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Being Prepared Turns Profits

April 15, 2013

Business Advice for Women Entrepreneurs and Small Businesses

lexus

I walked inside the car dealership for the second meeting hoping I could work a deal to purchase my favorite car. In my hand was a folder with a valuable marketing proposal I wanted to offer the dealership in exchange for hitting the price I needed on the car. I walked in confident and said, “I would love to be the poster girl for your car dealership, here is a three page proposal for you to consider.”

Within the three page proposal was a cover letter highlighting my request to lower the payment for the car in exchange for marketing exposure through my company Women TIES, a detailed list of marketing benefits and a summarization of the demographic I serve. I left the proposal with them as I test drove the car one more time – giving them extra time to look at my offer before negotiating the final sales price.

It only took one more quick meeting about budget and what I was willing to offer. Ten minutes later I heard, “Tracy, you have the deal you want.”

I hope some of my bargaining advice helps you today:

* Do not underestimate the value you and your company bring to the bargaining table when you are negotiating anything. But in order to bargain, you must know what your value is and then write it down and present it during the negotiation process.

*Offer something in exchange for what you are pitching to have donated, discounted or given to you. Don’t be narcissistic in your approach. Go to the bargaining table with a list of what you are willing to offer in exchange for what you want.

*Have a clear understanding of the monetary value of what you are offering. Create a concise list of what you can offer another company in exchange for what they give you. By being prepared and presenting the information professionally, you land the exact deal you want.

Everyone thinks people with a lot of money have power. I believe entrepreneurs who have stellar businesses with expertise in services or excellent products have just as much power. Be prepared the next time you are pitching a deal and then find yourself walking away with a profitable outcome for both parties.

And by the way, I am very happy with my new Lexus thanks to Burdick Lexus at Driver’s Village. If you go there ask for Liz. .

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2 Comments leave one →
  1. April 15, 2013 10:07 am

    Congratulations Tracy! Job well done and an excellent example for us once again!

    Like

  2. April 15, 2013 2:03 pm

    Good for you! You went in with a mutually beneficial proposal, did all your homework, and made the deal. I love it!

    Like

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