Business and Money Tips

We teach people how to call the bluff in negotiation, but don't expose the bluff. The following 7 are the most common ways people bluff you in negotiation. Know the true meaning and be smart today!  "This is absolutely non-negotiable"  Deng Xiao Ping said this in 1979 to UK's Prime Minister Margaret Thatcher. This of course is a big bluff, for if nothing is negotiable, why do they come to the negotiating table? "We are not ready to discuss" Same obvious buff as above "We need to go back and study this and cannot commit to you now"  This bluff is actually to ask you to change your proposal. If I were to propose selling to them at $1, would they need to study and not commit now? "We understand your concern". This means they want you to understand their concern first  "We like your proposal very much..." What follows is a big bargaining! "Seems very far from what we expect"  This is a good bluff for they indicat

By applying Sun Tzu Art of War's 5 Elements of 道天地将法 , we can improve our negotiation easily in this order as follows: Purpose 道: The purpose of your negotiation is not to get the best deal for yourself, nor is it to squeeze your customer or supplier.  Sun Tzu said the highest ground shall be your purpose, so in business our purpose of negotiating is to have a long term win-win relationship .  Because if we are only interested in one-off deal, we don't need to negotiate, we just adopt a 'take it or leave it' attitude.   Boundaries 天 : Know your boundaries, i.e. your limits, what you can give and what are absolutely non-negotiable, like your integrity.    Details 地 : The devil is in the details, never leave details to another day, for it is only at the negotiation table that you have the opportunity to get what you want, including the details. Always minute down the details for you cannot rely on faint memory.  Lead   将.  Yes, you have to lead the negotiation a

You see this all the time: the salesperson does his job well in the sales presentation.  The prospect too showed much interest in what he has.   Everything seems to be smooth, until the prospect said "No" and the salesperson simply freeze.  This is the Frozen moment . Fret not, because an objection is not the end of the world.  Unknown to many, a sales objection is simply an indication that the prospect has interest in what you have. Otherwise, why would he want to object you?  It is also a sales negotiation process, and you need to win it over with tact. The way to handle the sales objection is to take it easy, using our EASE method: E mpathy, A sk Questions to clarify, Serve the S olution and E xcite them of the rewards of going forward. Empathize with their objection and never argue with them . Empathize means that you feel what they are feeling now.  If they say it is expensive, you can say, "I understand how you feel, most people felt the same way too, un