Know The Bottom Line
When you enter the negotiation process, it’s important to know your own bottom line. This is not the same as your objective, which is what you would ideally like to achieve from the discussion; instead, it is the minimum that you are willing to accept. You can then measure your potential agreement against this and determine whether it is worthwhile or not, reports Forbes.
If you are going to be successful in business negotiations, you need to have clear objectives and motivations. This will allow you to keep your mind on what is important to you and ensure that the conversation stays focused on a solution that will benefit you in the long run.
Don’t Get Hung Up
Business negotiations are a world of contradictions – you need to be firm but flexible. You need to be friendly but cagey. It’s easy to get hung up on one specific issue and lose sight of the bigger picture.
During the opening moments of negotiation, the other party is trying to size you up. They are looking for your credibility, honesty and willingness to compromise. During this time, it is crucial that you stay calm and avoid raising your voice or using profanity.