5 Negotiation Mistakes That Could Cripple Your Revenue

The most essential skills in the business world are negotiating skills. If one is unable to negotiate logically, persuasively and fairly, it could jeopardize his/her business or miss out great opportunities as a result. In an attempt to argue persuasively, participants more often rely on illogical arguments that are rational to prove their points. It is wise therefore to avoid such negotiation mistakes, since they only weaken your argument.

Negotiating is sometimes uncomfortable. Trying to get an appealing price, terms and conditions often feels challenging, and most people avoid it. However, one has to negotiate for his/her business to stand. There is always fear in the beginning and there is usually no way to eliminate it. There is actually no switch to press and make one an immediate expert. One has to take a lot of time and training and work through it.

A recent survey indicated that 32% of people are fearful when it comes to negotiating and even 20% of the professional negotiators do not take pleasure in negotiating.

For a successful negotiation, planning is vital. Preparations allow one to chart a course for one’s position, plan for formidable rebuttals, consider possible compromises and alternatives and determine the outcome. Once one becomes comfortable with asking, take the skills to a larger arena. In the beginning, inexperienced negotiators will misstep. Below are five common mistakes that people make during negotiations and how to avoid them,

1. Lack of confidence

A good number of people think that it takes a brazen or bold personality to negotiate a particular deal while others think that experience is all what is needed. Instead, it takes preparations and tenacity. Even before starting the process, one should ensure that he/she have identified anticipated possible objections; mutually desirable terms and determine what motivators will augur well with the opponent. Confidence in addition means having a good heart that often endears and gives the other party a less defensive standpoint.

2. Assumption that something is not negotiable

Everything is negotiable when one thinks like a negotiator. When one decides that the terms and conditions can be altered in his/her favor, an opportunity presents. Rules are change, if one simply proposes a viable, mutually beneficial and ethical alternative solution. Powerful negotiators are outright rule breakers.

3. Failure to build relationships first

One of the greatest mistakes people make when negotiating is failing to know the other party. One need to slow down and make good connections with the people to garner helpful information that can be used to know what motivates them, what they value in life and what annoys them too. More often, people learn greatly though a genuine conversation with another person

4. NOT ASKING

It may sound very simple, but successful negotiations entails asking keenly for what you want. The fear of seeming greedy or rejection sometimes gets in the way, but it is always never personal. It is a purely a reflection that you did not table a valid argument substantiating clearly why you should get what you actually want. Actually, it is your offer that was rejected and not you.

When you get a “no” as the answer, it only means that the other party needs a little more information. People say no an average of three times before they say yes. It is therefore prudent to master the art of rejection, which is to keep asking.

5. Talking too much

Those experienced with sales and negotiation training will tell you that too much talking is a sure way to kill a deal. It is very usual for example; a salesperson can talk too much about a certain product or a service that they take you out of the purchase.

One should never underestimate the power of silence. When discussing a business deal, if you stop talking and get very comfortable with the silence awkwardness then the ability to sell the product and win the argument in the negotiations increases meaningfully. It is wiser to talk less and listen more.

The post 5 Negotiation Mistakes That Could Cripple Your Revenue appeared first on Small Business Can.

Positive but Cautious Outlook Shown by Firms in Q1

The latest InterTradeIreland Business Monitor (Quarter one, Jan – Mar 2015) has highlighted a positive but cautious start to the year for businesses across the island. The report, which reflects the views of more than 750 businesses across the island, has revealed that almost nine out of ten firms are either growing or stable, with the number of companies expanding rising from 37 per cent in the final quarter of last year to 43 per cent in Q1 2015.

Investment a key goal
Although a third of firms are more cautious about investment than they were a year ago, it is encouraging to note that more than two thirds plan to invest in their businesses over the next year, particularly in the areas of IT and Marketing, with one in five companies planning to increase employment.
Q1’s report also highlighted the performance of those involved in cross-border trade and found that these businesses were significantly more likely to grow and twice as likely to be taking on staff over the next 12 months, further backed up by the statistics that 11% of firms took on staff in the Q1 period.

Businesses in Ireland continue to perform better than their counterparts in Northern Ireland with 47 per cent growing in the south compared to 34 per cent in NI. Seven per cent more southern firms also reported an increase in sales in Q1 than those in NI.

Construction the exception to the rule
Most sectors experienced stability rather than growth in the first quarter of 2015. Encouragingly though, after a particularly challenging quarter at the end of 2014, the construction sector bucked this trend and picked up significantly with 59 per cent of firms in the industry expanding at the start of 2015. Leisure, hotels and catering businesses struggled most in Q1 with only 33 per cent experiencing growth and more than one in five (22%) businesses in the sector contracting or surviving at all costs.

Decline in sales performance
Although 56% of firms involved in cross-border sales experienced growth compared to 40% of those with no export sales, sales performance on a whole has declined for the second quarter in a row with businesses reporting an increase dropping from 39 per cent in Q4 2014 to 32 per cent in Q1.

Positive outlook
Results in this Business Monitor reinforce the generally positive pictures that have been apparent since the middle of 2013 with 88% of firms saying they are either stable or growing. Of course, the fact that 45% are stable with just 43% growing, explains why the much-vaunted ‘feel good’ factor seems hidden.

