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Articles by Devon Smiley
Higher Prices, Without The Guilt
Recently, I was asked this great question by a reader – I love this question because it gets right down to the foundation of being a confident negotiator – our mindset. It’s entirely natural to have feelings of doubt creep up. Or to worry about how others will perceive us if we step up and ask for more than we’re being offered. These feelings are especially intense when we’re finding our feet, and cultivating our voice in business but rest assured, with time and practice it subsides.
How To Turn Frustration Into Motivation
I get frustrated. You get frustrated. We get frustrated. Work is frustrating. Life is frustrating. Especially when we have high expectations for ourselves, our business and those around us. But feeling this way is just the start – the real danger is in what comes next. There are three usual outcomes from feeling frustrated – anger, sadness and apathy. But moving through these will help you capture the sometimes-elusive ultimate goal: Motivation.
Avoid Giving Away Too Much At The Negotiating Table
I think it’s pretty much a universal truth that trading 1 full size candy bar for 4 snack-sized chips is a good deal on the post-halloween candy market. And that those little rolls of smarties or rockets aren’t gonna get you a whole heck of a lot… We grow up with the concept of trading. We trade candy, lunches, baseball cards, stickers. We understand the market. What has value. What the hot rate items are. How to build our bargaining power by strategically withholding some of our supply.
How To Find Your Unique Negotiation Talent
So this isn’t to say that you should start wearing a leotard and a cape to negotiate. Not sure that would really work in your favour…but what you do on your own time is your business. There may be times when having a cloak of invisibility would come in handy…or situations where shooting lasers out of our eyes may feel like the best way of dealing with a difficulty character. But those aren’t the type of superpowers we’re talking about today.
A Simple Move To Improve Your Negotiation Results
Far from being a race off the starting blocks, a lot of the time in negotiations no one wants to go first. We want the other person to start. We want them to make the first offer so that we know where we stand, and can respond from there. And this is a mistake. Sure it may feel more comfortable…but it’s not going to get you the best deal. And that’s because of anchoring.
Creating Your Negotiation Back-up Plan
There are heaps of acronyms in business. And I fully acknowledge that as a negotiation pro it’s easy to slip into some sort of secret coded language when I’m talking about the techniques and strategies that will get people great results…but what good is all that info going to do if you can’t understand and apply it! Today I’m breaking down the concept of a BATNA. Finding a BATNA, using a BATNA, and what happens if you don’t have a BATNA.
Make Bartering Work For Your Business
Are you getting what you need out of the deal? Does it feel good to the other person? Super. Then you do you, boo. One of the first pieces of advice I remember receiving when I started my business was that if I were going to be a “real entrepreneur”, and if I were going to be successful, then I had to never, ever, ever barter. To accept a good or service in exchange for my work instead of cold hard cash would just devalue what I was doing and drive my business into the ground.
How NOT To Set Your Prices
There’s a mistake I see people making that isn’t necessarily 100% a negotiation mistake…but it sure as heck impacts the results you’re able to get when you do make your ask. And that mistake is crowdsourcing your prices. Crowdsourcing for opinions on some things is fab.
Build Your Negotiation Confidence One Small Step At A Time
Negotiation makes a lot of people uncomfortable. Very uncomfortable. And as a result we are absolute experts and coming up with rationalizations for why we don’t have to do something.
Price Strategically To Boost Profits
Let’s talk about profit. It’s a nice word. Great concept. Fabulous way to boost your business. But we don’t always give it the respect it deserves. Profit needs to be a priority. The common wisdom is that a business needs sales. But all the sales in the world won’t help you if there’s no profit being earned. We all know how painful and stressful it can be to live paycheck-to-paycheck…so why would we want to build businesses that need to live sale-to-sale to keep bills paid? No thank you.
5 Habits of Highly Successful Negotiators
Some entrepreneurs are fabulous negotiators. They can work a deal, finagle the perfect price, deftly deal with client confrontations and truly optimize the reward they see for the work they do. Others struggle. Tongues are tied, profits disappear, and agreements are reached only to fall apart weeks later. It’s an uphill battle, and far too stressful to ever get excited about. What separates those groups of entrepreneurs isn’t a special negotiation gene, or a supernatural gift of gab.
