BOXING NEGOTIATION, PART 2; THE RULES OF NEGOTIATING
In part 1, we learned negotiating is an important business tool that will benefit both sides.
Now we are ready to sit down at the table and hammer out a deal. Here are some rules of negotiation to remember:
1. Be ready to walk away.
Don't get emotionally committed to a deal before the negotiation is complete. Always be ready
to walk away if your terms can't be met.
2. Don't compromise.
Once you set your bottom line, stick to it. All too often, inexperienced negotiators compromise
a little and come to regret it later.
3. Don't show your hand early.
Most people want to feel that they have negotiated you downward from your opening position. If
you state your bottom line position early on in the negotiations, they will either feel like they aren't pushing hard enough
or you aren't compromising enough.
4. You set the pay, I 'll set the terms.
Most people negotiate pay a lot harder than terms. Take advantage of this and push hard
for favorable terms.
5. Build rapport first.
A difficult negotiation will go a lot more smoothly if you develop a good rapport with the
other parties before the proceedings begin. Even if you know the other players involved quite well, engage in some small
talk immediately before the negotiations begin.
This creates a positive atmosphere.
6. Don't accept changes.
Once a deal has been verbally agreed to, don't accept any changes. Insist that the other parties
stick to the exact terms of the deal.
7. Should an agreement be put in writing before people leave the negotiating table?
No. It just isn't practical to get an agreement written up immediately. It creates an unprofessional
air of mistrust to attempt to get people to wait while the written agreement is created. Create it the next day and send it
overnight to the other parties.
8. Attorneys
If either party is likely to feel a need to consult with an attorney during negotiations, having
attorneys present could keep negotiations from stalling.
9. When to pull out of negotiations.
If new information is discovered that makes you uncomfortable about your bottom-line position,
don't hesitate to postpone or adjourn negotiations to another day.
If you are negotiating on a deal that involves working closely with the other party and you become
so uncomfortable with that party that you are working with may be extremely probematic; walk away.
10. Beginning the discussion.
Let the other party state their position first. You may be surprised to find out where
they stand on particular issues.
11. Patience
Let the other party air out everything they want to. Try to refrain from interrupting or
cutting off anyone at the negotiating table.
