Negotiating a business deal is not always about winning. Things have changed over the years, and right now it’s a lot more important to compromise and be diplomatic during a negotiation, rather than lie and do everything you can to get the job done. Note that a negotiation is a mutual agreement between two counterparts whose end goal should benefit both parties. The following tricks are meant to help young entrepreneurs become excellent negotiators, and therefore competent business leaders.
Know your goal
Nowadays, a lot of negotiators are disappointed because they don’t have a chance to state their goals clearly. As long as you know what you want, make sure that you focus on that idea. Build a relationship, talk about your aspirations and always be 100% sure that you know what you’re talking about.
Know what can’t be negotiated
Every business individual knows there are deals that can’t be negotiated. No matter how hard you try to seal the deal, your counterpart doesn’t seem to cooperate. It’s really important to keep your calm, even if you know things will probably go south. Just because you can’t win them all doesn’t make you a loser.
Honesty can be a great asset
Honesty and good principles can help you a lot during a negotiation. If your counterpart makes a mistake to your advantage, it’s fair to point it out and not cover it up. Although it won’t bring you any financial rewards, it will bring you the respect of your counterpart. Every business individual should know that ethics at the workplace and good intentions will always pay off sooner or later.
Stick to your promises
Don’t make promises you know you can’t keep. As much as you might want to close a deal, lying to get the job done won’t bring any long-term benefits. It’s better to be straight with your partners, tell them exactly what you can offer them, and don’t distort the truth. In the end, abiding by your word and keeping your promises can bring a lot of advantages.
Options and back-up plans
Never enter a negotiation without a back-up plan. Although you might have a certain goal in mind, you can’t read your counterpart’s to know for sure what they think. If things don’t go your way, it’s good to have options. Thus, you’ll eventually manage to get the job done, even if you may have to compromise.
Don’t be afraid to say ‘no’
Saying ‘no’ to a business deal won’t hurt the feelings of your counterparts, so if you think that the deal doesn’t bring any benefits, just walk away. As the end of the day, business is business and you shouldn’t settle for something less if you consider you deserve more. Saying ‘no’ can be rather difficult for negotiators, so it’s important to have a strong character to do that.
Know the law
Not all negotiators are honest, so when in doubt check the law to see if what they’re saying is true. There are so many businesses out there just waiting to rip you off, so it’s always smart to be cautious. As soon as you hear a statement that doesn’t seem accurate, ask for confirmation or better yet, request proof.
Trust your instinct
Not every business negotiation is crystal-clear, and sometimes you may have to trust your instinct to close the deal, even if you’re not 100% sure it’s the right thing to do. Doing something irrational when negotiating may not seem like a good idea, but sometimes you can’t win if you don’t take a chance.
Practice makes perfect
If you’re a starting business negotiator you should prepare yourself to make mistakes. Don’t be alarmed! Everybody makes mistakes and they’re important because they will consolidate your skills. The more you practice the fewer mistakes you’ll make, and in time you’ll probably become a great leader.
Hide your weaknesses
Everybody has weaknesses and as long as you learn how to conceal them, your counterpart won’t be able to take advantage. Whether it’s your first, second, or 10th business negotiation, the other party cannot see that. Keep you calm, watches your body language, and learns how to control tremors in your voice. An imposing attitude will make you seem confident, reliable, and above everything else, professional.