How To Get More Comfortable Talking About Money
Talking about Paris, puppy dogs, cheesy pop music? Easy peasy. Talking about money? Not as much. Talking about money makes a lot of us really nervous. And awkward. And tongue tied. It’s one of those topics that a lot of us are discourage from talking about – like politics and religion – you just don’t do it. But as an entrepreneur or small business owner, if you’re not talking about money, you’re probably going to find it in short supply.
The Transformational Power of Negotiation
I’ll lay it right out there…you need to know how to negotiate if you’re going to get what you want in business or in life. It’s a must. The value of learning about negotiation isn’t so that you can become some sleek television caricature of a negotiator…it’s so that you can transform your business and life. I know. Transform. That’s a big word. I can see you rolling your eyes! Yes. Transforming your business is big.
How To Admit Mistakes The Right Way
Having spent years – decades, even – building up professional reputations and honing our expertise, it can be scary how much appears to be at stake each time we launch into a new negotiation, project or work-task. We’re confident and know that we have the chops to execute…but we also know that making a mistake could mean that we risk losing the trust and respect of others. And then it happens. We make that mistake.
How To Avoid Getting Trapped In A Bad Contract
Sometimes, I’m really left scratching my head after reading about major, multi-million dollar business contracts. “Huh? How could that be? Why wouldn’t they have a clause to cover that?” Contracts that don’t seem to cover the ‘What ifs…’ leave me particularly puzzled. Though, I am a love of contingency plans – so perhaps it isn’t second nature to everyone else.
Get Into the Rhythm Of Negotiation
When I was a little kid, I was really into dancing. We’re talking ballet class 3x a week, pointe shoes and all. And for the rest of my life I will never live down being in a store with my Mum when I was little and announcing with a flourish that “I live to dance!” Outside the safe confines of my kitchen, I don’t do a whole lot of dancing anymore. Well, except when I’m negotiating that is.
Bring Your Business Clarity With Plain English Contracts
We’ve all seen them – and we’ve all been asked to sign them. Contracts that are apparently written in English, and yet we can’t understand any of it. What does it all mean? What are my obligations? How does this work? Am I protected? Making sure that you’re covering your legal bases when you’re an indie business owner or entrepreneur is critical, and a big part of this is setting up contracts with your vendors, customers and partners.
4 Tips For Negotiating With A Friend
It’s an almost universal truth that mixing friendship (or family) with business is a recipe for disaster. But more and more, our business communities are becoming social communities as well. You may be friends on Facebook, follow each other on Instagram, and chances are you’ll end up hanging out in real life at your next conference or mastermind group event.
How To Avoid Project Delays
There’s more to being a good client than just paying on time. To keep projects running smoothly (and on time) you’ll need them to do other things for you. Provide materials. Show up to meetings. Make decisions. Including these in your contract minimizes the time and energy you’ll need to devote to chasing, having awkward conversations, or spinning your wheels in project limbo. If you’ve ever had a project drag on and on, seemingly without end, chances are it’s because of one of those bad boys.
What Do You Do Again? Getting Clear on Client Deliverables.
When a project is coming together in your mind, all the moving parts are clear. You’re a pro at what you do…so this comes almost naturally to you. Your clients aren’t quite so well-versed though. They may have never worked with you – or anyone like you – before, so are coming to the project with their own idea about what will happen.
3 Payment Term Must Haves For Maximum Profits
Setting your pricing structure and agreeing on fees with clients is one thing. But it doesn’t do you a lick of good if that money doesn’t make it’s way speedily and safely from their account to yours. Turns out, not all late payments are caused by malice. Or laziness. Usually, there’s confusion – on method, on timing – that’s getting in the way and keeping you anxious about whether or not you’ll have funds on hand to cover your expenses and investments.
The Bad Habits Keeping Your Business Small & Stuck
None of us are in business to struggle. Or not have fun. Or spend our days frustrated with where we are and where we know we could be with our results. Yet, most of the time, most Ambitious Entrepreneurs are in that exact spot. And most often it’s because one of these bad negotiation habits is getting in their way and stopping them (stopping you!) from going after what you want, need and deserve. I get it.
Feeling Powerless? 5 Ways to Change That. Fast.
