Mastering the art of business negotiation for small and medium enterprises

IN BUSINESS, few skills are as universally valuable as the ability to negotiate well.

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Whether you're securing better payment terms from a supplier, final-ising a contract with a new client, or discussing equity with an investor, strong negotiation skills can directly affect your bottom line.

For small and medium enterprises (SMEs), where margins are often tighter and resources more limited, every negotiation counts.

Yet many business owners approach these discussions with hesitation, unsure of how to balance firmness with flexibility, or how to push for favourable terms without jeopardising relationships.

The good news is that negotiation is not an innate talent; it’s a skill that can be learned, practised, and refined over time.

By understanding the core principles and applying them consistently, SME owners can secure outcomes that strengthen their businesses while fostering trust and long-term partnerships.

Here are five strategies to help you master the art of negotiation:

Prepare like a professional

Successful negotiations begin long before you sit down at the table.

This means researching the other party's needs, challenges, and priorities, as well as having a clear understanding of your own position.

If you're negotiating with a supplier, know their pricing structures, market trends, and offers from their competitors.