In today’s times, the restaurant industry is injecting funds at an unprecedented rate in the economy. This growth is resulting in the growth of many new opportunities and enterprises as well. Out of many such enterprises that have been faring well, one of them is Petpooja. The main reason behind its success is that it has been successful to observe and tap the opportunities that the food sector has to offer. Petpooja provides technological solutions coupled with artificial intelligence and machine learning to ease the business processes of food sector companies. Its products majorly add value to the back end processes ranging from billing, reporting to self-ordering systems.
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When a company offers such products, a customer company needs to negotiate well on the terms and conditions of the product. It gains more importance in the case of a virtual product that has no physical existence such as Petpooja. Before we jump to the methods, there is homework that needs to be done. One is required to read all the documents related to all the products (Billing POS / Kiosk) very carefully. It is very important to understand the products that have been offered vis-à-vis the suitability of the products as per one’s needs. After the demand-suitability analysis, it is also crucial to pay importance to the pricing aspect while negotiation. How the prices are determined and whether the price determined is as per the values provided is very important to gauge.
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The best techniques to negotiate in such a case are as follows:
Now that the information regarding the product and pricing is collected, the buying company can ponder over the situations in which it can offer something to Petpooja. In exchange, it can ask for a lower price or more services. This can be achieved through the negotiations on common grounds or partnering with the enterprise, joint venture, etc. Such a case if possible is always favorable. One should always strive for this situation as the customer and the organization both would be in advantage.
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Another technique is arbitration. Sometimes it can happen that both parties are not able to reach any conclusion. This can especially happen in the case of the software where negotiation sometimes reaches the deadlock position. In such a case, a third party negotiates and finds a solution to the problem. These third-party agents are professional negotiators who can work out the solution. This is more common in the case of international legislations. For example, if a company in the UAE wants to negotiate with Petpooja, arbitration can be used as the most common form.
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If the parties have a problem with only one aspect of the contract may be pricing or after-sales services, or only some specific terms of the agreement, then the process of distributive negotiation can be undertaken. This type of process might result in unsatisfying solutions to one party. This can happen as only one issue is at stake so companies generally settle on comprising alternatives because they don’t want to lose the whole deal. In our case, a distributive negotiation can happen with the prices of the software offered by the company. The customer enterprise may settle on an unsatisfying price because it does not want to lose the whole deal.
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Other than these techniques, certain other points are also to be kept in mind while negotiating with Petpooja. These are as follows:
Explain your point of view:
During a negotiation, it is very important to put forth one’s point of view with confidence. Confidence is a non-negotiable component of negotiation. No confidence, no satisfactory results!
Keep a check on emotions:
It is very common to be washed away by emotions during negotiation as material interests are invested from both sides of the parties. Sometimes, excessive emotions pose a great threat to the dealings of the company. Therefore, parties are advised to observe caution in this regard.
Know your BATNA:
BATNA stands for Best Alternative To the Negotiated Agreement. This means an alternative solution if the negotiation fails. It is an integral part of the negotiation process. While negotiating, we deal with humans so we can never be sure what can happen. Therefore, as a precaution, it is better to have an alternative plan in the pipeline to minimize the damages.
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Negotiation is a definite part of business agreements. No one can avoid negotiations nor should they. Indifi is a market leader in this space. We can help you with collaboration with Petpooja. Please let us know. We will be happy to help.
Indifi is a market leader in providing the necessary information and sharing innovative ideas on all such finance-related matters and business models. Its research and insights have always been very useful for companies looking for solutions to business development.
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