THE RELEVANCE OF NEGOTIATION IN BANKING

THE RELEVANCE OF NEGOTIATION IN BANKING

Negotiation is a problem solving process in which two or more people voluntarily discuss their difference and attempt to reach a joint decision on their common concerns.

Business is all about getting, satisfying and keeping customers without sales there are no customers, and without customers there are no business. In the banking industry, sales relate to the negotiation of banking services with customers.

Negotiation in banking is the process by which involved parties resolve matters of dispute by holding discussions and coming to an agreement which can be mutually agreed by them. It also refers to coming to closing a business deal or bargaining on some product or services. The exchange of negotiable instruments such as bill of exchange and cheques in exchange of goods, services or money.

Financial institutions are negotiating with customers on selling financial services to satisfy their needs and demands focusing on long term relations, customer retention, customer satisfaction, customer extention of other financial services. Bargaining and agree to customer demands in order to reach a mutual acceptable compromise, such as bargaining on a house loan financing and interest rate. 

Resolving customer complaints (conflict) as a result of service dissatisfaction.

Selling financial services is all about negotiation and building long term relations with customers for mutual gain. Building relations with customers requires good communication and discussions with customers while caring for their interest.

HOW TO START UP A BUSINESS WITH LITTLE CAPITAL

Hello, I just want to motivate PEOPLE that are considering starting a business that There's Nothing Small about Starting a Small Business!
Let's start by defining business in a simple form. business can be defined as a legal entity separated and different from its owner.
Starting a Small Business
Starting up a business is not the problem but the quality level of product or service you want to produce for consumption, putting the interest of the consumers first.
Starting a small business requires not just the Capital but determination, commitment, quality knowledge of the business, rendering a quality service, motivation, and know-how. All will help your business to get a huge return.
For you to start up a business with little capital you need to put the following into consideration:
1. Identify Your Business Opportunity: Choosing what kind of business to start, have a a knowledge of what you want, survey the environment to know the missing want which you can provide efficiently and effectively.

2. Build a Business Plan: For the majority of start-ups, a business plan allows you to gain a better understanding of your industry structure, competitive landscape, and the capital requirements of starting a small business. Learn the critical steps to writing a business plan.

3. Name Your Business: What's in a business name? Everything and nothing. The right business name will help distinguish you from a sea of bland competitors, provide your customers with a reason to hire you. With a unique business name, customers will easily differentiate of identify your products or services from another.

4. Register Your Business: Starting a small business requires the usual paperwork and regulations. Corporate Affairs Commission (CAC) is responsible for this, for a small business start up you might not really need to incorporate the business as a Business name registration will do. Setting up your small business may require a business name registration to avoid embarrassment from local government authorities and to enable you get a corporate account with a bank.

5. Find Start-up Money: Contrary to popular belief, most small business start-ups aren't funded by grants, venture capitalists, or banks. Your seed money will come from your personal savings, friends, family, and any other creative means such as bartering.

6. Determine Your Business Location: It may not be a shop. Discover what you need to make your home office design more productive. If home business isn't for you, learn how sharing office space can aid your start-up. Don't forget to review the pros and cons of office space leasing vs. buying.

7. Get Business Insurance: (This might not really be applicable here in Nigeria, ask me why)
As a new small business owner, you have the responsibility to manage the risks associated with your business. Don't put your new start-up at risk without getting the proper small business insurance to protect your company in the event of disaster or litigation.

8. Create an Accounting System: Unless you're a number person, the accounting and bookkeeping aspect of running your business can't be avoided. Setting up your accounting will help you understand the financial aspect of running a business.

9. Have a Target Customers: You should ask yourself what I call the three basic questions of business; What to produce?, how to produce? and for whom to produce?

10. Package Your Product: The way you package your product may entice your consumers. It is necessary to package your product in such a way that it will make your consumers come for more.

11. Advertise Your Product: Crate awareness, educate people on how the products can be used and how they can benefit from using the product. Always leave a good and correct contact address.

12. Monitor The Growth of Your Product In The Market.

if your product or service is good definitely you will make it.

There's Nothing Small about Starting a Small Business!