Negotiate for a Win With This Blueprint
Negotiation is a conversation with the end goal of obtaining an agreement. Whether you're buying your first home, leasing office space, or discussing the salary for a new job, having a clear strategy in place puts you at an advantage with regard to your opponent. Here are some tips for developing your winning plan.
Have a Backup Strategy
Negotiations can be contentious. A common assumption is that the person who holds firm and sticks to their position — whether it's the highest price, most extensive benefits package, or lowest-paying salary — gets what they want. This method may work if only one contract and party are involved, but it's unlikely to yield the best results when dealing with multiple parties in different settings.
Instead, be flexible, and have a backup strategy for achieving your goals. Have a few ideas to bring into play if the primary approach isn't working. Don't push your objectives too far, but plan to go into harder-line negotiations if your first tactic fails.
Know Your Limits
You don't want to get locked into an agreement that hinders your prospects because you failed to consider the full scope of the deal. Know your limits and what you're willing to give up before starting contract discussions.
For example, a software developer considering a job offer with a new company might ask for a higher salary or more vacation time. If the company is struggling financially, offering significantly higher pay is likely to cause problems with other employees and for the business. However, a few extra vacation days might be acceptable.
Prepare for a Loss
No one likes to lose, but you need to have a plan in place in case negotiations fall short. Evaluate what you're willing to give up. If the opposing party offers something interesting or valuable, you don't want to miss the opportunity. But walk away from a deal if critical points result in a negative return on investment.
Having other options makes it easy to leave the negotiation table. You can prepare to move forward without burning bridges. Let the other party know you're sincere about your willingness to come up with a solution, and you're open to working with them in the future.
Present Your Offer
For best results, present your offer in the best possible light. Bring your A-team with you to the negotiations, and ensure all team members are on the same page. Everyone must have a clear understanding of where you stand and what you're willing to give up. If you fail to do this, the other party may take advantage of the situation, and you may end up with a less-favorable deal.
Review the Contract Before Presentation
Think about the contract review process at the beginning of pre-negotiations. Securing a good agreement with all parties signing off on it is one of your negotiating goals. The document's presentation plays an important role. It must be accurate, clear, and well-organized. Convert from JPG to PDF to ensure all parties can access the contract.
Win the Next Round of Negotiations
Start with a plan, make a backup strategy, and know your limits. Follow up with an excellent presentation, and you can complete the deal.
For more help with contract negotiations, join your local chamber of commerce.
This Hot Deal is promoted by Richland Area Chamber & Economic Development.