Negotiating is a skill set that few food truck vendors can afford to ignore. Though you may already possess many important business skills, you need to complement them with effective negotiating techniques in order to reach the next level of success in the food truck industry.
Negotiating iss defined by BusinessDictionary.com as “bargaining (give and take) process between two or more parties (each with its own aims, needs, and viewpoints) seeking to discover a common ground and reach an agreement to settle a matter of mutual concern or resolve a conflict.”
Negotiating food prices and services with your suppliers is a tough task to face and an even tougher one to master. Here are four tips for effective negotiating and making your next negotiation go in your favor.
4 Steps To Effective Negotiating With Your Food Truck Suppliers
- Do your homework. Spend time before the negotiation understanding the your supplier’s position in relation to yours. Try to see things from their angle which is usually maximizing their profits.
- Counter no matter what. Even if your supplier makes you an ideal first offer, demand concessions. Accepting a first offer will lead your supplier to regret the offer, and be more likely to seek future concessions.
- Don’t negotiate against yourself. This is especially true if you don’t fully know the supplier’s position. Stick to your initial position long enough to find out what is important to the other side. Don’t give in before you have enough information, they may be willing to give in other areas outside of their prices.
- Let them walk away. Make the offer you want and let the other side walk if need be. Don’t low ball or be unnecessarily aggressive: just be honest, straightforward, and firm about what you’re willing to pay.
RELATED: Choosing Your Food Truck Suppliers
The Bottom Line
Effective negotiating techniques are useful in getting the best prices from your suppliers but they can help in many everyday situations as well. Use these four steps to be the most helpful towards effective negotiation outcomes.