What you give and what you take from a negotiation is proportional to the magnitude of the agreement you’re working on. So while forgoing minute details in small deals may not have grave consequences for your company, oversights when brokering a larger deal can lead to disastrous results.
A recent presentation I attended on negotiating skills offered some invaluable guidelines to bear in mind when you’re working on a deal. Here are a few of the keepers I took away:
• Never want something so bad that you won’t accept something else.
• Don’t negotiate with yourself (by offering a discount from your regular price before the negotiation even begins).
• Don’t over-rationalize or apologize for your prices. If you don’t believe your product is worth it, you’ll never sell the idea to a prospect.
• Don’t negotiate until you educate. Make sure your prospect knows everything they’ll get before they find out what it will cost.
Bringing these basic strategies to the bargaining table will help you ensure you don’t lose sight of your initial objectives, as well as make sure you, and your company, don’t get taken for a ride. Gene Siciliano President Western Management Associates Los Angeles