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Negotiation skills can be mastered with a little preparation and effort. It helps in becoming a leader and getting win-win situations. Negotiating in a manner that the other party does not feel uncomfortable or pushed at is the art here. Some of the ways of polishing your negotiation skills are listed below:

Be mentally present:

When you are in a meeting your mind should be actively present with all the facts and figures to shoot with. A little feeling of being lost and that ruins the whole effort and impression of convincing the other party.

Be prepared:

Before walking in to the meeting, be prepared with all your information. What helps most while preparing is outline factors that would benefit them or facilitate the achievement of their final results.

Discuss with friends:

Go through your information with your friends once you are prepared.

Strategy formulation:

Strategize your approaches. It helps in reducing vulnerability at others hands. It should be strong and focused enough to carry the party from one stage of convincing to the other. For unexpected events have a plan B organized before hand. It always helps in presenting counter arguments. Show analysis and statistical figures to convince and improve the way people come across the point you are trying to make.

Therefore, always write down your strong and weak points. Summarize your presentation and practice it. See what techniques others might have used to convince, and if they failed then what was the reason of failure.

If you are thinking of starting your own business or already have, be sure that you avoid these common pitfalls that can mean the difference between a great business and no business at all.

1. Thinking you don’t need a business plan

Yes, you do! Business plans force you to examine your concept, study the competition, think about costs and plan a long-term winning strategy. A business plan is most often used to seek start-up funding, proving to the lender that the business will succeed. Even if you don’t need funding, taking the time to plan your business before running it is the smartest step you can make towards long-term success.

2. Mental bookkeeping

Keeping “the books” all in your head is a great way to get into big financial trouble. Expenses and income need to be carefully documented. If you prefer not to track your finances with pencil and ledger, try one of the many bookkeeping software packages available, such as Intuit’s popular QuickBooks. If you still feel that you can’t keep on top of making timely entries, hire a bookkeeper or accountant to keep all your business finances in order.

3. Spending money you didn’t need to spend

Don’t blow through all your startup capital. If you’ve done your business plan as you should, you will understand your break-even point. Budget carefully so that your business can operate beyond that point. Expect the unexpected and be prepared for sudden market changes, late-paying customers or other unforeseen expenses beyond your control. Don’t fall into the trap of buying into the latest fad or gimmick before thoroughly checking it out.

4. Expecting a market without marketing

Every business needs to be able to get the word out. Hanging up a sign and expecting a customer to find you is unrealistic unless you live in a place where they literally have nowhere else to go – or no internet connection. In today’s society, shopping for a product or service can mean going down the street – or thousands of miles away via a few clicks of the mouse. Market research is part of every business plan (see “Thinking you didn’t need a business plan”) and marketing is part of the day to day work of doing business. If you don’t understand how to best present your product or service, hire someone who does. The cost will soon be offset by increased sales.

5. Doing too much yourself

While a new business needs to be frugal, there is a point where trying to manage every aspect of the business yourself becomes cost-ineffective. You may feel as if you can’t afford an accountant or advertising or an administrative assistant to help out with paperwork, but by trying to do everything on your own, you may end up spending all your time trying to support your business rather than bringing business in. Hiring a helper can turn this around. Short on cash? Check out bartering for goods or services.

6. Lack of balance

While starting and running your own business requires a lot of hard work and dedication, ignoring loved ones can be as ruinous to your emotional and physical health as the business failing. Make sure that family and close companions understand and accept that you’ll be working long hours to get your dream off the ground. Take the time off to enjoy them.

To avoid common small business mistakes, educate yourself on exactly what your business needs for success, don’t be afraid to delegate when needed and don’t build your dream at the expense of family and health.

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