Negotiating tips for small businesses are invaluable, simply because a smaller business or start-up may need every tip, shortcut, and stroke of luck it can get in order to just stay afloat, or bridge the gap from merely surviving to healthily thriving. As a mom-and-pop shop, internet concept, or other new venture gains a foothold and strives for increasing gain, every networking connection is valuable, and using them to their maximum effectiveness will prove to be a useful skill.
However, without the benefit of name-brand power, executives hired just for brokering enormous deals, or the capability to use a massive budget as a bargaining chip, negotiating tips for small businesses become crucial as they seek ways to procure a better deal through rounds of verbal sparring with prospective vendors. For these entities, there are a few guidelines to keep in mind.
Every Dollar Counts
Although a smaller business may not have millions of dollars in purchasing to show vendors as a provocative desirable incentive, the fact is, whether in a strong or weak economic climate, companies of all sizes still desire to make a tidy profit and garner every sale they are able to. Small businesses should not shy away from trying to obtain corporate accounts even if their relevant account line is under the vendor’s usual threshold level, and neither should they be timid in always trying to negotiate a slightly lower price for their goods and services. Even if in a smaller number, the threat to move business elsewhere is still a threat that a vendor must reckon with.
Professionalism Over Production (Quality Over Quantity)
On the other side of the coin, negotiating tips for small businesses becomes a promotional exercise when it is the more mobile, modest organization that is the vendor, trying to convince big fish to buy in on their products and services offered. In this case, highlight the unique features that the big name corporations cannot compare to. Perhaps you offer individual attention, or incredibly fine craftsmanship, or a guaranteed speedy shipping time. Whatever the case may be, find the one killer facet of your business that SuperCorp ABC cannot match, and market that trait to every potential buyer you encounter. It would be wise to have this be consistently emphasized in promotions and advertising as well.
Although a smaller business may not be able to go toe-to-toe with the spending bucks that big-box operations can offer, no matter how seemingly minuscule the enterprise may be, it can still present itself just as professionally. Business communications will always be an integral part of trading, bargaining, and procuring, and whether your humble shop is involving in presenting a proposal or bid, you are capable of making it look just as legitimate and professional, if not even more so, than the other, larger players. In this way, prospective buyers/vendors will be forced to consider your side of the story just as seriously as everyone else’s, increasing your chance at landing a potentially landscape-changing deal for your sake.
Remember: Every recognizable, world-renowned, respected corporation on Earth had to first begin as a small business, and through the skillful acquisition of resources necessary to turn their meager fortunes into mountainous gains, they had to be nimble, prescient, and shrewd in their dealings. Negotiating tips for small businesses are perhaps most important for that reason, in that skillful negotiation maneuvering may hold the key to a good idea truly taking off and getting off the ground.