Business owners and managers encounter situations that require sharp negotiation skills almost daily, such as employee salaries, sales prices on goods, and even real estate deals. While some professionals thrive in high-pressure negotiating environments, not all do. If you need to sharpen your skills to ensure you’re always getting the best deal for yourself and your business, you might like to take some of the following actions.
Learn What the Experts Do
If you know that negotiating isn’t one of your best skills, reach for the best negotiation books to learn tactics that will serve you well in various settings. Within these books, you can read about tactics like reframing anxiety as excitement, asking for advice, and striving for a mutually beneficial outcome, rather than one that only benefits you. You might also like to talk to experts and ask questions. There’s never any harm in seeking advice from people who have honed their craft over time.
Set an Offer Expiration Date
Many of the most skilled negotiators set expiration dates on their offers to let the negotiating partner know that their offer is the best one they have to make. While you might still have room for negotiation, and the other party might still come back with a counteroffer, they now know that you’re ready to bring your deal to a successful conclusion with no more delays.
Use Body Language to Your Advantage
Use subtle body language to guide your negotiation partner to the desired outcome rather than relying on your words alone. For example, if someone has offered you a low price for your real estate, a subtle but visible flinch might be more than enough of a sign to have the other party bring their price up to meet your expectations.
Try Mirroring
Pay close attention to expert negotiators, and you might notice the mirroring technique. Mirroring involves imitating someone’s verbal and non-verbal behaviors to build rapport and show them that you’re engaged in what they’re saying. Mirroring has always been a powerful sales tool, but it can also be effective in negotiations. Simply start repeating words the other party is using, and they might feel that you’re taking their point of view seriously.
Always Be Prepared
Never enter into negotiations without having all the facts of the deal and the many possible outcomes. Find out what time constraints they’re under, offers from competitors, and the background of the person and company with which you’ll be doing business.
It might also be of value to learn about similar deals they have entered into, the terms of those, and what alternatives there are should your deal fall through. The more information you have, the easier it might be to negotiate a fair outcome for both sides.
Negotiating skills might not come naturally to everyone, but they can be learned. The next time you enter into negotiations with an important business contact, keep the information above in mind. You might then be able to reach a more successful outcome than you initially anticipated.
Disclaimer: This content does not necessarily represent the views of IWB.