How to Win the Deal
7 Most Common Negotiating Mistakes
by
Just the word ‘negotiation’ can induce stress and anxiety. Even though the intent is to simply discuss and eventually agree on a deal. It could be a multi-million dollar agreement or just lunch. Life in general is full of negotiations.
Have you ever played a game of chess? “Strategy” (the ‘what’, the end objective) and the required “Tactics” (the ‘how’) are the things you must master in order to win. Make one wrong move and you suffer the consequences.
If you view negotiation as a game, it’ll go a long way to lessen your stress and anxiety and give you the confidence you need to win the deal. However, unlike a game of chess, the best deals are a win / win for both parties. To improve your negotiating skills, let’s list the most common mistakes made by negotiators.
- Lack Confidence: Do you think that being loud or brash is required? Or, do you think that it takes a lot of experience? Usually, it simply takes determination and old fashion preparation. Confidence comes from being ready to initiate mutually acceptable terms, foresee objections and understand the ‘hot-buttons’ that ring with the other side.
Being kind and considerate also adds to your authenticity confidence, and can help the other side be more agreeable to your conditions. However, nothing adds to your confidence more than having rock-solid researched data and information.
- What’s Non-Negotiable: Everything in life is negotiable. If you’ve followed me for a while, you know I’ve taught having the right ‘Mind-Set’, ‘Skill-Set’ and ‘Action-Set’. Well, all of these are required to be a good negotiator. Know that all things can be changed to be in your favor. Naturally, there are rules for each negotiation to avoid confusion and remain on track. But, good negotiators are rule breakers; even the rules are negotiable, provided your proposal is ethical, doable and beneficial to both sides.
- Not Having a Relationship: This should probably be listed first, as it is typically one of the biggest mistakes. Ever been to a networking event where some folks are handing out business cards and not really connecting with anyone? There’s a lot to learn about someone when you get a little personal, i.e. what do they value, what inspires them, what aggravates them, etc. What you learn could be leveraged, especially if you might be negotiating a deal with them in the future.
- You Get What You Ask For: A big truism, you’ve got to ask for what you want. Sounds easy, and it is, but it can be intimidating, because of your fear of rejection. Mom and Dad taught you to not be greedy, so your instinct is to not ask. But, in business, rejection is not personal, it’s only business (love that line from ‘The God-Father films). When what you want is turned down, it’s because you did not offer viable points as to why you should get what you asked for. It’s the offer that’s being vetoed, not you. We’ve learned in sales 101, that a ‘no’ usually means they need more information. And, it’s common to get a ‘no’ 3 times before getting a ‘yes’. Getting good a negotiation is to get turned down and keep asking. You’ll usually get what you want or an appropriate alternative.
- Talk, Talk, Talk: Always talking and not listening is a sure-fire way to break down the negotiations. Again, sales 101, the last one talking, loses. Don’t underestimate the power of not talking. Get comfortable with the silence. Your odds of negotiation success increases substantially.
- Write It Down: Remember the old adage; line 10 people up, whisper something in the first person’s ear and by the time it gets to the end, it’s totally different. I want to strongly stress the imperative of ‘get it in writing’. Depending on the size and scope of the deal, you may want to have a contract attorney review the agreement, before you sign.
- Sign Before Reading: Have you ever sat at the table and signed something without truly reading it, because you liked the person or you had that ‘good feeling’ and believed you could ‘trust’ the other person? The consequences can be disastrous. Even when the other party didn’t intend harm and what you thought you were agreeing to was not in the agreement, or at least the way you thought it would be through your negotiations. Make certain to read and understand the entire agreement and / or get help if needed. The agreement cannot be undone once it’s executed.
You will greatly improve your negotiating skills by knowing to avoid these 7 common negotiating mistakes. This avoidance will exponentially enhance your negotiating skill-set in getting what you want.
This perspective has given you the 7 most common negotiating mistakes and how to avoid them and it can be used continuously to help you get what you want and grow your business. Also, check out our FREE test drive for the most comprehensive system of marketing tools and resources at www.ProfitandCashFlowMarketing.com
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