5 Negotiation TipsMay 14, 2012 — 1,280 views
Do you find negotiations stressful? You’re not alone. However, cultivating strong negotiation techniques can strengthen your business savvy and success, both in the boardroom and for personal purchase deals.
Here are five negotiation tips to keep in mind:
1. Remain calm. Excess emotions, whether it is anger or excitement, can give the other party an upper hand by providing them key details about your level of investment in the deal.
2. Know your limit. Before ever entering negotiations, set a figure or deadline firmly in place and stick to it regardless of how the dealings go.
3. Initiate the negotiations. While you may be inclined to let the other party set the bar, studies show that when the buyer makes the first offer, the final price will be lower than if the seller does. Setting an anchor price firmly sets that figure in the back of both people's minds.
4. Slow down. The faster you deal, the more likely you are going to make a mistake. According to Ed Browdow, international spokesman and expert of negotiating, those who negotiate in Asia, South America or the Middle East are more flexible with time and as a result they often get a better outcome than their North American or European counterparts.
5. Keep it positive. The more optimistic you are, the more likely you will gain a favorable result.