NEVER DO THESE 3 THINGS WHEN NEGOTIATING IN BUSINESS

Sometimes as a hustler or entrepreneur, the lifeline of your business depends on how good your negotiation skills are.

For example, you need to negotiate with your suppliers for better prices. Sometimes you may also need to negotiate with your landlord for reasonable rent prices. At other times, you need to negotiate with the truck driver so that he can deliver potatoes to your restaurant at a cheaper price.

Tip 1: Never Sound Desperate

No matter how hard the situation is at your end, never go to the bargaining table sounding desperate.

If the person you are bargaining with knows you are in a do or die situation, he will most likely throw the “take it or leave it” card. For instance you will be told “It’s either you pay me R5000 or you just ignore this, I will easily find another buyer.” Or something similar.

In that case, you will have no other option to take and you will end up with a bad deal. So never betray your desperation to the other party.

Tip 2: Never Accept To Be Intimidated

Some people will play the “intimidation card” to threaten you during the negotiation process. For instance, you may go to the table with a pre-set agenda only for the other party to come up with a new one.

Or you may go to the negotiation room expecting to meet the procurement guys only to be surprised when the CEO of the company shows up unexpectedly.

What you can do in such a case is to take a retreat. You can always request the other party for more time so that you can plan more.

By doing that, you will be able to prepare you mind against any form of intimidation that may be used to force you into a bad deal.

Tip 3: Never Negotiate Without First Doing Adequate Research

This is what detectives do. They gather as much information as possible prior to the negotiation. Likewise, you should take time to learn more about the other party: What are his needs? What options does he have? What pressures does he feel