Business professionals enter into agreements and transactions with other people and businesses nearly every day. Be it a contract with suppliers or a contract regarding what work or services will be provided, contracts are a part of doing business. Contracts are intended to outline legal obligations that one party owes to another, so it is important to make sure they are clearly written in order to minimize confusion. A poorly drafted contract can not only confuse the involved parties, but it can also become the source of a lawsuit if there is a misunderstanding over the terms. A well-drafted contract, on the other hand, is a great risk management technique to help avoid misunderstandings that can lead to disputes and liability claims. Consider the following tips for writing clear, concise contracts. 

Keep it Simple

Contrary to popular belief, contracts don’t need a lot of fancy verbiage and lengthy descriptions to make them valid. In fact, short, simple, clear sentences are preferred. Your contract will be clearer and easier to read if you write shorter sentences and include vertical lists or subparagraphs to break up complex ideas. 

Write in the Active Voice

Always try to write in the active voice, wherein the subject is performing the action denoted by the verb. You want to be clear that the subject is responsible for the verb’s action. For example, “Tenant must pay utilities on the first day of each month,” as opposed to “Utilities are due on the first day of each month.” In the first example, it is clear that the tenant is responsible for the action but in the second sentence, there is no mention of the tenant at all!

Include All Details

Every contract should include all the rights and obligations of each party so there is no confusion about who is responsible for what. Include any details that are necessary to clarify these obligations. If at any point your business practices change after signing the contract, be sure to update the contract to reflect current practices. 

Identify the Parties Correctly

It is important to properly name the contract’s parties so it is clear who is actually bound to the contract. For example, always identify business entities by their corporate name to avoid any confusion. You should always use the correct legal name so it is clear who is responsible for performing the obligations under the agreement. 

Specify Payment Obligations

Be sure to specify exactly who pays whom, when the payments must be made, and the conditions for making payments. You want to use specific details to avoid any confusion. For example, if you are accepting payments in installments, be sure to list dates, times, and requirements. You also want to include acceptable methods of payment. 

Include Dispute Resolution

It is common to have disputes over contracts so you should write into the agreements what you and the other party will do in the event something goes wrong. You can decide that the dispute will be resolved through arbitration or mediation rather than litigation. 

Include Contract Termination 

In many cases, contracts will eventually come to an end so you want to describe how that will take place. Specify whether the contract can be terminated any time or only if the contract is breached. You should also include any fees, charges, or other obligations that may result from early termination. 

Selling your home is one of the biggest financial transactions you will make in your lifetime, so want to make sure you aren’t leaving money on the table. There are several factors that go into determining how much money you will walk away with, including the final sale price of your home as well as real estate commissions. Therefore, it is wise for sellers to understand how to negotiate in order to bring in the best possible price. Here are some tactics and strategies for helping a seller get top-dollar for their home. 

Create a Bidding War

While this can be a nightmare for buyers, it’s a dream for the sellers. A bidding war drives up the sale price, sometimes well beyond the initial asking price. Keep in mind, however, that the current market conditions can impact your ability to create a bidding war. When the market is hot, this can easily be accomplished by sellers but in a buyer’s market, it may not be so easy. Pay attention to the market. When there is limited inventory, there can be a frenzy among buyers to outbid each other. On the other hand, if there are plenty of homes on the market, buyers may walk away and simply look for another home. One way to help initiate a bidding war is to price your home slightly below market value. This will attract more buyers to your property, resulting in more offers. You can also trigger a bidding war by setting a deadline for all offers on your home, which can motivate buyers to submit an offer. 

Counter at Your List Price

Most sellers do not accept a potential buyer’s first offer and buyers typically expect a counteroffer. Sometimes, sellers will counteroffer with a price that’s higher than the initial offer but lower than the list price because they don’t want to lose the sale. While this strategy does usually work to get the property sold, it’s not necessarily the best way to get top dollar for your home. Instead of countering with a lower price, counter by sticking to your list price. Someone who really wants to buy the house will come back to you with a higher offer. 

Ask for Sellers to Bring their Highest and Best Offer

Another tactic sellers can employ during negotiations is referred to as the “best and final” offer. This works well when there are multiple offers on a home. The seller asks prospective buyers to bring their “highest and best” offer, encouraging them to submit the highest price they would be willing to pay for your home. This indicates to buyers that there are multiple offers on the table and usually results in more competitive bids. 

