Day: May 28, 2023

Uncertainty and volatility are now an accepted norm in the business world, these things are mostly not in our power to control. From global events, to market disruptions and technological advancements, they are contribute to making the business world volatile. What was yesterday, might be entirely different now, it is now left to you as a business owner who desire success, to adapt and thrive regardless of market conditions. In order to navigate the volatile market, you need a cutting-edge strategy that puts into consideration the nature of the markets and its demands.

In this article, we will consider different effective strategies for thriving in volatile markets, and we will draw insights from successful businessmen and investors like Grant Kelley. By employing these strategies in your business, you get to position yourself as resilient personnel in the face of all manners of uncertainty. Here are a few of these strategies;

1. Embrace Agility and Flexibility

As a business owner who is interested in adopting a working strategy for the volatile market, you must first embrace agility and flexibility. Flexibility in the sense that the market might appear to be working against your plans in many instances, but you will have to adjust each time. Successful businessmen are those who quickly adapt, by developing a habit of agility within your business, you can respond swiftly to any shift in the market, customer demand or even an emerging trend. It is important to note that these changes might not be easy ones, they include changing your product/service offerings, and adjusting your business models.

1. Be Customer Centric

This is crucial in volatile markets because customer behaviors and preferences can change rapidly. Men and women who have made a name for themselves in business, were accustomed to this. This is not to say that other metrics do not matter, but at the top of any metric should be your customer feedback and reactions. In order to achieve this you will have to carry out proper market research. Using the knowledge from this research, you can tailor your products, services and marketing for effective conversion. You need to consistently deliver quality and stay connected with your target audience until a point comes where loyalty has been established and you can be rest assured even in a volatile market. 

1. Prioritize Financial Discipline

Financial discipline is essential in all works of life, but it is even more essential in a volatile market. You will need to maintain a healthy cash flow, manage your debt properly and diversify your investment portfolios to mitigate your risks. By making good financial decisions, and allocating resources properly, your business is sure to stand strong regardless of the direction the market takes. To make good financial decisions, you should carry out financial forecast from time to time.

Conclusion

Thriving in an uncertain and volatile market can only be successful with the help of a strategic approach and a willingness to embrace flexibility and agility. These are strategies drawn from successful businessmen one of which is Grant Kelley, who has consistently dominated the business world for thirty years. You can imagine the level of uncertainty and changing market conditions he would have had to navigate in his career. In this article are strategies that can help you achieve success as well. Implement them and establish your business as a force to be reckoned with in the market.

Negotiation is a crucial skill in business. It is essential in closing deals, creating alliance and forming partnerships. Just like our day-to-day negotiations for things, the business world also requires you to negotiate at every point in time. In order to close important deals for your business, you will need to master the art of negotiating, otherwise no matter the number of deals you close, your profit will be inconsequential. 

Successful businessmen are those who honed their negotiation skills over the years and perfected the art of closing deals. In this article, we will delve into some of the tactics that have helped these people negotiate effectively. One of the businessmen whose negotiation tactics are covered in this article include – Grant Kelley. He is an Australian businessman with a background in real estate investment, funds management, private equity, corporate strategy, and sports management. If you wish to draw insight from him and many others, whilst enhancing your skills, then read to the end. 

1. Prepare Adequately

Like the popular saying goes, “Those who fail to prepare, prepare to fail.” Preparation is the backbone of every successful negotiation. Before entering into negotiations, you should have done adequate research on the person you are negotiating with. Understand their needs and pain points, and know how best your product/service can be of help to them. By adequately preparing, you can anticipate every possible challenge and be ready to navigate through it. By carrying out effective personal research before getting into negotiations, you can confidently negotiate with anybody or business with finesse. 

1. Build Trust

Instead of being overly salesy, your goal should be to establish trust between yourself and your counterpart. That way regardless of your asking price, they will be ready to match it. All past negotiations that didn’t go your way were not necessarily due to lack of funds, some are due to lack of trust between both parties. People generally feel more comfortable releasing money to someone they can trust, how much more when the money involved is a big figure. By demonstrating respect and empathy, you are creating a positive atmosphere that sets the ball rolling for the success of your negotiation.

1. Define Clear Objectives

Before entering any negotiation, it is important that you clearly state the expected outcomes, this might include target prices, duration or the terms and conditions. Understanding what both parties stand to gain from each deal will determine from the onset if your objectives are the same, and it help both parties to seek a solution that will be beneficial to all. Having clear objectives will guide you throughout the negotiation process, ensuring you do not make decisions that will affect your business in the long run. 

1. Know when to walk away

Last, but not least, you must know when to walk away from any negotiation. This is why having clear objectives is essential. Once it is established that you and your counterparts objectives do not align, there is no need going forward, to avoid issues in the long run. In the same way, even if your objectives align, once it is clear that your counterparts’ demands are unreasonable and overly unfavorable to your business, that is the cue to walk way.

Conclusion

Grant Kelley and all other successful businessmen couldn’t have made it to where they are presently without mastering the art of negotiation. Contrary to what many think, negotiation is not an in-born skill, it must be learnt and actively honed in order to become best at it.