Gold Business Tips - Turning your passion into pure gold!

Know who you are negotiating with

Some might go so far as suggesting that you are actually dealing with an opponent when it comes to negotiation. It is good to know…

• Temperament
• History
• Capabilities
• Resources

Know yourself

You also have to know yourself. The same items listed above,

• Temperament
• History
• Capabilities
• Resources

In negotiation your desires and your “opponents” desires clash. You want something and s/he wants something completely different, and both of you are strong enough to hold off (at least at first). This creates a level of tension that is hard for some people to deal with. Don’t fool yourself into thinking you are better at handling that tension better than you are. If you shy away, get overly mad, etc… it will hurt your ability to negotiate.

Instead learn of ways to either alter your temperament to better handle the situation, or learn ways to compensate for it.

Do some brainstorming…

Figure out the different settlement options, and figure out which ones you would be OK with. Prioritize them, figure out which is most desirable for you and work your way down. Then when the time comes you know at what point you are very happy, vs unsatisfied.

Decide your limit before you start negotiating

A “win at all costs” method rarely works in negotiating. You will likely end up with less than you could by not conceding at some level.

Review and Improve

Negotiation is something that will come up CONSTANTLY in business, regardless of the industry/sector/etc. It is important to learn from every negotiation. By doing so you can improve the next time you have to negotiate. Think about what went well, what didn’t go well, how did you come out vs what you thought you would gain through the negotiation. Take notes, and use those notes in your strategy and brainstorming next time.