Add a Deadline for Counteroffers

When you have countered an offer as the seller, you can initiate a deadline for the prospective buyer to respond. This is a great way to move the negotiations along more quickly and usually encourages the seller to respond more aggressively. 

Agree to Pay Closing Costs

Closing costs typically amount to 3% of a home’s sale price and buyers often feel strapped for cash after paying a down payment and moving expenses. Some buyers can’t or won’t close a deal without assistance for closing costs. Though most buyer’s don’t want to spend the extra cash upfront, they don’t mind borrowing a little more so if you can offer to pay their closing costs, there’s a good chance you can get a higher purchase price for your home. 

Amid rising inflation costs, companies across the world are looking for ways to decrease their expenses in order to achieve higher profits. One of the best ways to do this is by renegotiating with suppliers. This doesn’t always mean getting the lowest possible prices, either. There are many components to negotiate including payment terms, delivery times, warranty periods, and product quality. It is important to negotiate with suppliers in a way that fosters long-term relationships while also benefiting your business right away. Here are a few helpful strategies for winning supplier negotiations. 

1. Build a Strong Rapport

It’s always easier to do business with people you like. That’s why it is so important to build rapport. Excellent rapport leads to better relationships, better communication, and ultimately better deals. When you have a relationship with your suppliers that is attentive, communicative, approachable, and responsive, you are more likely to gain a competitive advantage when it comes to negotiating. 

2. Promise Them Business

Suppliers are looking for the same thing as you: they want to get as much business as possible and they appreciate the customers who help them achieve those goals. When negotiating with suppliers, let them know that you are a customer who plans to give them repeat business over the long term. Let them know what they can expect from you and use past purchase history to provide a sales projection. 

3. Look Beyond Price

If the supplier cannot budge on price, look for other ways to negotiate that can help lower your expenses. For example, you may be able to negotiate the terms of your contract or you may be able to negotiate a discount if you purchase in bulk. You may also be able to negotiate for faster delivery at no extra charge or for improvements on your warranty. 

4. Compare Multiple Suppliers

As you would anything else, it’s important to shop around and compare pricing from different suppliers. Let each one know you are getting other quotes and explain that you are looking for the supplier that can offer the most competitive bid. 

5. Offer Larger Deposits for a Bigger Discount

Another strategy is to offer higher deposits to your suppliers in return for a bigger discount. If the supplier knows they will get 50-60% of the total cost upfront, this can increase your bargaining power and they may be willing to discount the overall price. 

6. Give Them All Your Business

If a supplier knows that they are getting all of your business, they may be willing to offer deeper discounts to maintain that valued relationship. If you are giving your business to multiple suppliers, consider transferring all of your business to one in exchange for better pricing. 

Searching for a job, interviewing, and getting the position is a stressful process, so it’s not surprising that many people are nervous about asking for more money once they have an offer in hand. The last thing they want is to jeopardize their offer. However, people who negotiate their salary typically increase their starting salary by an average of $5,000. Moreover, most employers expect salary negotiation after an initial job offer. If you have specialized skills or an impressive resume, you could be leaving money on the table. So, consider these helpful tips for negotiating the salary you deserve. 

Familiarize Yourself with Industry Trends

You need to arm yourself with as much information as possible when it comes to salary negotiations. In order to get a current, realistic view of compensation in your field, do some homework and study trends. Job listing sites such as Glassdoor, PayScale, and LinkedIn are a great resource for finding salary ranges. You can also reach out to recruiters to gather insight about average salaries for similar jobs. In addition to finding out average salaries, you should also pay attention to the most in-demand skills for jobs in your field. 

Know Your Value

In order to get the pay you deserve, you must first know what you’re worth. Make a list of your strengths, accomplishments, skills, specialized training, certifications, experience, and any other details that set you apart from other candidates. Have a keen awareness of how your skills can benefit the company’s bottom line. By tying these strengths to your initial offer, you can build a solid case for a salary increase. 

Ask for More Than You Hope to Get

Once you have a salary range in mind, it can be tempting to ask for something in the middle so you don’t come off too forward. However, you should always ask for something toward the top. First off, you should assume you are worth the higher amount. Second, your employer will almost certainly counter the offer so you want to leave a little wiggle room to come up with a salary you are willing to accept. 

