Business owners and entrepreneurs need to negotiate in almost every aspect of their business. Negotiating is more of an art than science. Entrepreneurs can learn a lot about negotiation from playing poker. In this Indian poker blog, we bring some of the few tips that you can apply to get an upper hand in business negotiations.
The best position in poker is in on the button as you get to act last. When you are on the button, you can make your decision to call and match the bet, raise the bet or fold your hand with full information as you have already seen what everyone is going to do.
You can approach your business negotiations in the same way. Be patient for the other parties involved to throw out the first offers. It gives you an idea of where they are at so that you can adjust your counter offer. It ensures that you don’t sell yourself short by putting an offer out that is too low.
Re-raising in poker is a strategy where one player raises the bet then and there, a different player raises that other player’s raise. It can be quite scary to do it in poker and business negotiations as well.
Don’t be afraid of re-raise. It can be tempting to accept the first offer, especially if you really need the deal. But if you are willing to accept the offer, don’t be afraid to re-raise it. The worst thing that can happen is they will just reject and if they do so, you are no better or worse off than if you hadn’t tried. While re-raising can lead to better payments or additional add-on requests that you never would’ve gotten if you didn’t try.
Nothing will sink a negotiation faster than appearing desperate for a deal so make sure you keep a poker face. In poker, envisioning that you have pocket aces one of the biggest starting hand possible, before betting can help you appear calm and cool. So do the same in your business negotiations.
For instance, you have all kinds of big deals lined up and you really don’t need this deal. Be aware of your body language, word choices and tone of voice. Keeping a poker face will make sure that you don’t give away your hand or show your cards soon. On the other hand, look or the same kinds of ‘tells’ from the parties you are negotiating with. It can help you adjust your counter offers and maximize your negotiation efforts.
Bluffing in poker is a trick where you can raise or bet with a hand that’s not so good with the intent of getting other players to fold. Bluffing is risky in poker just like with your business negotiations. So, be careful when you bluff in your business negotiations. If you act like you are ready to walk away from the deal when you are actually not, the other party can call your bluff. You can either look unprofessional and foolish and lose the deal completely. So, don’t ever bluff about your company’s services or products just to seal a deal.
You can apply these tips to handle your business negotiations like a poker pro. If you like this blog, keep following Poker Indian Group to get all the latest poker news India.