Negotiating is an inevitable part of doing business. You negotiate with suppliers, distributors and customers. Good negotiations can lead to prosperity, while bad negotiations can damage your business profitability. Learn more about this important skill and activity.
Preparation and planning are not the only elements of great negotiations. Handling yourself during negotiations is also key.
Emotions
Your emotions can work for or against you. Sending out the right emotional response at the right time can signal your opinion of an offer. This can prompt the person making the offer to make adjustments without your having to make a counter-offer. Too much emotion, on the other hand, can work against you. If you let your emotions guide your negotiation, you could easily accept a bad deal or throw away a good one.
While strong negative emotions can come with high costs at the bargaining table, not all emotions are detrimental to negotiation. Positive emotions can actually help facilitate a more favorable outcome, and feelings like anxiety or nervousness can be channeled to achieve success.
Patience
No negotiation is so important that it must be rushed. Let the persons you are negotiating with finish what they are saying. Try not to interrupt. This gives the other side an opportunity to make a full offer and it gives you the time you need to fully consider what is being proposed.
Silence
We are generally uncomfortable with silences during conversations. When there is silence, we want to speak up just to break the tension. However, silence during a negotiation can be a good thing. It gives you a chance to think and compose yourself. Use silence to your advantage.
Learn More : 3 Negotiation Tricks to learn from Kids
Take A Break
It is okay to step away from the discussion for a while. A break can give you the time you need to compose yourself or give an offer or counter-offer the thought it deserves. At the very least, a break can relieve the pressure, if you feel you are being pushed into a deal you do not like.
Walk Away
You do not have to make a deal. A bad deal is worse than no deal. If you cannot find a way to get the minimum deal you planned on before sitting down, then get up from the table and walk away. The deal you are looking for can be found somewhere else. So, always be prepared to walk way.
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