Consider the Entire Compensation Package

Money is certainly a huge incentive, but there is often more to a job than just the pay. Before entering into the negotiation, you need to think about what other benefits you would be willing to accept in lieu of a lower salary. Some of these potential benefits would include:

-stock options

-paid vacation days

-flexible working hours

-tuition reimbursement

-professional development

-signing bonus

-remote work opportunities

-opportunities for promotion

Practice Your Delivery

Once you have all the information needed to negotiate, it’s always a good idea to practice the conversation ahead of time. Consider practicing with a colleague, professional mentor, or other business-savvy person who can tell you what to expect and can help coach you through the process. 

Conflict is bound to happen in the workplace and when it does, it can be tempting to sweep it under the rug and hope that it eventually goes away. However, this is one of the worst things leaders can do. Unresolved conflict can lead to anger, frustration, emotional turmoil, decreased productivity, and increased turnover. That’s why it is so important for leaders to work to find creative approaches to conflict resolution in the workplace. Here are a few things leaders can do so they are prepared to handle problems when they arise. 

Identify the source of the problem

Each of the involved parties will have their own version of what is causing the problem so it’s important to listen to each side and give them a chance to speak. Both parties should feel validated, so give the same amount of time and listen carefully to each side. The point is to allow both parties to express their views without being interrupted so they both feel heard. As the leader, it’s a good idea to take some notes so you can better understand the situation. After all, it’s difficult to come up with a solution if you don’t understand the problem first. 

Brainstorm Solutions Together

Rather than sending both parties away and you coming up with a solution, invite the two parties to work together to brainstorm their own possible solutions. There are likely multiple solutions that can help solve the problem so look for ways where both parties can get at least some of what they want. This will help open the lines of communication while also promoting collaboration between the two parties. 

Provide Communication Training

Oftentimes, conflicts arise as a result of miscommunication. When two parties are not communicating their needs effectively, disagreements and misunderstandings can arise and the situation may escalate. One great way to resolve workplace conflict is to offer communication workshop training with a qualified coach who can provide de-escalation strategies and mediation techniques. This is a proactive approach that can help prevent future conflicts. 

Find Common Ground

People are naturally programmed to approach conflict  by debating the best solution. This results in two possible solutions: one that appeases one side and one that appeases the other. Creative conflict resolution happens when both parties are instead encouraged to find common ground. Instead of focusing on where they don’t agree, begin the conversation by focusing on where they do. This will drive the discussion toward reaching a solution rather than an argument. 

The role of a project manager can be complicated. They have to act as a leader, mediator, delegator, motivator, and even a negotiator. They are responsible for assembling a team of colleagues, often from various departments, to complete tasks. They may even have to work on a short schedule or with an allocated budget, which can make their role all the more difficult. Furthermore, they are liable to encounter various kinds of conflict from time to time, requiring them to find ways to ensure success with minimal risk to project objectives. In order to do their job, project managers must develop strong negotiation skills so they can communicate effectively, complete tasks on time, and set the foundation for successful project execution. Here are some of the reasons why it is important for project managers to master the art of negotiation.

Facilitate Discussions

Most people describe negotiation as a formal discussion in which two parties must work together to reach a common agreement but it can actually be any process in  which two or more parties use persuasion to achieve objectives. Therefore, project managers use negotiation every time they engage in discussions with their team. They use these negotiation skills to facilitate productive discussions where team members can arrive at joint decisions and they work together to find mutually acceptable solutions to problems. 

Secure Resources for Their Project

Project managers are not only negotiating with third party vendors and clients. There are many instances where they must negotiate within their own team or organization. For example, they may require certain tools or resources to complete their project and they must demonstrate the value of these resources to the company and why they are necessary for success. They may also, of course, have to negotiate with clients or vendors to secure outside resources as well. 

Foster Teamwork and Unity

A great project manager has the ability to bring people with different skills, backgrounds, and perspectives together to reach a common goal. While each individual team member may have their own ideas, the project manager must work with the group to find mutually agreeable solutions to problems. They must be able to identify which members of the team can be leveraged in certain situations in order to reach the best outcome. 

