How to Negotiate Like a Pro

What is your end game?

When it comes to negotiations, this is a very important question: What is the result that you are intending on achieving in your business negotiations?

As a business owner, negotiations are happening constantly and can even become adversarial at times. There has to be a balance between the personal interest of your business and having a positive negotiation process.

How can we negotiate like a pro without it feeling so adversarial?

To ensure positive negotiations, keep the following in mind:

1) Plan out your priorities

To achieve your end game, you will need to understand your own priorities before going into negotiations. Set an agenda and figure out what priorities will be easy to accomplish and what will be more difficult. Lastly, decide what would be your “bottom line” before you would walk away from the negotiation.

2) Have a negotiation strategy

After setting your agenda, estimate what the other side is going to prefer. Once you have an idea of their preferences, create multiple possible options for them without losing your legal standing on your own priorities. This is an option technique called "Multiple Equivalent Simultaneous Offers."

Successful bargaining means looking for positives in every possible circumstance.

3) Be optimistic about the process

Coming into the negotiations with a positive attitude will be your strongest advantage. Implement the strategies that you planned and focus on creating a positive relationship with the other side. Before getting to the more difficult issues, build momentum. By the time you raise these issues, both sides are invested, and it will be more fruitful of a discussion. 

Negotiating is a part of everyday life, and in business it's absolutely critical to your success.

4) Take time to pay attention to detail

Good negotiations take time, so use that to your advantage. Do your due diligence to ensure that you are getting the best deal for your business. Be patient to clarify details before the contract is signed. 

5) Hire a professional

Lastly, hire a legal professional to ensure that you have support and you are receiving objective guidance.

Remember, at the end of the day, the people that sign the contract also have to honor the contract. So, positive negotiations will translate to durable business relations and longevity in the contract.