One of the reasons I started my work as a negotiation consultant was that I’d seen a few too many times how the ‘little guy’ can get the short end of the stick in business deals. Sometimes this would be because a Big Baddy flexed their might, or took advantage of the situation.
What You Need To Know About Sales vs. Negotiation
Sales and negotiation aren’t the same thing. They’re sister skills, and a lot of the same talents that’ll make you great at one (courage, asking good questions, really listening to the answers) will make you great at the other. Think of it this way: Sales is all about addressing a need or desire in a potential client, and convincing them that yours is the right solution to whichever problem they’re having. All of which is great. After all, we need sales to keep our businesses going. No sales.
Negotiation Q&A: Who Goes First?
‘Who’s on 1st’ is a comedy classic. But there’s nothing funny about the question ‘Who goes first?’ for business owners. Should you make the first move when it comes to sharing your proposed price? Or wait for the other guy to put a number out there? Often, this dilemma devolves into either: Either way, it’s not helping move the deal, or your business forward. So here’s my take on who should go first.
Ace Your Biggest Opportunity Yet
Woohoo! What wonderful news. After all of your hard work it must feel fabulous to have this offer on the table. Such a great opportunity. Your biggest yet! This could be the beginning of your empire. Of your dreams becoming a reality. Of being able to finally step into your might as an Ambitious Entrepreneur. This. Is. BIG. Scary Big. Worryingly Big. So far out of your comfort zone, you’re frozen Big.
Leverage Email for Smooth Communication
As a kid, my summer camp experience of choice was Science Camp at the University of Toronto. I played with light waves, saw what a wind tunnel was all about and even got my hands on some very stinky farting roaches. But the afternoon that stands out the most, even all these many moons later, is the one where we played with ‘electronic messaging’. In a massive computer lab, our group was able to send messages to one another using the computers. Mind. Blown.
Sales Won't Save Your Business. Here's Why.
During my daily (ermmm…hourly) scrolls through my Instagram feed there are more motivational quotes popping up than I can count. My favourite ones are usually a blend of a coffee reference, a ‘you can do it!’ boost and a reminder that Rome wasn’t built in a day. I like those ones. They work for me. They’re at once motivational, inspirational and safe. That word – safe – is important. Because frankly, there are some pieces of advice floating around via Instaquote that are dangerous in their simplicity.
Negotiation Q&A: Does raising my rates make me greedy?
Recently, I was asked this great question by a reader - I love this question, because it gets right down to the foundation of being a confident negotiator – our mindset. It’s entirely natural to have feelings of doubt creep up. Or to worry about how others will perceive us if we step up and ask for more than we’re being offered. These feelings are especially intense when we’re finding our feet, and cultivating our voice in business but rest assured, with time and practice it subsides.
Get Smart: Price Cards
Congratulations! Potential clients are flocking to your website, and eagerly sending off emails asking you to confirm what your prices are and how they can work with you. That’s excellent news. And at first – it’s lovely. But after you’ve clocked your 5th hour of the week just answering requests like that (and not getting any real work done in the process) it gets old. I’m undoubtedly a fan of showing your prices on your website.
6 Simple Mindset Tricks For Setting Goals
You can have the best goal setting system that money can buy. All the bells and whistles. Automated this, tracker app that. All of it. And you can still end up accomplishing nothing. Nada. Zip. Zilch. Because what’s lurking alongside all of those shiny tools and your snazzy goal statements is still the same ol’ mindset you had the last time you tried this. If you want different results – and to slap those giant gold stars onto your achievement tracker – you’ve gotta get your mindset in shape.
Devon Smiley | Negotiation Consultant
From time to time (usually when ordering sushi) I suffer from a case of my eyes being bigger than my stomach. I way over estimate how much spicy tuna goodness I need, and the end of the meal becomes less than enjoyable as I try to save face. In business, you may have noticed that clients have the opposite problem.
Pricing Q&A: Should I charge by the hour? Or by project?
When it comes to pricing, this is one of the most frequently asked questions – and it’s also one of my favourites, because I get to break out a classic consultant answer: It depends. There’s a strong push right now in the entrepreneurial world to price based on project deliverables, rather than by the hour. But to use a ‘peanut butter approach’ and apply this technique to every business blindly would be a mistake.
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