Being able to negotiate well is key to being successful in business. It helps you forge meaningful relationships with customers, suppliers, and colleagues, creating the kind of solutions that will satisfy all parties involved.
Of course, as with many skills, negotiating doesn’t come naturally to everyone. It’s something you must work on and improve, and it will likely take a significant amount of time and energy to make any real headway. In the meantime, here are some hacks you can use for an instant improvement in your negotiation skills:
1. Make the First Move
Whether you’re negotiating over commercial offices for lease or the starting salary for a new job, you may think it’s best to wait for the other party to make the first move. Surprisingly, the best strategy is often to make the first offer because it gives you control over the negotiations. This strategy is particularly helpful when you’re the seller or potential employee because you can start with a high offer that has to be negotiated down, which is easier than negotiating up from a low price set by the other party.
2. Don’t Provide an Immediate ‘In’
When negotiating, it is important to avoid showing the other side their ‘in’ right away. In other words, never clue them into both the low and high ends of your range. This is the equivalent of showing everyone your hand in poker. Instead, start with the price or the terms at their highest point, leaving it to the negotiating process to get you all to an agreement. You must go in knowing the terms and price range you would accept, but letting the other side know that right away gives them an immediate in, putting you at a disadvantage.
3. Utilize the Power of Silence
Maintaining eye contact while staying quiet during negotiations is incredibly powerful and important. It forces the other party to think about what they are saying, and essentially, makes them sweat a little bit. This tactic can lead your opposition to reveal more than they had planned to, giving you a wonderful insight into their perspective. Any tidbits you can gain from this simple strategy will help you swing the negotiations your way. When you do decide to speak up, your words will have more impact and meaning.
4. Look for a Deal, Not a Win
As with all things in life, excessive ego can get in the way, causing us to seek “victory” rather than a true negotiation. Unfortunately, this doesn’t tend to lead to great results. Instead, one person’s ego may be satisfied, but both parties haven’t felt heard, and the agreement is unlikely to provide any lasting satisfaction or effectiveness.
The best thing to do is work on calming your ego (this will help you in all areas of life) and then seek a settlement that is in the interests of both parties. This will provide you with a fair agreement that provides a long-lasting solution.
5. Negotiate at the Right Time
It is so important that you time things right, ensuring the other party is open to negotiation when you approach them. Never force a discussion when people appear to be stressed, rushed, or otherwise closed off. The more prepared, positive, and professional the discussion can be, the more likely you are to get a great result.
You Can Negotiate a Great Deal
When combined with continual reflection and practice, the tips above should help you become a great negotiator. This is one of the best skills a person can develop as it gives you the ability to create meaningful, lasting agreements that satisfy all parties long-term.