Sales performance of exporters continued to outstrip non-exporters and remained very strong. However, it appears in the short-term, that the current environment for those selling across the border has been more challenging. This quarter, the report showed that there were more firms experiencing a decrease in cross-border sales in the last 12 months than those reporting an increase.

Exporting support is available
The volatility and fluctuation of the exchange rate may be having a temporary effect on cross-border trade. While current exchange rates are a significant issue for only a small number of firms, this is an issue which has been growing in importance, rising from two per cent at the start of 2014 to six per cent this quarter.

Despite short-term challenges, markets across the border should not be overlooked. It was worrying to find that more than half (56 per cent) of businesses surveyed don’t export, despite having suitable products and services. The reasons they gave included ‘being too far away’ and a ‘lack of management time and resource’ but we would urge firms to consider investigating their options. The first step would be to contact business advisory bodies, such as InterTradeIreland, where there are a range of programmes which can support firms in their exporting journey.

Overheads challenging
Figures also indicated that the cost of business overheads, including wages, is now the leading challenge for firms. The significance of energy costs has dropped considerably since the start of last year, falling from 30 per cent of firms recognising them as a key challenge in Q1 2014 to eight per cent at the start of this year, perhaps reflecting the reduction in fuel prices and the importance of transport costs to many sectors.

Business Monitor Survey
InterTradeIreland’s quarterly Business Monitor survey is the largest and most comprehensive business survey on the island and is seen to be the ‘voice of local businesses’.

Further information
For more information on InterTradeIreland and the business support programmes available, please visit www.intertradeireland.com . A copy of the 2015 Q1 InterTradeIreland Business Monitor Executive Summary can be viewed at: http://www.intertradeireland.com/researchandpublications/business_monitor/

The post Positive but Cautious Outlook Shown by Firms in Q1 appeared first on Small Business Can.

Positive but Cautious Outlook Shown by Firms in Q1

The latest InterTradeIreland Business Monitor (Quarter one, Jan – Mar 2015) has highlighted a positive but cautious start to the year for businesses across the island. The report, which reflects the views of more than 750 businesses across the island, has revealed that almost nine out of ten firms are either growing or stable, with the number of companies expanding rising from 37 per cent in the final quarter of last year to 43 per cent in Q1 2015.

Investment a key goal
Although a third of firms are more cautious about investment than they were a year ago, it is encouraging to note that more than two thirds plan to invest in their businesses over the next year, particularly in the areas of IT and Marketing, with one in five companies planning to increase employment.
Q1’s report also highlighted the performance of those involved in cross-border trade and found that these businesses were significantly more likely to grow and twice as likely to be taking on staff over the next 12 months, further backed up by the statistics that 11% of firms took on staff in the Q1 period.

Businesses in Ireland continue to perform better than their counterparts in Northern Ireland with 47 per cent growing in the south compared to 34 per cent in NI. Seven per cent more southern firms also reported an increase in sales in Q1 than those in NI.

Construction the exception to the rule
Most sectors experienced stability rather than growth in the first quarter of 2015. Encouragingly though, after a particularly challenging quarter at the end of 2014, the construction sector bucked this trend and picked up significantly with 59 per cent of firms in the industry expanding at the start of 2015. Leisure, hotels and catering businesses struggled most in Q1 with only 33 per cent experiencing growth and more than one in five (22%) businesses in the sector contracting or surviving at all costs.

Decline in sales performance
Although 56% of firms involved in cross-border sales experienced growth compared to 40% of those with no export sales, sales performance on a whole has declined for the second quarter in a row with businesses reporting an increase dropping from 39 per cent in Q4 2014 to 32 per cent in Q1.

Positive outlook
Results in this Business Monitor reinforce the generally positive pictures that have been apparent since the middle of 2013 with 88% of firms saying they are either stable or growing. Of course, the fact that 45% are stable with just 43% growing, explains why the much-vaunted ‘feel good’ factor seems hidden.

Sales performance of exporters continued to outstrip non-exporters and remained very strong. However, it appears in the short-term, that the current environment for those selling across the border has been more challenging. This quarter, the report showed that there were more firms experiencing a decrease in cross-border sales in the last 12 months than those reporting an increase.

Exporting support is available
The volatility and fluctuation of the exchange rate may be having a temporary effect on cross-border trade. While current exchange rates are a significant issue for only a small number of firms, this is an issue which has been growing in importance, rising from two per cent at the start of 2014 to six per cent this quarter.

Despite short-term challenges, markets across the border should not be overlooked. It was worrying to find that more than half (56 per cent) of businesses surveyed don’t export, despite having suitable products and services. The reasons they gave included ‘being too far away’ and a ‘lack of management time and resource’ but we would urge firms to consider investigating their options. The first step would be to contact business advisory bodies, such as InterTradeIreland, where there are a range of programmes which can support firms in their exporting journey.

Overheads challenging
Figures also indicated that the cost of business overheads, including wages, is now the leading challenge for firms. The significance of energy costs has dropped considerably since the start of last year, falling from 30 per cent of firms recognising them as a key challenge in Q1 2014 to eight per cent at the start of this year, perhaps reflecting the reduction in fuel prices and the importance of transport costs to many sectors.

