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The New Deal

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In our business, we’re dealing all the time. Buying product from a new supplier, selling to customers, dealing with a customer complaint, hiring a new employee, or negotiating salary increases. 

In fact, we deal so constantly that many of us tend to lose sight of how important each individual negotiation is to our businesses. We start to say things like, ?Ah, who wants to haggle over a few cents …?, ?Shoot, he’s a nice enough guy …?, and ?I’m in a good mood today, so what the heck …? 

And thus, we make deals that we’re not quite happy with. And at the end of another fiscal year, we wonder, why is my business not making more money? The answer is, it’s all those ?ahs?, ?shoots?, and ?what the hecks?. 

It’s time to shape up. In this month’s lead story, we analyze the seven essential steps to successful negotiating. By paying attention to process and honing your technique, you’ll lose the mental flab. Then even the simplest deals will begin to feel crisper, helping you save money immediately. 

Of course, the most important negotiating tip of all is this: Deal fairly with your business partners.  
As Sidney Biddle Barrows (the famed ?Mayflower Madam?) once said, ?I ran the wrong kind of business, but I did it with integrity.? 

An example to us all? Not exactly. But the point is, dealing fairly with your business partners will cover up a lot of other weaknesses. If a deal is not fair, it is bound to break at some point. And when a deal breaks, you’ll lose a customer, or a supplier, and possibly even your most valuable asset, your name in this business. (Of course, a corollary to dealing fairly is to make sure that every deal you make is clearly understood by both parties.)  

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In other news, we’ve also done the usual tweaking … determined as we are to make Instore the best and most practical business tool for American retailers. This month, the main changes can be seen in the In Your Store section and are designed to provide a bit more visual excitement, and even more tips for our readers. Hope you enjoy the changes. (And, if you’ve got any great tips yourself ? a money-saving hint, an employee-motivating technique, or a great closing line ? send ’em on to us at Click here!) 

Wishing you the very best business,
David Squires  
Executive Editor and Associate Publisher  
Click here

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SPONSORED VIDEO

When Sales Beat Projections, You Know Wilkerson Did Its Job

There are no crystal balls when it comes to sales projections. But when Thomasville, Georgia jeweler Fran Lewis chose Wilkerson to run the retirement/going-out-of-business sale for Lewis Jewelers and More, she was pleasantly surprised to learn that even Wilkerson could one-up its own sales numbers. “Not only did we meet our goal, but we exceeded the goal that Wilkerson had given us by about 134%,” she says. After more than 40 years in the business, Lewis says she decided a few years ago to “move towards retirement.” And she was impressed by Wilkerson’s tenure in the industry. Overall, she’d recommend the company to anyone else who may be thinking it’s time to hang up their loupe. “As a full package, they’ve done a very good job and I’d definitely recommend Wilkerson.”

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David Squires

The New Deal

Published

on

In our business, we’re dealing all the time. Buying product from a new supplier, selling to customers, dealing with a customer complaint, hiring a new employee, or negotiating salary increases. 

In fact, we deal so constantly that many of us tend to lose sight of how important each individual negotiation is to our businesses. We start to say things like, ?Ah, who wants to haggle over a few cents …?, ?Shoot, he’s a nice enough guy …?, and ?I’m in a good mood today, so what the heck …? 

And thus, we make deals that we’re not quite happy with. And at the end of another fiscal year, we wonder, why is my business not making more money? The answer is, it’s all those ?ahs?, ?shoots?, and ?what the hecks?. 

It’s time to shape up. In this month’s lead story, we analyze the seven essential steps to successful negotiating. By paying attention to process and honing your technique, you’ll lose the mental flab. Then even the simplest deals will begin to feel crisper, helping you save money immediately. 

Of course, the most important negotiating tip of all is this: Deal fairly with your business partners.  
As Sidney Biddle Barrows (the famed ?Mayflower Madam?) once said, ?I ran the wrong kind of business, but I did it with integrity.? 

Advertisement

An example to us all? Not exactly. But the point is, dealing fairly with your business partners will cover up a lot of other weaknesses. If a deal is not fair, it is bound to break at some point. And when a deal breaks, you’ll lose a customer, or a supplier, and possibly even your most valuable asset, your name in this business. (Of course, a corollary to dealing fairly is to make sure that every deal you make is clearly understood by both parties.)  

In other news, we’ve also done the usual tweaking … determined as we are to make Instore the best and most practical business tool for American retailers. This month, the main changes can be seen in the In Your Store section and are designed to provide a bit more visual excitement, and even more tips for our readers. Hope you enjoy the changes. (And, if you’ve got any great tips yourself ? a money-saving hint, an employee-motivating technique, or a great closing line ? send ’em on to us at Click here!) 

Wishing you the very best business,
David Squires  
Executive Editor and Associate Publisher  
Click here

Advertisement

SPONSORED VIDEO

When Sales Beat Projections, You Know Wilkerson Did Its Job

There are no crystal balls when it comes to sales projections. But when Thomasville, Georgia jeweler Fran Lewis chose Wilkerson to run the retirement/going-out-of-business sale for Lewis Jewelers and More, she was pleasantly surprised to learn that even Wilkerson could one-up its own sales numbers. “Not only did we meet our goal, but we exceeded the goal that Wilkerson had given us by about 134%,” she says. After more than 40 years in the business, Lewis says she decided a few years ago to “move towards retirement.” And she was impressed by Wilkerson’s tenure in the industry. Overall, she’d recommend the company to anyone else who may be thinking it’s time to hang up their loupe. “As a full package, they’ve done a very good job and I’d definitely recommend Wilkerson.”

Promoted Headlines

Most Popular