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Negotiations
Negotiation really is an art, and can
be a challenge to master for even the most astute business
professional. And like any art form, it must be refined
and crafted. Getting a "good deal" can result in a feeling
of euphoria. So, how does one "negotiate" a good deal?
It can be difficult, especially if the other party appears
to be holding all the cards. Follow these tips to help
negotiate a great deal...
Know What You Are Willing To Concede
Decide what your minimums are before you
enter the negotiations. Knowing your bottom line, as
well as what items are "non-negotiable" will help tremendously.
It is important to know this before you enter negotiations,
simply because all too often, in the excitement of bartering
and negotiating a deal, parties will be tempted to make
concessions they had not actually intended make, in
an effort to close the deal.
Deal With A Decision Maker
Whenever possible, don't negotiate with
a subordinate -- make sure that the person you are dealing
with has the power and authority to approve the deal
being negotiated. The last thing you want is to spend
time working out an agreement, only to have your momentum
come to a screeching halt because someone else in management
needs to approve the deal. Start your negotiations at
the top, so you can get the deal negotiated and finalized
without added delays.
Communications
Once a verbal agreement is arrived at,
put it in writing immediately. In fact, after each communication,
be sure to document (via email or another source) a
recap of the discussions, just to make sure that both
parties are still in agreement when the ink is dry.
Having written details of the agreement can also help
in the future if the negotiations break down for some
reason.
Best Agreements
In the best agreement, both parties will
benefit. In other words, both sides need to feel that
they've gotten a "good deal". Never enter into negotiations
with a goal of trying to "best" the other side, but
instead enter with the goal of finding common ground
that will benefit all parties involved.
Time Line & Expectations
Often when an agreement is made, the actual
timeline for implementation is an afterthought. It is
important that all negotiating parties have realistic
expectations about the deal. The timeline should be
part of the initial agreement, so that everyone's expectations
are realistic, and the same. Detailing a list of benchmarks,
timeline, and a payment schedule (if appropriate) will
help ensure that everyone's expectations are manageable.
Performance
All good and not-so-good things must eventually
come to an end, so be sure to discuss how any agreement
will be concluded. Both parties should have an exit
strategy, just in case the deal does not work out to
their satisfaction.
Walk Away
Know when to simply walk away. Some deals
are just not meant to happen. If you can not live with
the terms offered, do not sign on the dotted line. Know
when to walk away from a deal that doesn't work for
you, or that you know you'll regret in the future.
At the end of the day, negotiating is
a cleverly crafted game, and you need to know the rules
in order to play the hand you are dealt.
About the Author:
Sharon Housley manages marketing for FeedForAll http://www.feedforall.com
software for creating, editing, publishing RSS feeds
and podcasts. In addition Sharon manages marketing for
RecordForAll http://www.recordforall.com
audio recording and editing software.
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