Effective Negotiation
Many business people are required to handle negotiations, but receive any training in how to do it. Here are my top negotiating tips.
Before Negotiating:
- Do your research. Find out about your business partner. If you understand the other party, youwillunderstandhisor herstrengths andweaknesses.
- Before the meeting, decide what you can compromise on. For example, if your business partner offered you Deal A would your accept it? If not, what would you accept?
During the Negotiation
- If you haven’t met your business partner before, hold the meeting face to face. Research has shown that meetings in person help to build rapport, so the other party will be more likely to meet you halfway.
- Don’t talk more than is necessary. If you talk too much, you run the risk of revealing information that could be useful to the other party.
- Remember, if you keep the meeting professional and listen to each other, you will reach thegoal of any negotiation; finding common ground so that you can reach an agreement and closethe deal.
