Eight Tips for Practical Negotiations
Here are 8 tips on how to negotiate any deal:
- It doesn’t hurt to ask. Whether it’s in a business meeting or asking for an extra cookie from your favorite lunch spot, you won’t get anything that you don’t ask for.
- Set specific goals. Don’t go into your first deal thinking you’ll make millions — but also don’t underestimate yourself. The key is to be optimistic yet realistic when setting goals.
- Establish a relationship. Everyone should feel comfortable before any type of business meeting begins. Start with small talk and get to know the people you’re negotiating with on a more personal level. Building a relationship establishes trust, which can sometimes be even more valuable than the deal itself.
- Negotiate more than just the price. Think beyond the monetary value of the deal. For example, what benefits are they offering? Is there a signing bonus? Don’t let a number dictate the entire deal.
- Be prepared. Show up for the meeting knowing everything you possibly can about the deal. Being prepared establishes a level of professionalism, which will allow for a better negotiation.
- Ask questions. Even if you think you might already know the answer, ask the question anyway. This will make everything in the deal crystal clear for both sides.
- Framing is key. Frame the negotiation so that it’s beneficial for both parties. Be sure to speak in a way that they’ll appreciate and understand.
- Don’t go on a power trip. Using threats and aggressive language is never a good idea. If you aren’t seeing eye to eye on something, simply take a short break and rehash the issue at a later time.
Vocabulary:
doesn’t hurt to ask – (idiom) used to say that it is always worth making a request because the worst outcome is simply a refusal, “Even if you think the store is sold out, it doesn’t hurt to ask the clerk if they have more in the back.”
underestimate – (verb) to estimate someone or something to be smaller, weaker, or less important than they actually are, “Never underestimate how much preparation is required to run a marathon.”
optimistic yet realistic – (expression) having a positive, hopeful attitude about the future while still maintaining a practical understanding of real-world limits, “When launching a new business, you must be optimistic yet realistic about your first-year profits.”
small talk – (noun) polite, casual, and informal conversation about uncontroversial matters, usually to break the ice, “They spent a few minutes making small talk about the weather before the job interview started.”
personal level – (expression) in a way that involves someone’s private life, feelings, or individual personality rather than just professional matters, “Getting to know your coworkers on a personal level can make the office a much friendlier place.”
establishes trust – (expression) builds or creates a firm belief in the reliability, truth, ability, or strength of someone or something, “Consistently keeping your promises is the easiest way that establishes trust in a relationship.”
monetary value – (noun) the worth of something measured in terms of money, “The painting has sentimental significance, but its actual monetary value is quite low.”
dictate – (verb) to control, state, or decide authoritatively how something should be done, “You shouldn’t let fear dictate the decisions you make for your career.”
professionalism – (noun) the competence, skill, good judgment, and polite behavior expected from a trained person in a workplace, “Handling a difficult customer with calm politeness is a great display of professionalism.”
crystal clear – (idiom) extremely easy to understand, obvious, or perfectly transparent, “The instructions on how to assemble the desk were crystal clear.”
beneficial – (adjective) resulting in good; helpful, useful, or advantageous, “Regular exercise and a balanced diet are highly beneficial to your long-term health.”
power trip – (noun/idiom) an activity or behavior where someone seeks to prove or exercise their power and authority over others, “The new manager went on a massive power trip by forcing everyone to work late for no reason.”
seeing eye to eye – (idiom) agreeing fully with someone; having the exact same opinion, “My business partner and I are not seeing eye to eye on the company’s new branding direction.”
rehash – (verb) to bring up, discuss, or present an old idea, argument, or issue again without adding anything new or useful, “There is no need to rehash our old arguments when we need to focus on current problems.”