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The Art of the Deal

Make Negotiating Pay Off For Your Micro-Business
By Phillip M. Perry

Leil Lowndes decided to renovate her office last summer, figuring a larger and more efficient workspace would help improve the profitability of her New York-based speaking and consulting business.

What Lowndes didn’t figure, though, was the high cost. Although she had selected a carpenter with a reputation for excellent craftsmanship, his estimate was more expensive than Lowndes had anticipated.

“I told the carpenter I would pay his fee if he would agree to throw in a couple of additional, smaller jobs that I also needed done,” says Lowndes, author of “How to Talk to Anybody About Anything” (Citadel, 2000).  “I emphasized that because the jobs were on the same work site he could complete them easily.”

To Lowndes’ delight, the carpenter agreed. The result was a win-win arrangement.

“The carpenter received his high commission. And I got three jobs done for the price of one—actually saving me money.”

Lowndes’ story illustrates the benefits of negotiation.

As a micro-business owner you don’t have to accept the opening terms from suppliers or even demanding clients. Instead, continually look for ways to create transactions that are mutually beneficial to you and the other party.

Give And Take
Negotiating is especially important in today’s economy. While you need to get more bang from every buck, your suppliers are looking to protect profit margins by way of higher pricing. And your customers want to receive more for every dollar they spend.

Successful negotiating is more art than science, and the best way to master it is by studying some examples.

Consider this common scenario: You want to create a snappy, modern Web site for your business. Unfortunately...