It never ceases to amaze me how much business owners and self employed workers focus on boosting their profits in costly, time consuming ways. Boosting profits can be done in two ways: by making more money, and spending less.
To most business owners, making more money involves expensive advertising campaigns or trying to find the “next big thing” to take to market. Spending less money involves firing employees, tightening the purse strings, and eliminating staff perks.
All of these methods take time and effort, could cost money, or might make the boss unpopular. But there is another (vastly overlooked) way to boost profits that is much easier to implement and can also yield greater financial results – negotiation.
Seven Magic Words
Ever since I learned these seven magic words “is that the best you can do?” I have increased my own profits – both in business and my personal life – by securing discounts as a buyer and by achieving higher prices as a seller.
By saying these words and reading the body language of the person you are negotiating with, you could increase your profits substantially.
It’s all in the Body Language
The trick, if you could call it a trick, is to say these words towards the end of a negotiation when all your other tactics have been exhausted. A slight pause, a minor panic, or any other sign of discomfort or hesitation will tell you that your negotiation opponent can do more for you.
Are you sure you’re getting the lowest price for the services you’re buying? When your opponent will seemingly go no lower just ask them calmly but firmly “is that the best you can do?” and you will find out.
Are you getting the highest price for the goods you’re selling? Apply the same tactic and watch your opponent’s response.
When the person you’re negotiating with is doing the best they can, they will respond with a firm voice, a shake of the head, or a sweeping hand gesture. If this happens, you will know the negotiation is over.
Boost Your Profits the Easy Way!
As a business owner or a self employed worker you will always be on the lookout for ways to boost your bottom line. By using these seven words “is that the best you can do?” you will achieve healthier profits in the easiest way possible.
Remember – you can use this tactic in your personal life as well as in business. And don’t forget to say the magic words to achieve a better price for the goods you’re selling as well as the goods you’re buying.
You might be surprised at how much money you can add to your bottom line just by saying a few words.
Magic.
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