LEADER-BOARD - Masterclass - 058 - Simple Negotiation Strategy - Part 2
0THEME: Business Communication
LESSON: Simple Negotiation Strategy - Part 2
Step into the shoes of a business owner for the first time and you will find that nearly everything involves negotiation of some kind. From your office space to printed marketing there are prices to be negotiated and agreements to be made.
Sometimes you are the buyer; other times the seller. Either way, the skills you need to be a good negotiator are the same. You need to know your topic inside out and know how much pressure you can apply. You must know when to squeeze for more and when to concede.
For most of us, however, it comes through effort and experience. Rarely is it something you learned as part of a formal education. So, lets look at some important parts of the process of the deal.
1. Prepare for Every Eventuality.
Enter a negotiation without proper preparation and you’ve already lost. Start with yourself. Make sure you are clear on what you want out of the arrangement. Research the other side to better understand their needs. Enlist help and learn to focus on your goal.
2. Pay Attention to Your Timing.
Timing is important in any negotiation. Sure, you must know what to ask for, but also be sensitive to when you ask for it. There are times to press ahead, and times to sit and wait. When you are looking your best is the time to press for what you want. But be careful not to push too hard and poison any long-term relationship.
3. Don’t Absorb Their Problems.
In most negotiations, you will hear all of the other side’s problems and reasons they can’t give you what you want. They might want their problems to become yours, but you have to ignore this. Instead, deal with each issue on the table one by one. Explore all the important topics in depth and expect to have more than one meeting on each topic.
4. Anticipate Some Compromise.
You should expect to make concessions and plan what they might be. Of course, the other side is thinking the same, so never take their first offer, perhaps not even their second one. You never know what else you can get so hold on as long as is reasonable and leave space for consideration of new ideas.
Take care to develop this skill. Some people think they are good negotiators, but in reality are not. Bring in good people to support and help you. Surround yourself with a great team of players who have the knowledge that you need.
Share what you learn and grow with what you know.
Always think about how you can improve.
Key Words & Phrases
Squeeze + Concede + Rare + Poison + In Depth + Reasonable + Team Players + Ignore
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