The weekly top 5 tips post is always full of helpful hints and advice for small, home and micro business owners.
1. Before embarking on any negotiation, it is essential that you are highly prepared. Entering the negotiation process ‘blind’ will automatically give the upper hand to the other party.
2. Be very clear about your own motivations for entering business negotiation and also try to understand what the other party will be looking to gain from it.
3. You should never give away or concede anything without getting something back from the other party in return. If you start doing this, the power balance will have shifted to them.
4. At various stages of the negotiation, evaluate whether a deal is even possible. If the other party is difficult to deal with or you get the impression that they don’t have enough authority to complete the deal, it might be time for you to back out.
5. When it comes time to close the deal, make absolutely certain that all parties agree on the terms. The consequences of any deal are likely to last for some period of time (perhaps permanently) so it is essential that there are no misunderstandings or ill feelings.