Attracting Customers for Small Business.
Engage customers in ways that they like to be engaged, if you want to attract more customers and increase revenue.
Let it be Mutual
- Common ground ensures that every deal is in the best interest of all parties involved.
- However, there may be parts of a transaction where one party’s gain is the other party’s loss.
- Depending on the situation, these aspects of discussion and negotiation can be tense.
- You want to push for as much as possibly can, but if you push too hard you risk the deal.
- You also risk potentially harming your relationship with the other party.
- In such cases, it’s helpful to work someone who can help you negotiate a good deal without risking a loss.
Find a Buffer
- A buffer is a third party that negotiates a deal on your behalf.
- Agents, attorney, mediators, brokers, and other subject matter experts are all examples of buffers.
- Buffers who have expertise in specific type of negotiations can be extremely valuable in helping you get the best deal possible.
- You don’t have to know about all the laws and policies if you can manage to find an honest and capable buffer.
- The agent’s job is to attain the best possible compensation for both the parties.
- An attorney can make proposals with much greater force and facts based on knowledge and expertise.
- Together with the agent, the attorney can work with both the parties to ensure that both get the best deal.
- Buffer can be useful in adding pace to a high intensity negotiation.
- It is often quite useful not to be the party who has the final say.
- Being able to say, I need to discuss it with my agent or accountant or attorney before giving a final approval on a deal is a valuable check step that prevents hasty or unwise decisions.
- Agents are typically compensated on commission basis, so be careful if you are using them tough.
- The agent is compensated only if the deal goes through.
- Accordingly, their priority is to complete a deal, any deal.
- Regardless of whether or not it is actually a good deal for the buyer or seller.
- So, choose well and try to work with the buffer who is willing to accept a flat fee in exchange of services rendered, whether or not the deal happens.
- If the buffer knows they will be paid regardless, their interest will be more closely aligned in getting you the best deal possible, which enhances the value of the transaction.
Be in Control
- Don’t let your buffer replace your own informed judgement.
- Many investors have found their savings depleted by giving control to investment professionals, who are compensated every time your security is bought or sold.
- By turning the account the broker is legally able to rack up thousands of dollars in unnecessary fees.
- As a rule of thumb, don’t give anyone the control over decisions that directly affect your income or capital.
- Buffers can be extremely valuable as long as you are clear about how they will be rewarded, what they are responsible for, and how you intend to work together.
- Make your rules and set them out before handing over the transaction to buffers.
- Keep a strong check on every step that they are taking regarding your deal.
A collaboration with third parties brings you in touch with many new people in the industry. If used well, these people can become your assets in the long run. Whether bosses or employees, all of us are eventually humans and we like to connect. All of us look out for certain qualities in people that we mix with. In this situation, it is a good idea for small business owners to bring people who can benefit from each other on a moderated common platform, to share their views, events and opinions. A great way to do this is to get an internal social networking platform for your company. HyperEffects can assist you with creating and maintaining a website. If you have specific requirements for a customised feature such as an internal social networking tool for your clients, customers and third-party service providers, connect with us for a free consultation on how it works and how you can benefit from it. We are always here to help and advice. We may not always share the same point of view with everyone, but we can always share values.