You’ve finally found that investor interested in helping your company raise growth capital. Now you need to get the exact deals and terms that you’re looking for. Strong negotiation skills are needed in every business venture and it is important to be able to compromise on the terms so that both parties are happy with the deal. Negotiation skills are acquired through time and practice. Here are five tips that will help you get started:
1. Give and Take: Make sure you know how to compromise. Both sides need to have certain needs met.
2. Be Willing to Walk Away: Go with your gut. Sometimes the deal will not go through – and that’s okay. If it’s meant to be, it’ll happen, and sometimes you may need to go through multiple deals in order to get what you need and want.
3. Don’t Rush: Don’t ever rush when trying to complete a business deal. By rushing you may miss important details in contracts, or you may miss out on a better deal. That being said, sometimes waiting too long isn’t helpful either. Make sure to find the right balance.
4. Do Your Homework: Do all the research you possibly can on the investor(s) that are interested in your opportunity. Going into a business venture completely blind is never a good idea. Doing the proper research will eliminated future problems.
5. Listen: Make sure to listen to the other party. This is especially important in making sure that the deal you come to terms with is fair for both sides.