40 Tips for Successful Negotiations

In order to survive in the world of business you must have many skills. One of them is to know how to negotiate. Entrepreneurs with start-ups and SME’s know that very well. You cannot develop your business if you are not good in this field. Some businessmen have a natural talent on negotiations, but there are others that need help on that area. Whatever the case, it is always useful to have a guideline of how to conduct effective negotiations. That is the reason I tried to create a list for you with 40 Tips for Successful Negotiations.

  1. Always find time to organize yourself before negotiations.
  2. Do your research and homework first.
  3. Understand the pressures of the other side.
  4. Do not be impatient.
  5. State at the right time what you want clearly and confidently
  6. Build trust and good will with the other side.
  7. Consider the timing, place and method of negotiations.
  8. Be certain that your facts are correct.
  9. Have in mind which side has more power. Determine your strategy and tactics based on that.
  10. Put down in paper your goals, targets and red lines.
  11. Identify possible objections and prepare counter arguments.
  12. Structure your proposals.
  13. Create a list of the possible trade-offs.
  14. Negotiate with the right person – decision maker.
  15. Aim high, because the other side will try to lower your demands.
  16. Build good relationships first.
  17. Have ready alternative offers.
  18. Believe very strongly to what you bring to the table.
  19. Listen very carefully to the other side.
  20. Seek a win-win outcome.
  21. Look for commonalities.
  22. Be ready to leave at any stage of the negotiations.
  23. If you have more power, use it to achieve your goals, but always with respect.
  24. Give emphasis to the points that you agree.
  25. Let the other side say first what they offer. Maybe they offer more than you expected.
  26. Demonstrate to the other side the benefits of your offer and how this offer will cover their needs.
  27. Never accept the first offer, it does not look good.
  28. Never give anything if they do not give something back.
  29. Do not take anything personally.
  30. Say no when necessary and “I will think about it” when you want to gain time.
  31. Be ready to compromise up to a point which is your predetermined point.
  32. Negotiate using a visualization/presentation of the benefits of your offer.
  33. Never show your feelings. Try to be like a poker player.
  34. Use the power of silence. Know when you should stop talking.
  35. Watch your body language, they can see you and understand your feelings.
  36. Watch their body language and try to understand their feelings.
  37. Do not negotiate with unreasonable parties.
  38. Avoid discussing the financial offer of the other side. Discuss your financial offer instead.
  39. Always put the negotiated outcome in writing immediately.
  40. Never burn bridges if the negotiations do not go well.

If you apply all of the above, you increase the probability of having Successful Negotiations.   I hope that this list helps you also as a preparation tool. If you have any further questions, please do not hesitate to contact me.

Written by ibbds