In yesterday’s post, we considered the importance of negotiation from the point of company formation. Today we give you our top ten tips to ensure that whatever you are negotiating you get the best deal.
Failure to Plan is Planning to Fail
Going into a negotiation unprepared is pointless. It is vital that you know your objectives and plan how they are to be achieved
Know who you are talking to
Take the time to research who you are dealing with and ultimately communicate with them in a way they understand. For example if you are dealing with a Finance Director of a large organisation, it is likely that they need lots of data and detail before committing to anything.
However, if you are dealing with a powerful and impulsive entrepreneur, they will want to know top line figures and will be bored by unnecessary detail
Take the time to listen
Listening to the person you are negotiating allows you to establish the sort of person they are and understand their own objectives of the negotiation.
Get in the right frame of mind
According to a recent survey, we communicate over 50% of what we are thinking by our physical behaviour. Therefore, it is important you are in the right frame of mind before going into a negotiation.
Once you feel confident and know what you want to achieve, you will be in control of the meeting
Don’t try and hard sell
The key to successful negotiation is discussion not sales chat. The outcome should be mutually beneficial and getting to it should be painless.
Take a break
Negotiating can be exhausting, get it is vital to remain focused and in control. Therefore, if you feel you need a break to reassess, don’t be afraid to ask for one.
Know what you want
Before you begin negotiating be clear on, your ideal outcome, what you expect, and what you won’t budge on.
Understand what they want
The main mistake most people make when entering into a negotiation is failing to understand the position of their opponent.
Is everyone happy?
The most successful outcome of any negotiation is that both parties come away feeling they have got a good deal and would be happy to do business with each other again