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Negotiating price with your customers

Successful negotiation with your customers is key to maintaining strong and mutually beneficial relationships.

Even if you have mastered your sales approach, it is likely you will come across customers hunting for a better deal. Here are three ways to negotiate with your customers for a win-win solution:

Ask questions
Asking the customer questions shows your interest in understanding, and most importantly, addressing their needs and concerns. It also demonstrates that you are willing to come to a compromise. When trying to uncover the customer’s problems, spend time asking questions but let them do most of the talking.

Build rapport
Showing a level of respect and care for the customer is a critical factor in effective negotiation. Try to establish a good relationship before entering the negotiation and remain calm during the negotiation process. Be sure to emphasise how much you value your relationship with the customer and follow-up after the negotiation.

Make reasonable concessions
Before entering the negotiation, think about concessions which wouldn’t cost you much but would bring a lot of value to your customer. Going into the negotiation with a clear idea of how much you are willing to negotiate helps to avoid making unnecessary concessions at the last-minute.

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News

SMSFs: beware of illegal early super release

July 13, 2018

The Australian Tax Office (ATO) is reminding self-managed super fund (SMSF) trustees to beware of allowing members to access their super early.

A self-managed super fund (SMSF) trustee must meet a condition of release before any funds can legally be released.

The ATO can issue severe penalties if you or a SMSF member access your super before you are legally entitled to do so.

Some consequences of getting caught up in an illegal super scheme include the disqualification of trustees, imposition of administrative penalties, the fund being made non-complying and prosecution.

The Tax Office encourages those members who have been involved in an illegal super scheme to contact them immediately. The ATO will review your voluntary disclosure and take your circumstances into account when determining any penalties.