- Define success: prior to engaging in negotiations determine exactly what you want and how much you are willing to compromise.
- Understand your weaknesses: we all have weaknesses but if you know what they are you can combat them or possibly utilize them in your favour. For instance, if you tend to get hot headed or take things personally know that you may negotiate more effectively in a setting where you can take a break before continuing negotiations. I always sleep on an offer prior to accepting or making a counter offer if a situation allows because I know that emotions can sometimes influence my decision making.
- Know your counterparty: this isn’t always possible, but putting yourself in the other parties shoes can increase your understanding of the situation.
- Never take advantage of an inexperienced counterparty: this may tarnish your reputation and inevitably harm your long term business strategy. A good reputation takes years to build and moments to ruin. The inexperienced counterparty will soon recognize their mistake and the likelihood of developing a long term business partnership after breaking trust will be low.
- Be confident: this is not the time to be shy. Ask for what you want and always have evidence to support your arguments.
Happy negotiating!
nlatter 