Financial freedom: Efficient negotiation as a small business owner
Aug. 3, 2020
One good way to become financially free is by mastering the art of negotiation. Negotiation can come in handy when you want to source goods to sell or even when selling the already sourced products. To negotiate you have to first understand and empathize with the other party (this can be either your customer or your supplier), if you do this you will know what they need and find a way to ask for terms that are mutually beneficial.
You can also make use of trust and relationships to negotiate better terms, for example, you might want to get goods on credit from a supplier you have been in business with for 5 years for the very first time. Knowing that they want to sell more you can ask for twice your usual volume (to ensure they get more goods sold) but with half of it on credit. This way they see that you are fulfilling their needs at the same time fulfilling yours too.
Another example is negotiating bulk purchases with customers, someone might want to buy one unit of a product but then you can offer them a dozen at a discount. This ensures that they save money which is beneficial to them and they also buy in bulk which enables you to turn over quickly. Using the JidiTrust app, you can keep learning very valuable insights to help grow your business rapidly.