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