08/03/2020 by MNV Associates
Five Tips When Negotiating A Business Contract
In the GCC’s turbulent and competitive market, the ability to negotiate effectively comes as a critical ingredient that will ensure your business success. From acquisitions to vendor pricing, there comes a range of areas that necessitate the need for talented negotiators and accounting experts in Dubai.
If you’re set to negotiate a business contract with another party, it’s always a good idea to prepare in advance and know the right techniques you should be bringing on the table. To help you fulfil that, here is a countdown of the most effective tips you should take note of.
Take a look.
1. Identify your priorities
First of all, before laying down the proposals on the negotiation table, the first step any business must do is to list and rank their priorities. Since it’s highly possible that the other party won’t agree to all areas of the contract proposed, it is wise to identify first what parts of the deal you want to maintain. This way, before facing the other party, you will be able to have a clear map on which areas or sections of the contract you want to preserve and which parts you are willing to compromise and let go.
2. Research in advance
Another important tip you must always remember when negotiating is to always do your research. From knowing what type of business the other party is operating to knowing their past deals and contracts, there comes a range of things you must know and understand. This way, you will be able to clearly determine the dynamics of the contract, such as who wants the deal more, what alternatives do each party has, and what should you expect from the other party in general.
3. Seek for accounting experts in Dubai
When it comes to negotiation, it’s always an important task to do the math and arrive at a reasonable contract that will be in line with your interest. However, since it’s difficult to come up with an accurate measurement of what’s fair and which is not, it’s always wise to seek professional help from accounting and bookkeeping services Dubai. This way, you will have a clearer vision of the possible risks that may come with the business contract. In addition to this, you will also be guided on creating the necessary benchmarks on your target price, as well as walk away price.
4. Stick to your plan
While it’s easy to make the necessary plans, seating down and discussing your points face-to-face with the other party comes as a different case. In fact, without the proper guidance from professionals and the will to stick to your plans, you might end up signing a contract that doesn’t come in line with your ideal end game. With this risk, it is always important to prepare and know the ins and outs of the contract. This way, you will be able to build enough confidence and willpower that will help you know when to stay and when to walk away.
5. Don’t take the first offer
One common mistake most businesses commit is that they always get blinded by the first offer. If the initial proposals already seem fair, don’t settle for that and be ready to negotiate by asking for higher pricing and better terms. This way, you will be able to maximize your position in the deal and get the most out of the contract.
Ready to close that business contract? Be sure to keep these five negotiating tips in mind and be ready to secure the business arrangements you’re aiming for.
To know more about the possible techniques and risks of negotiating business contracts, don’t hesitate to visit us or call us +97148786119 today!
MNV Associates are specialist Accountants in Dubai who have years of experience working with local and international businesses, helping them to outsource key elements of their business such as Accounting& Bookkeeping, Tax, VAT, and Audit & Assurance to improve effectiveness and save costs.