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Managing your business / Observations on how to get a better deal when negotiating.

Recently I negotiated the lease of a shop, the terms I achieved were better than I expected. I tried to analyze what happened and compared  the negotiation to a couple of other negotiation in the past that I know I handled badly – one was for the pay structure in a new job and the other was  the price I achieved when I sold my business.

Before starting understand and believe that both sides need each other. Neither side has all the power and perceived power is as important as real power. Don't give power away too easily. Power is often related to self confidence.

Information; proper preparation prevents poor performance.

Work out what you want ahead of time. What are you willing to pay – what is your red line.  Equip yourself with the arguments that back up your position. Understand clearly what the going rates for the rent, the salary, the item in the marketplace. Do your homework, read, glean the net. Be prepared to present a position and back it up, know when you would walk away. Present a logical and reasonable argument. Decide on a few point that you are willing to fight for and a few points you are willing to give away. Choose your issues.

Take your time. Someone who is a little more seemingly relaxed and leisurely is often perceived as having more control and power. In my recent negotiation over  the rent for my store. I knew the other side wanted to clinch the deal quickly. I decided to hold out a little, I touched base to ensure the deal was still on offer and said I was examining the issues with the lawyer – this often sounds serious and you do want to present yourself seriously.

At the negotiation meeting/s do spend some time establishing rapport talk about the market, present yourself as a knowledgeable person- this will assist in building your perceived power in the negotiation later on.  Don't start negotiating straight off. Pleasantries are important. They buy time – during which time you can have more time to assess the person you are dealing with and getting information from them.

When you start negotiating, be clear make you offer in a robust self confident way.

With the store I offered  a price I was willing to pay and said I was willing to pay it immediately. The land lord said he can get more, I said fine. I am willing to close right now, he landlord made a phone call and came back to finish the deal.
Win Win
Aim at win win, be willing to compromise a bit on the big issues, but ensure you get some leverage over terms, conditions.

Self confidence, If I give in they will like me
Imagine walking through the negotiation, and getting the result you are aiming at. Breath deeply, look good so you feel your best, don't rush. