Negotiating with someone over a deal or contract can be an intimidating process. You want to make sure that you understand everything without taking too much time, and more importantly, you want to ensure that you are getting a good deal while still placating the other party.
Entering into this kind of business transaction can be scary if you don’t have a plan in mind, and even if you think you have great negotiating skills, you can always improve them. To avoid getting the short end of the stick when it comes to making a deal, take a cue from the Negotiation Ninja and read on for five tips that will help you succeed at the bargaining table.
Nothing can make you lose a deal faster than a sloppy preparation job. Make sure you come into the negotiations with all your ideas organized, with everyone present who is supposed to be there, and with all necessary documents for the occasion. Research the other side and learn what they want out of the deal and what’s in it for them. Prepare your counter arguments always keep your bottom line in mind. This attention to detail will not only make you look good, but it’ll help you get the deal too.
Take Your Time
You might have to deal with a party that wants to hurry through a deal and get everything closed as quickly as possible. While this is convenient, it’s not always the best practice. Generally, when another party wants things to move quickly, it’s because there’s something really good in it for them.
Take time to negotiate, and you might find loopholes or missteps in the other side’s reasoning. Alternatively, you may be itching to get a deal done. You need to take a step back and let yourself cool off before negotiating, because you need your sense of logic and reasoning to be present when you’re trying to work out a deal. Remember that haste makes waste, and a prudent negotiator will leave no stones unturned before finalizing a deal.
Sometimes, you might be dealing with an overpowering client who just won’t budge on a deal. Instead of mimicking that behavior and butting heads, consider making a concession to some element of the deal that the other side wants, particularly if it won’t hurt you that much.
People respond to generosity and will be more likely to reciprocate by offering you something in return. Concede to something that has a high perceived value to the other party that hopefully won’t cost you much, and you might find that you’ve inspired the other side to be more agreeable.
Although it may seem this way, there are no hard and fast rules for negotiating. Even when you have a strict plan, it can sometimes be valuable to allow creativity and flexibility to guide your negotiating decisions. It’s always good to follow your plan in general, but if you find that you’re not getting the desired results, it might be a good idea to make room to deviate from your prescribed course. The other side will appreciate this willingness to change and might exhibit it themselves, which can result in a better deal.
Read the Contract
When you think you’ve come up with a successful deal and it comes time to draw up the contract for the negotiations, make sure you take the time to thoroughly read through everything that’s presented in it. You want to be absolutely sure that everything you discussed with the other party is accurately outlined in the document, and you also want to make sure you know all of the relevant dates that are included.
You don’t want to just sign off on something to get it out of the way, because you might be signing on for an outcome or deal that you didn’t intend. Avoid future complications and allow yourself to plan properly by taking time to read a contract and getting all your questions answered before you sign.
Author Bio: Jason Phillips is the author of this article. He is a business analyst, content writer and a technology lover since childhood. He also works with a site http://www.thegappartnership.com/ offering negotiation workshops.