| Silence is golden
Keep your mouth shut as much as you can. Not only
silence is uncomfortable for most people, it allows you to
listen and think so that you can frame a better
response. Plus, when you hold off information, you
have the power.
Prepare ahead of time and stick to your
strategy
Meet with your team, brainstorm, play
scenarios, and write it down. Set down the limits of
your negotiation strategy. And stick to it. If
you think that you cannot close the deal within the limits
set by you prior to the meeting, ask for more time, come
back to your team, and redo the exercise. You might
come up with another strategy or realize that this deal is
not for you. Never budge from your plan and use your
own judgment in the meeting (even if you are the senior-most
officer in the company or the only decision-maker). You will be taking a decision
under stress and more likely the other side will come out as
the winner. Chances are that if you ask for time, the
other side might very well accept your offer if they want to
close the deal early.
Lay out what is negotiable and
non-negotiable
It is good for all parties.
You can simply state your position and attribute it to
"company policy".
Never fall in love with the object of
negotiation
You will lose your ability to make a
fair judgment.
Put time pressure on the other side
Plan the process in such a way that there is finite time for
negotiation and if no deal is reached by that time, no
decision will be taken. The less time the other has to
negotiate, you will be better off. In Japan, it is
common for the Japanese executives to not start the
negotiation until you are hours away from boarding the plane
back to America. Once they know that after a 7,000 mile trip,
you go back empty-handed to America, you will look like a
fool (in a country where we pride ourselves on closing deals
in no time), they want a Yes from you and you end up saying
it.
Negotiation is give-and-take
If you do end up giving something, always
ask for something in return, even if it is of lower value.
It is perfectly fair to do so and you will feel good about
it.
Keep the process pleasant
It is only a business deal. Do not
lose your temper or show unprofessional behavior even if the
other side does it. |
