Negotiating Like a Pro

November 14, 2013

For some people, negotiating comes as second nature. The rest of us need to carefully study and learn negotiation strategies to be sure we don’t end up on the losing end of business deals.

The art of skillful negotiation is an asset to any business. Start with the basics.

  1. Whenever negotiating make sure you are talking to the decision maker. There is nothing more frustrating that completing a lengthy negotiation just to be told that they have to run it by someone else!
  2. Research the other party to evaluate more fully what it is they want. Be prepared to answer the question “What’s in it for me?” from the other party’s perspective. Remember most people are concerned with how a negotiated outcome will benefit them
  3. Establish your own objectives and parameters before you start. Know the terms that you absolutely cannot live without. Anticipate what the other side is likely to bring to the table. Ensure you bring your facts and figures with you but only present them in order to move matters forward.
  4. Before the negotiation starts ensure you have decided on your ‘compromise point’. It is your ace card. Don’t play the card until you have to. And the longer you hold it, the more satisfied the other party will be when you offer it. They will feel they have won something (which of course they have).
  5. It’s also important to know your ”cut and run point”. Always know your bottom line and always be prepared to walk away. The ultimate outcome of any successful negotiation is a win-win. Always focus on creating opportunities.

Most importantly, stick to your beliefs. Never undersell your value.