Sometimes, as an entrepreneur, the lifeline of your business depends on how good your negotiation skills are. For example, you need to negotiate with your suppliers for better prices. Sometimes you may also need to negotiate with your landlord for reasonable rent prices. At other times, you need to negotiate with the pick-up driver so that he can deliver your cabbages to the city at a cheaper price.
Even in your personal life, you need to negotiate for a better deal when purchasing a home, insurance or looking for a better job etc. The power of negotiation is everything nowadays…if you don’t have it you lose, if you have it (and know how to use it) you prosper.
Tip 1: Never Sound Desperate
No matter how hard the situation is at your end, never go to the bargaining table sounding desperate.
If the person you are bargaining with knows you are in a do or die situation, he will most likely throw the “take it or leave it” card. For instance you’ll be told “It’s either you pay me Ksh10,000 or you just ignore this, I’ll easily find another buyer.” Or something similar.
In that case, you’ll have no other option to take and you’ll end up with a bad deal. So never betray your desperation to the other party.
Tip 2: Never Accept To Be Intimidated
Some people will play the “intimidation card” to threaten you during the negotiation process. For instance, you may go to the table with a pre-set agenda only for the other party to come up with a new one. Or you may go to the negotiation room expecting to meet the procurement guys only to be surprised when the CEO of the company to show up unexpectedly.
What you can do in such a case is to take a retreat. You can always request the other party for more time so that you can plan more.
By doing that, you’ll be able to prepare you mind against any form of intimidation that may be used to force you into a bad deal.
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- Intimidation. Im: Clipart
Tip 3: Never Negotiate Without First Doing Adequate Research
This is what detectives do. They gather as much information as possible prior to the negotiation. Likewise, you should take time to learn more about the other party: What are his needs? What options does he have? What pressures does he feel?
The more information you have about the people with whom you are negotiating, the stronger you will be.
The worst situation to negotiate (and one that you should always avoid) is one where the other party has more information than you have. Because then they’ll be able to make you look like the “fool” in the deal.
Tip 4: Never Accept to Be Rushed
Some negotiators may want to take hold of your mind and rush you into signing deals even before you learn grasp the core details of it. If you ever find yourself in such a situation, always request for time out.
Then sit down, reflect and look for the fool in the deal (You may apply Tip 3 mentioned above in this case). Remember, if you can’t see the fool then chances are that you are the fool in the deal.
So never accept to be rushed through the negotiation process.
Take time to reflect and ask questions. If the other person isn’t giving you much time to think over the deal…take that as a red flag and run for the hills.
Your Say;
We would like to get your feedback on this story. What other negotiation skills do you think are important in life? Have you ever found yourself in a do or die negotiation arrangement before? Share your thoughts with us via the comment box.
