We all negotiate in everything we do, whether with clients, vendors or even our own teammates.
That’s why I recently attended the Karrass Effective Negotiating Seminar in Minneapolis, MN. This two-day conference taught us to be aware of negotiating strategies that we might encounter, and how to use them in our favor. After a number of sessions, we participated in four practice negotiations to test our newfound skills. In each of these, three clear points resonated:
1. What’s on their “sheet”?
Find out every bit of knowledge you can about the party you’re working with. Everyone has a “sheet” full of expectations and requirements. We always concentrate on our own, but what about the other party?
2. Lower the risk for the other party
Gaining more information about the party you’re working with provides you with opportunities to lower their risk in the deal you’re making. When people feel you are working to lower their risk, they’re more willing to consider your requests.
3. Time is money
If you are offered 30 minutes to make a deal with someone, take all 30 minutes. Time is invaluable; it allows for information sharing and communication, two things that lead to success.
In negotiations, it’s important to remember that preparation and thought will lead to success. By considering these three tips and planning ahead, you can be sure that nothing will be left on the table.