Conflict Management

As mentioned above, conflict is bound to arise from time to time when working on a project with different people. Everyone has their own ideas and opinions and this can lead to disagreements within the group. Project managers must be able to negotiate resolutions quickly and with minimal risk to the project outcome. 

Supply chain management is vital to the success of any business. Management leaders and executives must ensure supply chain continuity in order to retain and scale up their business. In many ways, business markets are like a battlefield, and in order to win the battle, it’s important to negotiate effectively when making deals with vendors. There are several things to consider when negotiating contracts with vendors in order to minimize costs and maximize profits. The following negotiation strategies will help you increase your profits, reduce your expenses, and maintain your relationships with suppliers. 

Bring New Value to Your Supplier

One of the best negotiating tools is the ability to bring value to your suppliers. You can negotiate a better deal if you become a strategic partner. You could bring new value to the supplier by acting as a gateway to new business. You can offer the supplier a market opportunity in exchange for price concessions. You could also offer a long-term contract or extended contract in exchange for price reductions. 

Understand Your Customer Needs

Understanding the needs of your customers and major stakeholders is an important negotiation skill. When you better understand what your customers want, you can try to look for opportunities to negotiate better deals. For example, it may sound great to offer free next-day delivery, but research may show that your customers are actually comfortable with 3-5 day shipping. Spend some time researching what your customers really want and what they might be willing to pay extra for, as this can help you negotiate better deals to increase profit margins. 

Understand What is Driving Your Suppliers

Research and figure out what business issues are driving your suppliers. Understanding their pressures can help you develop successful negotiation strategies. This can help you get a better idea of pricing trends, market conditions, constraints, or any other regulatory issues that might impact your suppliers. 

Work Toward a Mutually Positive Outcome

Win-win negotiations are the best way to build strong, lasting relationships, which is so important for suppliers and vendors. In a win-win negotiation, both parties compromise so each side gets something of value. Experienced negotiators understand the long-term benefits of this approach and how it leads to successful outcomes over time. 

Conflict is a part of life and people experience it all the time in their personal and professional lives. In the workplace, you are bringing together people from different backgrounds, geographical locations, cultural, and intellectual backgrounds, as well as differing viewpoints. Therefore, disagreements are bound to happen. Though it is a common occurrence, handling workplace conflict can be a bit of a challenge. It requires a delicate balance of assertiveness combined with professionalism. However, if left ignored, conflict in the workplace can be very costly. It could lead to company gossip, decreased morale, frustrated employees, and decreased productivity. It can even cause companies to lose good talent. That’s why good conflict resolution is vital to a successful workplace. Here are some helpful tips for managing and resolving workplace conflicts. 

Identify the source of the problem

The first step in resolving conflict is identifying the source of the problem. Understanding the cause will help you better resolve the issue and prevent it from happening again. You need to speak with the involved parties individually and gather as much information as possible. Ask questions until you feel like you have a complete understanding of the issues at hand. Encourage the involved parties to describe their issues using “I” statements rather than “you” statements, encouraging them to focus on their own specific issues instead of people. 

Be an attentive listener

Listen to what each person is saying rather than reacting. Allow the individual to speak freely about their feelings and issues without interrupting them. After the person has spoken, rephrase what they said to be sure you understood. Ask questions if needed in order to clarify their responses and take notes as needed. 

Refer to the employee handbook

Your employee handbook should be your first point of reference regarding the issues at hand. This handbook serves as a guide for employee behavior and clearly states the desired expectations of the company. If the employee has violated the code of conduct, it is critical that you make them aware of this violation and hold them accountable for their actions. Employees should all be well aware of the company guidelines as well as possible disciplinary action. 

Create a solution

As a leader, your role in resolving conflict is to identify employee needs and guide them to a fair solution that will satisfy all parties involved. You can brainstorm possible solutions with the involved parties  and discuss the pros and cons of each solution. You want to look for a win-win scenario that both parties can agree on. Give the employees a chance to agree and move forward. If they cannot do this, you may have to suggest an alternative that they must both agree to. 

Follow up

You should never assume the issue is completely resolved the minute you end the conversation. Rather, you need to check in regularly with the involved parties to ensure they are doing their part to meet the agreed upon goals. Keep an eye on the situation for a period of time and be ready to take necessary action if the situation does not resolve. 

