Check out these 5 negotiating tips that will get you closing deal after deal in no time!
1. Preparation is key. Before going in, do your research. Know your worth, and come in with a figure in writing. Don’t be afraid to say no and always be sure to follow up with a thank you, even if the outcome isn’t what you had in mind.
2. Know your worth. Apple’s founding father, Steve Jobs, understood the importance of his worth–and, as a result, he was damn good at negotiating. In fact, Jobs’ conversations with publishers laid the business foundation for the e-publishing industry.
In “5 Negotiation Tips From Steve Jobs,” Inc. examines a now highly controversial email exchange between Jobs and then HarperCollins publisher James Murdoch, the son of media mogul Rupert Murdoch and COO of 21st Century Fox. Though his methods were questionable, Jobs recognized the importance of value–both positive and negative–to every possible outcome of a negotiation. He also knew that if he caved on price, other publishers would find out and expect a similar deal. So, he held his ground.
3. Know when to act–and when not to. Inc. contributing editor Geoffrey James once earned $18,000 in 7 seconds. How? By keeping his mouth shut.
“When you just say nothing, it puts the other person in a panic,” says James. “Eventually, the other person will up the offer to the higher number, if only to end the silence.”
If only being silent could work in every conversation. When you have to speak, make sure to avoid the mistakes offered in this piece, “5 Things to Never Say While Negotiating.” In this guide, former Inc.com editor Mike Hoffman writes that “often, the moment you get into trouble in a negotiation is when something careless just slips out.”
4. Avoid compromising. Like Jobs’ refusal to budge on price, you should go into a negotiation with just one end goal–and whatever you do, don’t compromise.
Linda E. Ginzel, Clinical Professor of Managerial Psychology at the University of Chicago Booth School of Business shares her methods on how to “Negotiate Like a Boss.”
“Use compromise as a last resort, not as a goal,” says Ginzel. “Build trust, share and assess priorities. Ask lots of questions about interests and listen carefully. Provide information, avoid unilateral concessions and ask for reciprocity.”
5. Keep non-verbal cues in check. While words are important for any negotiation, don’t forget about extra-verbal communication too. Keep these “11 Body Language Essentials for Your Next Negotiation” in mind.