Everyone knows that it is during the negotiation phase where the meat of any transaction is discussed. Terms, conditions, prices, etc.—everything boils down to that process of sitting down and talking matters with a level head, calm demeanor, favorable stipulations, and satisfied closures.
At least, that’s the ideal. Unfortunately, not many possess even just half of it.
One thing for sure, entrepreneurs are skilled negotiators—they have to be—and they know that even if you follow the rulebook to the letter, the whole process will not go as easily as you think. At best, everything goes as planned, on a case-to-case basis and rarely at that. At worst, nothing goes your way. There are too many factors to consider with yourself. Add the other party’s to that, and you’ve got a recipe for failure—if you don’t know what you’re doing, that is.
Of course, there’s practice. That goes without saying. But theories and training can only take you so far. When negotiating, you will also need experience. Plenty of it. In fact, your experience is one major detrimental factor that dictates the outcome of the negotiation process.
Let the following infographic enlighten you on the strategies on how—and why—you can seal the deal like a master of negotiation and walk away with genuine smiles on your and your partner’s faces. Just make sure that you actually do what’s suggested in the infographic – or else, it’s just a waste of resources.
When facing another party during the negotiation phase, there’s no need to show all your cards. There’s a strategic value in selectively telling the information you know and slowly heading towards the desired destination. While honesty is still the best trait an entrepreneur can have, you will always run the risk of being taken advantage of because of it. That way, you can adjust your BATNA (best alternative to a negotiated agreement) and/or your other options.
But don’t lose sight of what you actually want. Sure, you’d be gunning for that best possible scenario, but you know that getting that ideal scenario may or may not be difficult—depending on who you’re negotiating with. Focus on that, and make the best out of the deal.
Kolenda, Nick. “31 Negotiation Techniques & Tactics (Backed By Science).” NickKolenda.com. June 16, 2015. www.nickkolenda.com/negotiation-tactics
Nicole, Erica. “Follow These Six Steps And You’ll Close Every Deal.” Business Insider. April 1, 2011. www.businessinsider.com/six-steps-to-improve-negotiations-and-close-the-deal-2011-3
“Closing The Deal: Ten Steps To Successful Negotiations.” Glassdoor. December 16, 2011. www.glassdoor.com/blog/closing-deal-ten-steps-successful-negotiations