Simple Approach To Negotiation
I remember, I used to read up a lot on this topic…listening to audio training series…reading up on whatever materials I can find…and the likes
For me, I think negotiating need not be too complex.
Here are some of the negotiating rules I live by:
1. Be Fully Prepared
When I do a deal, I immense myself into all critical aspects of it. I do my due diligence. The ins and the outs of it.
As they say – fail to prepare and prepare to fail. I never over-prepare though. I just do enough and get on with it. If not, no deals will ever get done!
2. Ask For More If You Can Help It
I never accept any offers the first time round. I always ask for more. Why? Because if I ask for more…there’s a chance that I might get it.
If I don’t ask…I know there’s a 100% chance I WON’T get it.
3. Think Win-Win
I always work towards a good win-win for people I do deal with. If it’s fair, and both sides are happy…I’m happy to conclude the deal fast.
It doesn’t has to be a zero-sum game. Everyone can win and make some money. Most importantly, it’s the long term relationship I’m looking at.
4. Be Prepared To Walk Away
If I think the other party is not sincere…not interested in reaching a fair deal for all…or lacking trust in me…I will just walk away.
No point wasting any further time.
There’s always another deal to be made out there.
Do you have any of your negotiating rules you abide by? I want to hear it…