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How to say no in business deals?

How to say no in business deals?

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In the business world sometimes you look for opportunities and sometimes you find yourself in the middle of chaos due to the plethora of opportunities. Here you will have to decide which one is to grab and which one is to let go of. A number of times it happens in entrepreneurship that you will have a quantum of business deals from your clients and suppliers that you will have to say no else you will be landed into the deep troubles. But you will get jumbled because you will be scared about the fragile relationships with your clients and suppliers due to that rejection. In this article, we are going to share with you the importance of saying no to certain business deals, how and when to say ‘No’ gracefully in that situation. So be with us… 

The importance of saying ‘No’

As in our personal relationships, there is no scope for the promises which you can’t fulfill, similar is in the case of business dealings. There is no scope to rebuild your goodwill which has been hampered by the false and unfulfilled commitments. Yes, it’s totally correct to say that you should accept all the business opportunities coming on your way but you should do that only when you’ll be able to completely devote yourself and your resources to accomplish the same. Because on the path of building up new relationships or business dealings the existing ones may have to suffer.

How and when to say no gracefully?

Do not compromise with your business policies: There may be a situation where your client will come up with a lucrative order but subject to a certain compromise. The compromise with the practices of your business. For example, you are an exclusive supplier of certain specified products and a very old or a new well-reputed client comes up with bulk order subject to the condition that you won’t sell that particular product to a specific rival of his business. On the contrary, your company is a very strong condemner of the exclusive supply agreements so here you can say no very elegantly by sharing the business policy with the client to make him understand the real cause behind such rejection.

The unreasonable requests

In each and every business there are some very shrewd and dominating clients who want every odd in their favor irrespective of the loss the other party may suffer due to such dealings. But still, you cannot deny certain business deals with them, the reason being they’re the major source of your trade. But here you need to shift your focus and try to figure out the reason they have opted to have a business dealing with you? Maybe it’s the quality of the product/ service or the highly competitive price you are offering to them. So next time to say no to certain disadvantageous businesses dealing with these dominant clients use your edge which is retaining them as your client.

Delegate it

There are category suppliers and clients of your business who have an amicable relationship with some specific people/ official of your organization whether she/ he is the marketing manager or the procurement manager. So the next time, in case you have to turn down a business deal or offer from their side do not cast off it directly. Take the assistance of these people who are having a great bonding with these clients and suppliers. Because these folks can handle this situation better than you depending upon the circumstances.

Know your negotiation limits

It is a fundamental rule of all business dealings that before jumping into the dealing you must be aware of the lower and upper limits in the specified areas. From the upper and lower limits, we mean to the price bands that is the lowest price or the maximum discount you can offer to the customer before saying no. Similar is in the case of negotiation with the suppliers that is the maximum price you can pay for the inputs procurement. The upper and lower limits are not only restricted to the price range is extended to various other spheres also such as the timeliness, resources, etc.

Spot the initial and early signs

A smart businessperson judges the people she/ he meets with the initial signs itself such as the handshake, their voice tone, the level of interest they are showing in the business deals. It’s up to you also that is how promptly you grasp these positive and negative signs. It builds up with the experience also.

“Each and every situation has a unique way to tackle it but still the above tips will definitely assist you to say no very graciously for the business deals in which you are not interested.”
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