Business Monitor Survey
InterTradeIreland’s quarterly Business Monitor survey is the largest and most comprehensive business survey on the island and is seen to be the ‘voice of local businesses’.

Further information
For more information on InterTradeIreland and the business support programmes available, please visit www.intertradeireland.com . A copy of the 2015 Q1 InterTradeIreland Business Monitor Executive Summary can be viewed at: http://www.intertradeireland.com/researchandpublications/business_monitor/

The post Positive but Cautious Outlook Shown by Firms in Q1 appeared first on Small Business Can.

Four Essential Ways for Small Businesses to Boost Sales through Digital Marketing

When it comes to increasing sales, nothing can compare to the power of the internet. Whether you have a local place of business or an online global presence, there is no better way to reach millions of people, literally overnight. Small businesses looking to boost sales should really investigate how to accomplish that through digital marketing. Here are four essential ways for small businesses to boost sales through digital marketing.

1) Go Mobile

Recent statistics indicate that more people shop from their mobile devices than they do from their home PCs. In fact, it is such a huge portion of the market that Google even changed their algorithms to better serve mobile searchers. If your site isn’t mobile friendly, now is the time to act. Make sure your online marketing is mobile friendly. Not only will you rank better with the search giant, but you will reach a significant portion of your market that you would have otherwise missed out on.

2) Online Discounts & Vouchers

Another great way to boost sales online through digital marketing is to advertise great savings with online discounts and vouchers not available at physical locations. People love a bargain and when they feel like they are getting a product at a saving they wouldn’t get at their local retailer, they will jump on the chance to save money. You can even find out which discounts and vouchers to offer with online tools that show in real time UK retail spending trends. This is perhaps the best way to boost sales based on buying trends.

3) Social Media

It has become almost cliché to hear marketers saying “We are social creatures.” But, in reality, that is exactly what we are. Marketing experts tell us that people will spend more money with someone they trust than from some unknown person or entity. In other words, they aren’t really spending money as much on your product as they are on you. If they trust you after having built a relationship through social media (i.e. Facebook, Twitter, LinkedIn) they may even pay more for your goods than they would at another shop. Why? Again, the trust factor. Social media is great for establishing trust and if you don’t employ this as part of your digital marketing, you are losing a huge portion of the buying public.

4) Pictures, Videos and Infographics

Finally, people want to see what they are buying. Use pictures, videos and infographics to display products and to show why a consumer should buy them. Many innovative ecommerce sites have gone to 360 panoramic views of products so that viewers can see all sides in one shot. This is especially important in the fashion industry as the shopper can see both the front and the back of a garment as opposed to a stock shot of that item in a box.

Again, whether you are looking to build foot traffic in a physical location or to increase online sales, there is nothing like the broad and rapid reach of the information superhighway, the internet. Use these four essential ways to boost sales and you will see just how quickly digital marketing campaigns can make a difference.

The post Four Essential Ways for Small Businesses to Boost Sales through Digital Marketing appeared first on Small Business Can.

Calling all Innovators & Entrepreneurs, we need your help & your green VOTE !!

As with any Irish technology company, we all suffer unique challenges when growing business internationally. As a country we have a small population so we struggle when trying to make as much noise as our International competitors. Even places we assume are tiny states such as Haiti & Togo have twice and three times our population.

Hence we need your help…

One of our company’s, Surface Power HONE which has developed a revolutionary “daylight” powered Nano-heat engine technology is short-listed (final 18 was judged by experts) for the 2Degrees Champions Award –  “Innovation of the Year” which is the world’s leading collaboration platform and service for sustainable business with over 46,500 members from 177 countries. https://www.2degreesnetwork.com/

Surface Power HONE has nearly 7,000 installations of this patented technology over 8 countries to date and it has been kept fairly secretive until recently. The technology was field tested in the West of Ireland & New Zealand as the daylight levels are some of the lowest in the OECD. In short, it replaces the use of oil and gas for heating and cooling with free daylight. Have a look at LIVE customers on our website such as the UK National Health Service running their hospital’s central heating on free “daylight” (sounds mad but true !!)

The next phase of the 2Degrees “Innovation of the Year Awards” is a voting stage which will reduce the final 18 to 5 for the big awards ceremony and we need your help and your vote. 

Although already in the short-list of 18, we are the only Irish Technology company in this shortlist and are up against huge players such as Nestle, General Motors & B&Q.

You can vote for us by clicking the link below to get us into the final 5 and we thank you in advance for that vote. Be sure to tweet it afterwards using the link so we can personally send you a thank you tweet. Go raibh maith agat as do chabhair.

Best Regards, John Quinn, CEO. (Twitter – @johnquinn_irl )

Read our story and VOTE from below.

https://www.2degreesnetwork.com/groups/2degrees-community/resources/surface-powers-nano-engine-harvests-light-generate-heating-and-cooling/

The post Calling all Innovators & Entrepreneurs, we need your help & your green VOTE !! appeared first on Small Business Can.