- John Lloyd Part 3 Deal, or No Deal
John Lloyd Part 3 Deal, or No Deal
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Part 3 - by John Lloyd
Deal, or no deal!
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For many, a business transaction or negotiation can cause some people to feel stressed or uncomfortable. Negotiation, however, is not just a business or sales tool but a life skill which can be applied in all areas of your life.
In life and business, you don’t get what you deserve, you get what you plan, prepare and negotiate for. We negotiate every day - with our colleagues, family members and friends. People fail to realise that many of the discussions or arguments we have are a form of negotiation. Many of us dislike negotiating because we are afraid of being taken advantage of. The outcomes may not always be what we expect … and we don’t always win.
Effective negotiation can be fun and rewarding if you know what you are doing. The ability to negotiate effectively is important in today’s challenging business world. It is important in your private life too.
Here are 8 negotiation tips:
(1) Develop ‘negotiation awareness’
Most things are negotiable. You have the right to question the price for most things. Don’t necessarily accept the recommended or listed price. I don’t mean that you must challenge everything, but rather for you to develop a positive or enquiring approach. By bargaining, you may get you more of what you want for less. Practise expressing your feelings without fear or anxiety. Be assertive, but respectful. I find that most of my negotiation (bargaining) successes are achieved with firmness, charm, and a friendly smile. Anyone can do this!
Gather as much relevant information as possible before to the negotiation. It helps you think on your feet. I always feel more comfortable if I have the facts, researched the questions regarding price, needs, options and any possible conflict.
(3) Know the bargaining arena
During the negotiation, both parties should have a realistic, plan-B in place. The bargaining arena is the point at which both parties ‘wants/positions’ overlap. Try and stay focused and realistic throughout the negotiation.
(4) Know your desired outcome
Your outcomes need to be specific. If you are not clear about what you want, you could end up with something else. Clarity and focus is the key.
(5) Aim high
People who aim higher do better. A successful negotiator must be an optimist. Expect more and you will get more. Sellers should ask for more than they expect to receive, and buyers should offer less than they expect to pay.
(6) Listening skills
A key factor towards success in negotiations is to listen. Listen carefully and let the other person talk. Encourage the other negotiator to talk by asking open-ended questions. Open-ended questions can’t be answered with a simple ‘yes’ or ‘no’. Active listening will help you to understand the facts and implications of the other person’s proposal. You may also understand some of the feelings and driving factors of the other negotiator.
(7) Ask questions
Asking the right questions is a powerful negotiation tool. When you need information or clarity, ask a question. If someone is angry or emotional, ask a question. Make sure that your questions are like a conversation and not confrontational (aggressive). Good questions give you time to think and a sense of control.
(8) Always aim for win-win
A negotiation is NOT a competition! Most people look at negotiation the wrong way. The idea of win-win negotiating is that both parties win. This can happen if both parties are willing to search for it. Together, a positive solution can be made.
I am confident that these ideas will benefit you in your future negotiations.
John Lloyd is a business growth strategist, award-winning marketer, speaker, trainer and columnist. He is the author of the book Smart Thinking for Crazy Times.
www.brandstorm.co.za / email@example.com
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‘You must never try to make all the money that’s in a deal. Let the other fellow make some money too, because if you have a reputation for always making all the money, you won’t have many deals.’ - J. Paul Getty
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Other articles to read:
- Part 1: Goal setting
- Part 2: Positive attitude
- Part 4: The power of believing
- Part 5: 3 Key ways to guarantee explosive sales in your business
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