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A wealthy man was lying on his death bed under an oxygen tent. One of his long time aides was by his side. The wealthy man told this aide that he wanted him to know how much he appreciated the long and faithful service that he had provided. He went on to tell the aide that for that service, he would receive all of his money when he died. Shocked, the humbled aide replied, “Sir, I don’t know what to say. Is there anything at all I can do for you?” The wealthy man, gasping for air with each breathe, turned and looked squarely at his aide. He then replied, “Yes, take your darn foot off the oxygen line!” When negotiating, it is important to not give up too much too soon.
Negotiation is a key to success in business. Those who perform this task well place themselves in position to win in their endeavors. Those who do not understand the dynamics of the “negotiation” might “win the battles”, but they too often “lose the war”. Whether in a sales situation, trying to convince others to agree with your position, or simply working out the details of a business deal, being aware of key negotiation tactics will enable you to better position yourself for more positive results.
In negotiating situations, it is important to remember the following:
1) Remain flexible. The individual(s) you are in negotiation with may also have an agenda and may need something. Thus, compromise might be part of the answer. Further, it is always important to enter such an interchange with alternate plans. The US Marines normally put together 3 separate battle plans for their missions. This enables them to be flexible in case issues demand a change from their main approach. The same can work for you.
2) Know your non-negotiables. There is always some point or position that must not be abandoned. Therefore, it is vital for you to fully understand this so that you do not improperly dismiss those non-negotiables and cause possible harm to yourself or business. Instead, focus on mutual discussion areas and listen for possible points that may arise on which you could agree to make concessions.
3) Remain cordial. Remember that successful negotiations are based upon dialogue not a monologue. Negotiations are often subject to argument. As the old saying conveys, “…you always gain more flies with honey than you do with vinegar.” Remain calm and listen. Respect your interchange partner(s). Be sure to act with your “head” not your “heart.” Emotions are important but keeping those emotions in check will insure you garner a spirit of mutual respect.
4) Get organized before you begin. Bullet point your position so that you are presenting one point at a time. Throwing out a combination of items may confuse and defer the focus from your encounter. A logical progression on ideas and or objections allows each to be considered one at a time. In doing so, you are breaking down the process into simple terms that can be more readily understood.
5) Stay in the present. A wise person once said that you can’t change the past. That is true. What you control comes forth in the present. Past disappointments, disagreements, shortfalls all go to cause you nothing but conflict. The better able you are to keep the issues for yourself and your negotiating partner(s) focused on the current, the greater the potential for an effective resolution.
Stay tuned for next week's Biz Tip, when I will share 5 more things to remember when you are negotiating.
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