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    The Business of Negotiation
    James Nagy
    / Categories: Management, Development
     

    The Business of Negotiation

    When building software, there are many times that you will be negotiating with other companies or clients.  Negotiation is a business within itself. If done properly, it can really benefit you. If done improperly, it can really hurt you. Negotiations will come up in countless areas of development.  For example, when developing software you may be negotiating with a company for the honor of using their own software inside of yours.  This type of deal is a mutually beneficial one.  My company will get the benefits of your software to add value to mine, and you will get money from every transaction that transpires or set of software sold. If you can negotiate properly, so that everyone is satisfied, it’s a win-win.

    The problem falls into the negotiation itself. There are several aspects of negotiation that you have to be aware of going into any deal.  You can’t be so unrealistic with your demands and approach that you kill a deal and hurt yourself in the long run. Don't be short sighted. What does this mean? Maybe you’re trying to make the quick dollar up front instead of looking at long term.  This can be a large detriment to your business.  You have to consider what you are negotiating for, what it truly is worth to you, and if you really do need it in the long run or if it’s something that you can in fact walk away from if the deal doesn’t benefit you.  

    Let’s take the example from before of negotiating with a company for the right to use their software inside yours. If you can’t get it for the price that makes it worth it for you, maybe the result is that you just won’t put it in your software then. Maybe you don't have to have it. Maybe you do. You have to decide how important it is to you and what it’s worth to you. This is where the negotiation comes in. The thought process is, “I'm selling lots of software without it. I could sell more with it, but that would be making both of us money. Let's negotiate.”

    When you start at two radically different places for what your expectations are in a deal –negotiation is a must. Your goal is to figure out how to get people on the other side to align and come together. At the end of the day, if this is something that you really want and need to move forward, then you have to figure out how to get a deal done when you’re so far apart.  It’s important to know when to let go and let a deal happen.  You don’t want to be the only thing standing in your own way.

    What have your experiences been with negotiations in business? Before starting any negotiations, what are the most important questions you can ask yourself?  What is the worst thing you can do when negotiating?  Comment below!

     
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    James Nagy

    James NagyJames Nagy

    Looking for a business consultant, how can I help? As Co-Founder and Managing Partner of J&S Tech Designs, I have three decades of experience and expertise to share with you and help your business, product, or idea thrive.

    Other posts by James Nagy
    Contact author Full biography

    Full biography

    As a strategic leader and entrepreneur, James Nagy has a record of generating growth by leveraging the latest technologies to drive sales, marketing, product development, and profitability. He is known for identifying and capitalizing on market trends, developing effective tactics for implementation, enhancing operating performance, and serving as a trusted advisor and business partner. Skilled at working across operations, James builds strong, cross-functional relationships and communicates complex technical information to diverse internal and external stakeholders.

    A big picture visionary, James identifies and reacts to market trends, providing disruptive strategies that go beyond IT to include sales, marketing, and product portfolio management. Building on his experience as Director of Software Development with premier companies Midas International Corporation and SXC Health Solutions, Inc., James launched two successful consulting companies, Sprocket Websites Inc. and J&S Tech Designs. As the Managing Director, he provides innovative solutions to clients in small- and mid-cap companies.

    When he is not advising other business leaders, James lends his expertise to a variety of organizations. He is a Founding Member & Committee Member of the Greater Conejo Valley Chamber of Commerce; he serves on multiple teams and committees for the Naperville Area Chamber of Commerce; he is a Founding Member of the Chicago Area DNN User Group, and he serves on the Board of Directors of the New West Symphony. In his free time, James enjoys Sci-Fi, coin collecting, traveling and wine tasting.

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