In Part 1 of this article, we looked Ed Brodow’s first 5 tips for negotiating in 2018. You can find it here: Ten Tips for Negotiating in 2018 (Part 1).
Today we’ll look at Ed’s tips 6-10.
Before we get to these, I want to offer some life advice for negotiations. The point of negotiation is not to beat your opponent. It’s to have your needs met while also looking out for the needs of the other party. My friend Carl Dylan, a pastor in Atlanta, Georgia, wisely says, “In any negotiation, where there is only one winner, there are actually two losers.” I believe the same is true in business negotiations.
With that in mind, let’s look at tips 6-10.
Tips 6-10 for Negotiating in 2018:
- Aim High and Expect the Best Outcome – If you expect more, you’ll get more. Successful negotiators are optimists. Sellers should ask for more than they expect to receive, and buyers should ask to pay less than they expect to pay. Your optimism will often become a self-fulfilling prophecy.
- Focus on the Other Side’s Pressure, Not Yours – It’s easy to focus on our own pressure, why we need to make a deal. But we need to realize that the other side often has pressures as well. When we do that, it balances the flow of power and puts us in a good position to negotiate.
- Show the Other Person How Their Needs Will Be Met – Instead of trying to win the negotiation, seek to understand the other negotiator and help them to feel satisfied in the deal. If you help them to feel satisfied, they will be more inclined to satisfy your needs as well.
- Don’t Give Anything Away Without Getting Something In Return – “I’ll do this if you do that.” Always expect something in return. Unilateral concessions are self-defeating. If you make a concession, expect the other side to make one as well.
- Don’t Take the Issues or the Other Person’s Behavior Personally – Don’t be offended or distracted by the other parties personality or position. Successful negotiators focus on solving the problem, which is: How can we conclude an agreement that respects the needs of both parties?
I trust that you’ll find these tips helpful as a negotiator and a business owner. Until next time.