Contract Negotiation Strategies to Consider

A native of India, Ashu Bhandari is an entrepreneur who leverages his expertise to lead his consulting firm. Ashu Bhandari guides business owners on several aspects of entrepreneurship, including cash flow management, product diversification, and contract negotiation.

A business owner must develop strong contract negotiation skills in order to reduce risk and boost revenue. While compromise is a necessary aspect of the negotiation process, properly using certain strategies can increase one’s ability to achieve the outcome he or she prefers.

1. Taking control of an agenda leads to more promising results. A person who takes the initiative to plan a meeting, draft topics for discussion, and direct the pace of a negotiation can focus on the subjects most important to his or her business. This can also be achieved with a passive approach, by summarizing details of a negotiation and framing it in a way that is conducive to the person’s business.

2. Avoiding an “all-or-nothing” approach keeps negotiations from coming to a standstill and diminishes the risk of both parties leaving unsatisfied. Instead, a skilled negotiator compartmentalizes subjects to reach an agreement on individual topics. This also makes both parties feel like progress is being made.

3. Identifying top priorities keeps a negotiator from becoming slowed down by less important items during a negotiation. A person should prepare in advance by ranking the level of importance for each topic. If concessions must be made while meeting, then the negotiators can use the list to help them make compromises on items least important to them in order to gain leverage on major priorities.

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How Much Money to Spend on Business Marketing and Advertising

A retired business executive, Ashu Bhandari spends part of his spare time providing consulting services. Seasoned in business management, operations, and promotion, Ashu Bhandari utilizes his expertise to counsel local businesses in areas of public relations and advertising.

Among the most difficult parts of owning a business is determining how much money to allocate toward business needs, such as marketing and advertising. For companies making less than $5 million in sales annually and earning 10 to 12 percent net profit margin, the United States Small Business Administration recommends setting aside 7 to 8 percent of a business’ gross revenue for marketing use.

However, this number varies according to the competitiveness of an industry and the length of time in operation. In some instances, marketing experts suggest small businesses use up to 3 percent of revenue to promote their products or services.

In fact, a 2010 Chief Marketing Officers Council survey indicated a majority of chief marketing officers spent less than 4 percent of a company’s gross revenue on promoting and advertising the business. In total, nearly three-quarters of survey participants allocated 6 percent or less to marketing initiatives.

Characteristics of a Sound Recruitment Process

Specializing in business planning, Ashu Bhandari came out of retirement to establish Ashu Bhandari Consulting in 2011. A firm that helps small businesses develop plans for recruiting, market infiltration, and payment processing, the consulting firm provides its complimentary services to a variety of industries, ranging from the arts to law.

Establishing a recruiting process is a necessity for any business, large or small. A solid staffing method reduces turnover rates that can result in costly fees related to recruiting, interviewing, and training candidates. In addition, hiring a qualified and motivated person is the key to enhancing productivity and overall company success.

When creating a process, business owners must be able to identify the company’s purpose and reason for carrying out its operations. Doing so will enable them to clearly communicate the organization’s mission and vision, ensuring that candidates understand how they would be able to contribute to these goals. In addition, studying competitors’ recruiting methods helps shape a process that can draw equally, if not more qualified, star employees. Other characteristics of a good recruitment program include integrating candidate engagement to build a list of qualified candidates and incorporating a referral program.

Revenue-Building Tips for Cabinet Makers

Ashu Bhandari, a pro bono consultant, has helped Ismail Unerli to start and build his cabinet making company, AI Development. Ashu Bhandari has advised Mr. Unerli on client relations and business development as well as product-line diversification and other revenue-enhancing strategies.

For the independent cabinet maker, marketing to a diverse range of clients plays a key role in driving success. Many cabinet makers limit themselves to a certain niche, such as the private homeowner, but the most successful business owners understand the potential in connections with interior designers, architects, and even commercial entities with offices or storefronts. Collaborating with these professionals can also help the cabinet maker to determine the status of the local market and the potential for clients who can afford custom cabinets.

The cabinet maker must know not only who his or her customers may be but also how to reach them. Cabinet makers in other markets may be able to share marketing strategies, as may colleagues in related industries. These colleagues can also inform the cabinet maker of needs that clients in the area are looking to fill. By offering to meet these needs, which can range from achieving a popular look to adapting for family members with disabilities, a cabinet maker can target his or her services and effectively spread the word about the business.

Cabinetmaker Featured on HGTV

A professional consultant, Ashu Bhandari founded his self-titled firm in January of 2011. Providing a complimentary service to local companies, Ashu Bhandari helps entrepreneurs develop business and customer management skills and guides them through contract negotiations. Among his clients is A&I Development, LLC.

Owned by Ismail Unerli, A&I Development, LLC is a cabinetry company that specializes in custom and semi-custom projects, architectural millwork, and doors and windows. The company’s kitchens have been featured on notable shows such as Home and Garden Television’s (HGTV) House Hunters on Vacation and House Hunters International. Named the best cabinetmaker in its area for three years, A&I Development provides both custom and semi-custom services.

Its semi-custom service is ideal for renovations and home updates. The company works with its clients to draft a design and guides them through selecting accessories, like hardware, that offer a customized look. Dovetail drawer options, which provide durability, are also available to ensure drawers withstand wear over time. Upon receiving a final design approval from clients, A&I Development can fulfill a semi-custom project within two weeks.

Learn more about the company by visiting http://www.aidevelopmentvi.com.