Negotiation: discussion aimed at reaching an agreement.
I'll begin with a personal story of mine. My husband likes to think of himself as a master negotiator. I remember when we went to purchase our current family vehicle. We had just recently found out that I was pregnant with our first baby and needed a vehicle with more space. I was sick to my stomach the whole time and didn't say much, but my husband was on a mission. We were at the dealership no less than 6 hours. There was a number we needed to agree on but were having trouble seeing eye-to-eye with the car dealer. It was becoming apparent that a deal wouldn't be met, so we got up to leave. As my husband and I were about to cross the threshold, the Sales Manager says, "It's just one less cheeseburger a week." At this point I had had about enough, so in return I not so quietly said the most I had all day, which was, "We have to buy diapers!!" Needless to say, we drove home in our new car. Looking back, the Sales Manager's comment, and I'll admit, mine too, weren't the best negotiation tactics. Here are some tips to help the next time you find yourself in a negotiable situation:
Prepare
When you enter a negotiation, you must be clear on what you want to get out of the deal. Do the necessary research by asking relative experts like other business owners, accountants, and the other person's side to know where they're coming from. If you don't have a plan or an end goal, you've already lost the battle.
Relationship
Establishing a professional relationship with the person on the other side can help you get a feel for what you're dealing with. The better feeling or intuitive sense you have can ultimately be a deciding factor to proceed further or not.
Timing
Once you know what you want, you have to know when to ask for it. During a business negotiation, there are times to push and times to wait. Practicing patience is key for achieving perfect timing.
Win-Win
I'm not a big fan of confrontation, so this point is probably my favorite. Focusing on the win-win and anticipating a compromise can help you and the other negotiator reach the best deal and avoid any potential hard feelings.
Ask
"Ask and you shall receive." The worst thing anybody can tell when communicating a deal is "no." If you don't express what you want, there's no way you're going to get it, so don't be afraid to ask.
I hope these tips come to mind the next time you're working on a business deal. Maybe you're a master negotiator like my husband. What are your most successful tactics that have helped you reach an agreement? You can let us know by commenting below!
