When you need to negotiate a deal in your pharmacy, whether it’s an employee’s salary, prices from your supplier, or a service contract, it’s important to be prepared. Knowing how to navigate the negotiation process can help you get the outcomes you want.
Here are five essential negotiation tips to help you advocate for your pharmacy business.
1. Be confident
Display confidence in your position as you enter any negotiation. Be aware of what makes you—and your business—great and use that as a source of strength when negotiating.
2. Be prepared
Do your research ahead of time. If you’re trying to negotiate a lower price for marketing services, for example, know what the services you want normally cost. Being able to use specific numbers and examples in your negotiation will make your position stronger and your argument more effective.
3. Know what you want
Go into any negotiation aware of what your desired outcome would be, where you’re willing to compromise, and at what point you’d be willing to walk away. Knowing your boundaries will help you avoid an outcome you’re unhappy with.
4. Use silence
Most people feel uncomfortable when a conversation lulls. If a silence arises, use it to your advantage. The other person may feel pressured to speak, and might say something useful or concede an advantage. Silence can be one of the most powerful negotiation tools.
5. Be mindful of long-term consequences
A negotiation isn’t a one-time thing; it’s part of what could be a long-term business relationship. Be sure to think about what you’re saying and doing, and what effect it could have on your business relationship with the other party. Even if you don’t get your desired outcome this time, establishing a good relationship could lead to your desired outcome in the future.
Successful negotiation skills are essential for any business leader. Remember, practice makes perfect! Don’t be afraid to give it a try.
