When you sit down at the table to come to an agreement about a business issue, both parties will have to hammer out the details. Sometimes it starts with a contract, and sometimes it starts with nothing and is to work out a contract. Here are some ways you can ensure a more successful experience with any business negotiation you enter into.
* Know Your Objectives Having an idea of exactly what you want and need from the meeting in advance will help a lot. Write down your terms so that you will be able to look at your notes and not forget in the confusion of talking about each thing.
* Compartmentalize Most agreements have several parts to the equation. If you can separate them out and hash each section out one at a time, youll have better results than if you try to do all of it at once. This will help both parties avoid overwhelm and will also be more organized.
* Understand Industry Standards When you go into the business negotiation, there are definitely going to be some industry standards to consider. You dont want to deviate from them much, because otherwise someone is getting the short end of the stick. You want negotiations to be win-win and fair.
* Start with Agreement If you can both first come to the table where you agree instead of disagree, you can get a lot of the process out of the way. Then, work on the parts you can concede on, and finally tackle the problems that youre both being stubborn on.
* Get Control The best way to start on a control footing is to have the meeting in a place that you set and even own. Set the time, set the schedule and even arrange for the food and drink if needed. This makes you the host and gives you a little bit of a power position.
* Set Your Priorities Before the meeting, determine your priorities and know what youll accept and not accept. Set an agenda for the meeting in advance and send it to the other party.
* Be Willing to Concede Know in advance where youre willing to concede, because that way you wont have to be caught off guard when you are asked to give a little to get a little.
* Be Willing to Walk Away In the rare event that the other party is not in a conciliatory mood and is not being fair according to industry standards, tries to bully you, or is in any way not professional or businesslike, be willing to walk away.
Finally, leave emotions at the door before you even start. There is no place for emotions at the negotiation table. If you leave them at the door, and focus only on the issues at hand and not the people part, youll do a lot better at coming to a great agreement.
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