HOW TO NEGOTIATE
Learning the art of negotiation comes in handy for entrepreneurs, business owners, and leaders.
Negotiating can be one of the most stressful exercises in business. Sitting down to meet with someone you barely know, who comes to the table with their own set of goals and intentions, can be incredibly daunting. Luckily, the art of negotiation can be practiced, improved upon, and mastered. Here are a few tips to get you started:
Come prepared
Being prepared means a number of things, like doing some research to understand the person or company that you are meeting with. Visit their website, read through press releases in which they are featured, and check out their social media sites.
You may also choose to look for similar deals that other companies have undertaken or previous agreements that were made with the person or company with whom you want to meet.
Always draft the first version of your deal. It may also be helpful to prepare a letter of intent that identifies what you believe to be the key terms of the deal.
Understand the deynamics going into the negotiations
Who is the real decision-maker at the table? Who has the most leverage? Don't spend time negotiating a deal with someone who isn't the final authority on the issue.
Don't forget to listen
Listen to the other party's concerns and their point of view. Without them, you would not be at the table - and without knowing which elements of the deal they place the most importance on, you will be unable to reach an agreement that adequately benefits both sides.
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Be ready to compromise
It would be unreasonable to assume that you are going to walk out with a signed agreement that mirrors the draft version that you walked in with. That's why negotiations are a part of deal-making; everyone has something that they want to add to it, or take out of it, or meet in the middle over.
Don't continually concede. This creates a bad pattern that makes it difficult to get any concessions from the other party. Be ready to walk away over an issue that you consider vital to the deal; but on the other hand, don't get hung up on one issue that you can do without.
Time is a factor
Negotiations work best when the interest is still apparent and both parties are invested in getting the ball rolling. The longer you wait, the colder the trail goes, so to speak.
Get help when you need it
Working closely with someone who has experience negotiating deals is something that will benefit you greatly, especially if you are new to the art.
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