It is natural to have sweaty palms and hair standing on end when you are making the deal of a lifetime. Here are some tips to help you through a big negotiation:
- Honesty will get you far. Be 100% honest as the other party is more likely to stick with honest people for the long haul.
- It is ok to put on the table a bizarre want or an exaggerated demand. That could be a good starting point and eventually, you can wade through together and reach a middle point.
- Give it everything you have at the negotiating table. Be fully present physically & mentally! They need to know how much you want this, they need to sync with your desire. Your conviction is what they need to see.
- At times, these talks will be interrupted by some silences. Don’t mistake these silences to be invalid. These silences give both parties breathing space to think about the deal its future, its impact on both parties & much more. These silences could be dealbreakers for you so don’t break these silences.
- The best thing about negotiations are that both sides win. The minute one side gets a bigger win than the other it is more of manipulation than negotiation; that will always end up in a split. For long relationships, a negotiation must end with both sides winning fair & square. So negotiate accordingly.
- Be open about your fears. These talks might brush against some rough edges but they also give scope to bond, to get to know each other. Especially about one’s fears. They might share their fears about the deal and you can counteract with the exact opposite fear. Or more importantly, counter their fear with a solution. It will strengthen your position.
- Shake off any fear or anxiety you are facing and believe in your deal. A lack of confidence doesn’t give out the right signal. Breathe deeply, stay calm & relax and make sure your anxiety doesn’t get the better of you.
- Let your party know that there are others in the market waiting for a deal like this and that you have others to choose from. Tell them you are speaking to them and not others because you are keen to make this opportunity work for you, but at the same time, you will not hesitate to look at the other offers on the table in case an agreement is not reached.
- Make sure to cast this on stone or rather cement it in writing. Even if the other party is a family member or a close friend, don’t let emotions take control and seal the negotiation details on paper. Documentation of an important deal like this is more like self-preservation if you will!
- Never hesitate to walk away. This is not the deal of a lifetime for nothing, so, make sure you are serious about this by not succumbing to something lesser or compromising in nature. You are making a statement by walking away in case of a dead end in the negotiation; which says you are serious; the other party too will attach a similar level of seriousness to the deal.
A negotiation, regardless of it being successful or unsuccessful, always takes time and should be approached with patience & perseverance. A negotiation is also the beginning of a new relationship or involves an existing relationship between the parties; make sure you don’t compromise on the relationship while negotiating.