Dec 7, 2023
In this episode of the Resilient Retail Game Plan, we are discussing the art and skill of negotiation in the retail business with Simon Duncan. We delve into why negotiation is a crucial skill for business owners, how to determine what the other party wants in a negotiation and the importance of planning before entering a negotiation situation.
The discussion emphasizes the significance of understanding what you are trying to achieve, knowing the current facts of the business relationship, being aware of the balance of power, and getting into your counterpart's mindset. Throughout the conversation, we use practical examples to illustrate how these negotiation tactics have been successfully applied in real-life scenarios.
There is a lot to take away from this conversation - always remember that if you don’t ask you won’t get!
This is a fascinating interview. Tune in to learn:
[0:00] Welcome Simon Duncan!
[03:44] Why is negotiation such an important skill for retail business owners to have?
[05:50] What are some of the key areas that retail owners don't negotiate (and should!)? And where would negotiating help help the bottom line the most?
[09:19] What are some of the key steps that owners should take before entering into a negotiation situation?
[14:41] What can be negotiated?
[23:47] How do you figure out what people want before you negotiate with them?
[27:01] These are the key skills needed to negotiate
[28:36] Can negotiating strengthen your relationships?
[29:52]Find out more about Simon Duncan
Connect with Simon Duncan
Linkedin: https://www.linkedin.com/in/simon-duncan-9b491311
Get 10 pounds off your first month of Resilient Retail Club using code 10podcast.