendor showed a sincere effort to understand my needs instead of just pushing to get my signature, and I always ended up retaining them as long-term associates.
3. Be armed with a clear proposal.
No one likes ambiguity, least of all the suit across the table from you. CEOs are drawn to deals that clearly outline what they stand to gain. We like to know the return on investment. We love data and stats. Most of us got where we are with clear and precise thinking, so we like to see a reflection of ourselves in you.
4. Be proactive and detailed.
Come armed with research and insight. Know studies and analysis on your subject. There is a good chance we know your product much better than you think we do. Try to one-up us with predictive data and evidence of success. No one knows the history of your product like you do. You are the seller, after all. Use positive information to amplify your product.
5. Know when to quit.
You won’t win every client. Be aware of the moment when your pitch has jumped the shark. No amount of verbal geometry after that will work in your favor. The savvy salesperson knows when that moment arrives and bows out graciously. Sometimes that act of class itself gets you invited back a second time.
6. Be honest and transparent.
In my experience, CEOs love candor and forthrightness in people, especially people who want their money or business. Transparency earns respect and can lead to deeper trust in future engagements. I have sealed the deal at times simply because someone plainly told me they may not be the best, but they sure would like to earn my business.
7. Learn to mutate.
There is no such thing as a generic CEO. Each head is different. Each deal is different. Some are friendly and gregarious; others not so much. Adapt to your client. Read the room and change your demeanor accordingly. Walking into an angry man’s den and cracking a joke does not disarm him—it just makes him angrier.
8. Less is more.
Maybe, just maybe, not talking too much is what the CEO needs. I have been impressed at times with salespeople respectfully saying a few lines and then turning around and asking me to opine about their product. Deference wins hearts. At worst, it won’t cost you anything. Asking about industry insights from an expert can disarm him enough for you to carry the conversation on.
9. Negotiate mutual benefit.
Ultimately, everyone is in it for a profit: you, for a financial reward for your company, and they for whatever product you are selling. Candidly coming out and placing your cards on the table for mutual advantage never hurts. Use numbers. Use dollars and cents if you have to. Show how the net result will affect them positively. It is, after all, two businessmen talking.
As a CEO, I have dealt with salespeople for close to three decades and I’ve learned that what author Zig Ziglar said is true: “You can have everything in life you want, if you will just help enough other people get what they want.”
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
