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Hello and welcome to Episode 7 of Business English Made Easy. I’m Victoria, and today, we will sharpen your skills when negotiating in English. Whether you’re closing a deal, discussing terms with a partner, or setting prices, the right words can make all the difference. Let’s explore key terms and phrases to help you navigate your next negotiation like a pro.
But before we do, remember to scroll up to download the worksheet accompanying this week’s episode.
First up, the term negotiation itself. It’s a discussion aimed at reaching an agreement. When you negotiate, you’re trying to find a solution that works for both parties.
Now, let’s talk about bargaining. This is similar to negotiation, but is more about haggling over details, especially price. You might hear, We’ve been bargaining for hours. Can we agree on $100K and a 2-year warranty? It’s all about back-and-forth discussion to reach an agreeable cost.
A term you’ll often come across is compromise. In business, compromise means each side gives up something to reach a solution. A helpful phrase here is, Let’s find a compromise. How does $5000 sound? It shows you’re open to finding a solution that works for everyone.
Then, there’s the offer. This is what one party puts on the table. For example, Our offer includes an extended warranty. It’s what you’re proposing to the other side in the negotiation.
The counterpart to an offer is a counteroffer. This is a response to an offer where you make a different proposal. You might say, I appreciate your offer, but here’s our counteroffer. We’ve got a deal if you give us $1000 off. It’s your turn to suggest different terms.
You’ll hear about closing a deal when things are going well in a negotiation. It means finalizing the agreement. A good phrase is, Are we ready to close this deal? It suggests you’re ready to finalize things.
But what if you’re not getting anywhere? You might reach a deadlock where neither side can agree. In this situation, we might say, It seems we’ve hit a deadlock. Shall we revisit some of the terms? It’s a way to suggest looking at the agreement again to find a solution.
Negotiations also involve a lot of back-and-forth. This phrase describes the process of discussing, offering and counteroffering. You could say, There’s been a lot of back-and-forth. Let’s summarize where things stand. It helps to refocus on the current state of the negotiation.
Lastly, let’s talk about the bottom line. This is the final point or the most essential factor. You might hear, The bottom line is we need to increase revenue. It’s a way to highlight what’s at your negotiation’s core. What matters most.
Remember, negotiation is a delicate dance. It’s not just what you say, but how you say it. Stay respectful, listen carefully, and use these phrases to guide the conversation to a successful outcome.
To help you practice these terms, don’t forget to check out the worksheet for this episode at the top. It’s full of practical exercises to enhance your negotiation vocabulary.
And that’s it for today’s episode. I hope these phrases help you feel more confident in your next business negotiation. Stay curious, and keep learning. Goodbye!