Last updated on 22 May 2021
1. When you go into a negotiation you must have a bottom line
This a point where you will go beyond. It is a limit from which you will walk away if your opponent will not agree. Your bottom line should be decided before the meeting and stuck to. If it involves buying make sure you don’t pay more than you can afford and if selling ensure that you won’t take less than you decided. Obviously there is some ” wiggle room” and keep your bottom line to yourself
2. Win Win
The best negotiations should benefit all parties to the extent that they walk away satisfied . Make sure you have done as much research as possible and bring any written information to demonstrate your point.
3. Socialise .
Many deals are carried out in social situations whilst protaganists are at leisure. Be careful to avoid too much alcohol whilst in a social negotiation environment . Alcohol can cloud your judgement. If you refuse to socialise you will be at big disadvantage in attracting deals.
Always be positive when negotiating and keep it friendly. People are unlikely to deal with you if you are antagonistic and don’t rush your opposition or let them rush you
5. Small print .
Always read the small print or employ a lawyer to do it for you . The devel is in the detail.
When signing a deal make sure you have witnesses to countersign the contract .
Have some extra goodies kept in reserve to swing the deal but make sure they don’t go below your bottom line
Always keep within the law. Make sure you understand exactly what is being negotiated before you enter into any contract. Get professional help if you are not sure
9. Walk away.
Always be prepared to walk away if you are not comfortable about the deal is going. No deal is better than a bad deal.
Like everything practice negotiating on small things where it doesn’t matter and only do what you can reasonably afford.