Negotiation is a skill that takes plenty of practice to perfect and it’s not always easy. This can be especially true when the stakes are high. If you are in the process of finalizing a huge deal or hammering out the details of an important contract, you may even feel more pressure to get things right. High-stakes negotiations are often high-stress situations, so the more prepared you are to handle this type of situation, the greater your chances of success. If you are gearing up for a big negotiation, consider the following tips to help you enter the negotiation with confidence. 

Know the Other Party’s Needs

Not only do you need to focus on your own goals, but you also need to be aware of what the other party is looking for as well. This might give you some leverage in the negotiation. Consider what you can offer that might address the other party’s needs and add value to your offer. You can find out background information by researching the company online, reading individual LinkedIn profiles, and also researching competitor pricing. Use all this information to help you navigate the direction of the negotiation. 

Know Your Differentiators

Consider what you or your company can offer that sets you apart from the competition. Use these differentiators to your advantage to make an offer that is enticing to the other party. 

Know Your End Goal

Establish a clear goal for what you want to accomplish from the negotiation. You want to focus on addressing issues that address the needs of the other party, build a relationship with the other side, and maximize your own outcome. Once you understand your objectives, you can lay down the breadcrumbs to lead a path to your desired outcome. 

Work Together Toward Creative Solutions

Oftentimes when negotiations fail, it’s because the parties failed to identify the needs of the others. It is important to listen and understand the needs and interests of both parties and look for solutions that will be mutually beneficial. Together, you want to create unique solutions that are valuable to everyone involved. 

Approach with Confidence

A large number of people are not comfortable with negotiations and lack the confidence to negotiate effectively. This lack of confidence may hold them back from achieving their goals. Negotiating may feel intimidating, especially when the stakes are high, but practice and preparation will help you build the confidence you need to walk in and own the conversation. To be  fearless negotiator you can do the following:

• Speak first and get the anchoring advantage
• Focus on their needs as well as your own
• Frame your offer using the right verbiage such as “benefit, improve, value, etc.” 
• Be flexible and leave room to concede
• Be clear and specific with your asks

Conflict is a part of life and people experience it all the time in their personal and  professional lives. In the workplace, you are bringing together people from different backgrounds, geographical locations, cultural, and intellectual backgrounds, as well as differing viewpoints. Therefore, disagreements are bound to happen. Though it is a common occurrence, handling workplace conflict can be a bit of a challenge. It requires a delicate balance of assertiveness combined with professionalism. However, if left ignored, conflict in the workplace can be very costly. It could lead to company gossip, decreased morale, frustrated employees, and decreased productivity. It can even cause companies to lose good talent. That’s why good conflict resolution is vital to a successful workplace. Here are some helpful tips for managing and resolving workplace conflicts. 

Identify the source of the problem

The first step in resolving conflict is identifying the source of the problem. Understanding the cause will help you better resolve the issue and prevent it from happening again. You need to speak with the involved parties individually and gather as much information as possible. Ask questions until you feel like you have a complete understanding of the issues at hand. Encourage the involved parties to describe their issues using “I” statements rather than “you” statements, encouraging them to focus on their own specific issues instead of people. 

Be an attentive listener

Listen to what each person is saying rather than reacting. Allow the individual to speak freely about their feelings and issues without interrupting them. After the person has spoken, rephrase what they said to be sure you understood. Ask questions if needed in order to clarify their responses and take notes as needed. 

Refer to the employee handbook

Your employee handbook should be your first point of reference regarding the issues at hand. This handbook serves as a guide for employee behavior and clearly states the desired expectations of the company. If the employee has violated the code of conduct, it is critical that you make them aware of this violation and hold them accountable for their actions. Employees should all be well aware of the company guidelines as well as possible disciplinary action. 

Create a solution

As a leader, your role in resolving conflict is to identify employee needs and guide them to a fair solution that will satisfy all parties involved. You can brainstorm possible solutions with the involved parties  and discuss the pros and cons of each solution. You want to look for a win-win scenario that both parties can agree on. Give the employees a chance to agree and move forward. If they cannot do this, you may have to suggest an alternative that they must both agree to. 

Follow up

You should never assume the issue is completely resolved the minute you end the conversation. Rather, you need to check in regularly with the involved parties to ensure they are doing their part to meet the agreed upon goals. Keep an eye on the situation for a period of time and be ready to take necessary action if the situation does not resolve.