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Business Brokerage
Want to Buy a Business? Have a Plan!
You have several financing options to choose from when you are trying to secure finances to buy a business. But all of them involve convincing someone that your idea is so good that they should give you...
It's Not What You Think
My work in organizations involves dropping habitual ways of perceiving in order to contact a fresh and subtle perceiving “under the surface” of what is going on. That deeper sense of perceiving allows the emergence of what I call the Engaging...
Know Thyself: MBTI and DiSC
In my practice as an executive coach and consultant, I use both the MBTI® and the DiSC®. I am often asked, "Which one is better?"
The question reveals a common misunderstanding about psychological instruments. The fact is, there is no such thing...
Succeed With Your Own Internet Business
An internet business is by far the best way to support yourself if you just cannot stand working for others for less money than you need to survive. It’s also the best way to get out of a good paying job that just takes up too much of your...
The Entrepreneurial Spirit Burns Brighter Than Ever
During a recent quick business trip to New York City a normal,
everyday travel occurrence ignited a recurring observation I
enjoy more and more frequently. The Entrepreneurial Spirit is
booming in America!
While sitting in a dank Yellow Cab,...
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Powerful Negotiation Tips: A quick reference guide
If a negotiation is a test, this is the one-page cheat sheet you're allowed to bring
with you. Thorough preparation and practice are the real keys to success. But a
little memory jog when you're under pressure never hurt either. Below are some of
the most powerful pointers we've discovered. Put them in your pocket and be sure
to read them before your negotiation
1. Your power lies in your walk-away alternatives. Make sure that you have real,
viable options that don't require an agreement:
… You'll be empowered to support your interests.
… Your confident attitude will compel others to listen to and meet your
interests. They'll realize that they have to if they intend to obtain
agreement.
2. Do not disclose your walk-away alternatives. When you remind others of the
options you have should they not acceptably satisfy your needs, your commitment
to negotiation falls into question, and the environment becomes hostile. This draws
the attention away from underlying needs, and the climate becomes less conducive
to the development of creative options.
3. Figure out the walk-away alternatives of the other parties. Knowing what
options they have if no agreement is reached will help you construct options that
are favorable relative to their specific negotiation. In other words, you'll be able to
construct an agreement that improves on their alternatives fair agreement without
giving away too much.
4. No offer is too high. Any offer is valid provided you can present objective
criteria that prove each term of the offer fills to some extent the underlying needs of
all parties.
5. Don't react emotionally. When you encounter tactics intended to intimidate,
rush, draw out discussions, or otherwise derail the focus from underlying needs and
mutual gain, patiently react to the problem at hand: The discussion needs to be
refocused. Draw attention back to substantive interests and options that fairly
address those interests. Use personal attacks as a signal that it's time to reestablish
everyone's commitment to a mutually beneficial outcome.
6. Remember that all the needs presented are not of equal importance. Focus
times on building an understanding of which needs are most likely to influence the
outcome. Strive to create options that satisfy those interests.
7. Listen more than you talk. As a listener, you are gathering information that can
help you figure out which of the other side's needs must be met for an agreement to
be considered acceptable, and to what degree those needs will have to be met.
Listening gives you the advantage. The better your understanding, the more
flexibility and creativity you'll have as you create options. Talking gives this
advantage to the other side.
8. Know the authority of each person in the room. Make sure you know whether
or not you are negotiating with someone empowered to make the final decision. If
you aren't, make sure you present options in such a way that they meet the
perceived needs of the negotiator and the other members of their organization.
9. Analyze concessions. Look for patterns in the types of concessions made by
the other parties, and be attentive to the messages sent by your concessions:
… Small concessions give the impression that the bottom line is not far
off.
… Large concessions indicate that a lot more can still be conceded
before the bottom line is reached.
… Rapid or large concessions undermine the credibility of the initial
offer.
… All concessions teach the lesson that more concessions will be made.
Never make concessions expecting that the other side will meet your
terms on the next issue. On the contrary, they will expect more
concessions.
Remember: When the other side makes a concession on the terms of
a specific issue, it is statistically certain that a second concession on
the same issue can be secured.
10. Never be bludgeoned into splitting the difference. When an apparent impasse
has been reached, splitting the difference is widely regarded as the ultimate fair
solution. But the suggestion to split the difference is often used to induce guilt.
Guilt is likely to lead to concessions on your part maybe even concessions that
lead to an outcome worse for you than splitting the difference. Additionally,
splitting the difference rarely results in an outcome that surpasses anyone's
expectations, and it does not ensure that the interests of all parties are satisfied.
About the Author
Eric C. Gould < http://www.batna.com >. Batna.com is a great place
for tips on becoming a better negotiator. Be sure to signup for the free newsletter.
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