Successful Negotiating: 5 Key Mistakes to Avoid, Whenever You Are Negotiating a Deal

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DURING a recent Master Class on Negotiating for a group of clients, we covered a number of Dos and Don’ts when it comes to putting a deal together.

Anyway, here are the 5 mistakes you really need to avoid!

Mistake #1:
Going into a Negotiation without being fully prepared.

You need to complete a very detailed Prep-sheet with your objectives and priorities; as well as anticipating the other side’s strengths, weaknesses and likely objections.

Mistake #2:
Assuming the items on your List match the other side’s.

In 40 years, I’ve never had an identical list. There may be a few common items — but always in a different order.

Mistake #3:
Having just ONE item on the Negotiating Table.

That way, it can only end up Win-Lose, rather than Win-Win. Generally, I like to have between 3 to 5 issues on the go — which allows you to “trade” successfully.

Mistake #4:
Whether buying or selling, don’t be too greedy upfront.

You may think you’re simply setting the boundaries of an ambit claim. But more often than not, the other party will take a hard line; or simply walk away.

Mistake #5:
Allowing yourself to become too Emotional.

Some people seem to put so much emotional investment into “winning”, that they find it almost impossible to negotiate. The other thing is … you simply can’t afford to lose your temper — because all you’ll do, is lose the other side’s respect.

Bottom Line: Right now, I’m in the process of putting together a detailed Workbook on Negotiating Secrets.

If you think you might find that helpful … perhaps you’d give me a hand, and tell me the greatest Challenge or concern you face. And I will include the answer as part of the Negotiating Secrets?

 

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