Negotiations need not be antagonistic. Being serious about what you came for does not mean negotiators cannot be nice to each other. If culture allows it, always offer a smile, and a warm and firm handshake. Thanking each other is a must.
Being Patient
Another hard lesson I learned
from negotiating a deal was on patience. As I was dealing with a more elderly
person, I had to be very patient in listening to his voice which was barely
audible and comprehensible. Waiting for him to make up his mind and close the transaction
also required a great deal of patience which I dearly lacked. I knew that if
showed I was in such a hurry to sign him up, I would look very interested and
possibly kill the deal or pay a higher price. I also learned to never say “YES”
to the first offer because doing so might make him conclude that he have
already pushed me to my limit.
What You Want vs What
They Want
Before sitting on the
negotiating table, a negotiator must be clear with what he wants to get out of
the “possible” deal. He must be specific with the outcome of the transaction
even before the first punch is thrown. If possible, he must write this down or
memorize the sequence of how he is going to throw his punches and counter
punches. Failure to visualize the outcome may end up badly for a negotiator who
will be left wandering how the other party was able to outsmart or outmaneuver
him. Reading between the lines will also help a negotiator in knowing what the
other party wants aside from what was laid down on the table. Verbal and
non-verbal cues must also be watched for because these might give away his
position.
When to cut loose vs when
to stick to it
When the other party offered a
price, I was almost tempted to immediately grab it, forgetting that I had a
specific price in mind. Good thing I remembered my fallback position- the
figure at which I will have to say NO and walk away. I realized that in any
negotiation, I should be constantly aware of the limit or bottom line figure
that I am willing to accept. I must be clear with my own NO DEAL situation. I
also need to know how many bones I am willing to break if only to make the
other party feel comfortable and make concessions with me. Whatever I am
willing to give up getting a concession must be clear to me but I must make
sure that it is worth it.
Win-Win vs Win-Loose
It will always feel good to walk
out of a deal knowing that both parties are happy. If attaining a win-win deal
is possible, a negotiator must go for it. If not, then go for what is most
beneficial to you or your organization. Never sacrifice your own just to make
the other side happy or to please the other negotiator at the expense of your
side. A negotiator must look for gaps that need to be filled in by both sides.
Consulting the other side is always a good technique. Workable compromises must
be identified and must be really worked out. Flexibilities must be explored.
Know which ones can be compromised and which ones cannot from your
organization’s perspective, and from you own.
A negotiator must never underestimate the other
party, AND HIMSELF. Just because the other party looks old or young, you will
underestimate him or her. This might all be ploys to canalize your decisions on
their favor. Never look down on yourself too but never feel superior as well.
Maintain confidence but not to the point of being arrogant and condescending.
It turns other negotiators off. Worse, you might actually fall into their trap
and go home broken. Deals must always be documented especially the outcome. Mutual trust is important but it is not an excuse for foregoing documentation. When push comes to shove, you will always have your papers to back you up. And don’t forget to have it signed.
