Negotiating successfully in today’s competitive business atmosphere can make all the difference in the world when it comes to success or failure. With such consequences, it’s essential to be well versed in the art of the compromise. Trusted financial advisor Jan Gleisner offers 5 tips for successfully negotiating a business deal.
1. Always Ask for What You Want
Successful negotiators are confident and assertive. Being assertive means asking for what you want and not being told otherwise. Assertiveness is merely taking care of your own interests while not being dismissive of the interests of others. Everything is negotiable, and settling for less is a step toward failure.
2. Don’t Take Negotiations Personal
Business negations are arousing affairs that can get the best of either party. It’s not unusual to see someone preoccupied with personal issues that may not have anything to do with the deal. Successful negotiators always focus on solving the problem of reaching an equally advantageous conclusion for both parties. Obsessing over minor issues and taking things too personal can interfere with a negotiation. If someone behaves impolitely or out of character, grasp where he or she is coming from without taking it personal.
3. Always Expect the Best Outcome
All successful negotiators are optimists at heart. A proven strategy is the door-in-the-face technique, which is when negotiators open with an extreme position only to counter with their original intent once denied. In negotiations, those who aim higher do better. If you have a look of optimism about yourself and anticipate more, you’ll get further.
4. Take Your Time
In today’s society, people want everything yesterday. No one has any patience, but patience is vital throughout negotiations. Hurrying is your primary opponent, not the person across from you. Lack of patience could lead to money being left on the table. If you’re flexible with your time and steer clear of rushing, you’ll have the upper hand.
5. Be Willing to Walk Away
Ed Brodow, one of the world’s top speakers on negotiation, once said that a person must “always be willing to walk away” from a deal. If you’re anxious to secure a deal, you’ll more than likely consent to things that aren’t in your best interest. Never place yourself in the position where you feel obligated to accept anything other than your desired outcome. Be willing to walk away, and never regret doing so. If you’re not desperate, the other negotiator will pick up on this and make note to concede something to reach a mutual understanding or risk losing the deal altogether.
Every successful company needs a trusted business advisor. San Diego business owners and entrepreneurs can rely on Jan Gleisner to assist them with their financial management needs. Call 858-337-2385 to learn more and schedule an appointment.