Business Secrets: Leverage in Making Deals
One of the meanings of leverage is the power or ability to influence people, events, or decisions. This can be directly applied to making business deals. This meaning of leverage is discussed in one of Donald Trump’s tips in his book; “Trump: the Art of the Deal.” In his book, trump defines leverage as “having something that the other guy wants. Or better yet, needs. Or best of all, simply can’t do without.
How do you apply this to making deals in business?
First you must identify the needs of the other party. Let’s say you’re trying to sell a house to an inquiring newlywed couple. They have no child so they think the house you’re presenting to them is too big. What do you do? It’s best that you identify their needs in the beginning by asking exploratory questions casually. By questioning them, you learned that they plan to have children in three to four years. Continue Reading »