While some negotiations are easy, others are quite hard to win. If you stumble you will lose.
Whether it is a potential client or an investor, negotiations can be very tough and frustrating. The problem is that the moment you let your frustration overwhelm you, you will lose the deal and you will give in to whatever is being offered to you. In order to avoid that, here are tips to overcome tough times and to win even the hard negotiations:
Know your opponent as well as possible. This is the rule no matter what you do. You should understand your opponent to the T. Who the person is, what his culture is, what he thinks, what he stands for, how is his network, etc. are the questions you should ask yourself and answer through research before meeting up for the negotiation. Understanding the opponent will give you a great advantage.
Walking Out Should be your Last Resort
You may get frustrated but acting upon it, losing your temper, and threatening to walk out will speak ill of you if you jump at it immediately. If you reach an impasse you have no other option but to either accept the deal or walk out gracefully. However, until that time, you should try negotiating sensibly without giving up. Walking out the door the moment you see that things are getting tough will portray you as weak and disrespectful.
Keep your Ego Aside
There is no room for ego at any point during a meeting. Insulting the adversary, hurrying things up, and appearing hasty will not help you. Don’t try portraying yourself as the smartest either.
Get out of your Comfort Zone
Most founders are happy only in their turf and if they are invited to the adversary’s office, they lose their ground. That should never be the case with you. In fact, you should use this to your advantage and make him comfortable so that you ease your deal in. Let him be comfortable on his turf especially if you want him to listen to you and seal the deal in your favor.
These steps will give you the edge even in tough negotiations.
Hard negotiations are aggravating and that is why you need to keep your head in the game while seeing these through. Don’t lose your temper, don’t act smart, and don’t threaten to walk out. Stay calm, do your research, and work the deal patiently.