Tips for negotiation | Know Small Business

Tips for negotiation

Posted on 14 March 2012 by Amit Shah

Entrepreneur and business doctor Doug Richard gives advice on mutually beneficial negotiation

When making deals it?s important to negotiate, especially with suppliers and partners. Here is a list of more negotiation tactics you will find useful.

Create an agenda before the meeting
This way you enter into the meeting know exactly what you want to gain from the negotiation and you know what topics you want to cover. If you go in prepared, knowing what you want you can make an assessment of how to get it based on what is discussed. Go in with a best case scenario, and a worst case scenario prepared so you know what demands to entertain and deny.

Get to you the other party
Prior to your meeting get to know everything you possibly can about the person you are meeting and what they represent. The more you understand about their motivations the easier it will be to make realistic demands.

Listen to the other party
Listen carefully to the other party. Be patient and if possible let them give their demands before exposing yours. This way you can learn important information that ill strengthen your own position in the negotiations.

Have a Plan B
You know what you want, but have a work around available. Find more than one supplier or partner so you know that if negotiations break down you will have other options. This way you aren?t putting all your eggs in one basket.

Be confident with what you want
You may need to walk out. Use this as a strategy to strengthen your position and make the opposition reconsider their terms and come back with a better offer. Only use this as a last straw, and as mentioned above, when you have a plan B.

Don?t let your feelings get in the way
It may be easier said than done, but try not to let emotions or ego get in the way of your negotiations. Not only could your feelings betray your position, but it?ll be difficult to keep a balanced view on the process if you become too emotionally invested.

Do:
? Understand that the other party can only give what they can give
? Find an outcome that is beneficial to both parties ? for example, revenue sharing
? Try to find value in each other?s waste

Don?t:
? Ask the other party to deliver something that can?t be delivered
? Promise another party to deliver something you can?t deliver
? Fail to agree a deal at all by asking too much of one another

Source: http://www.knowsmallbusiness.com/tips-for-negotiation/

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