Offer Valid: 02/09/2022 - 03/09/2024

A lot of people are intimidated by negotiation. It sounds like a difficult and intimidating skill. However, if you think about your day-to-day life, you probably negotiate a lot without even realizing it. The challenge is taking that unconscious negotiation skill and turning it into something you can use in a more structured setting.

Creating a Plan for Negotiation

Major negotiations such as business deals need to be planned out in a way that ensures you cover all of your needs when you're working through the negotiation process. That means drawing up a plan and having a draft of the ideal version of the agreement before you start negotiating.

Be realistic with that agreement, though. Remember, deals should be mutually beneficial. There's little point in starting negotiations with an agreement that the other side would never want to sign. Start from a position that offers value to both sides, and you're more likely to achieve success.

Have a list of points that you'd like to discuss in mind when you sit down at the negotiating table:

  • Your key negotiables

  • Any financial upper or lower limits

  • A clear idea of ways you're willing to compromise

  • Details of any timescales and deliverables

  • Answers to any questions the other party might ask

Draw up a contract, and make sure it's professional-looking and well presented. Consider to compress a PDF online in order to make a digitally signable version of the contract. Those little touches can make a big difference to a business deal. A neat and professional contract could be the small extra that seals the deal.

The factors you need to consider in a negotiation will depend on whether you're negotiating an employment contract, hammering out the finer points of a business deal, or bartering over the price of a product.

Know When to Walk Away

Not every negotiation will be a success. Sometimes the other party wants too much, or the details just aren't right. When that happens, you'll need to be ready to walk away. Losing a sale or a deal can be frustrating, but it's better to walk away from a bad deal than be stuck with a deal that isn't what you wanted.

Being prepared to walk away puts you in a stronger position. It sends a signal to the other party that you know what you want and that you'll only sign the deal if you get your desired outcome. This means they're more likely to consider compromising because they know that to get their desired outcomes they have to give something in return.

Be Prepared

As you become a more experienced negotiator, you may find that you can have a mental checklist instead of a paper one. However, it's still important to do the homework required to make that checklist, whatever format you keep that negotiation checklist in.

To make valuable connections and see experienced negotiators in action, consider joining your local chamber of commerce and attending regular meetings.

 

This Hot Deal is promoted by Bigfork Area Chamber of Commerce.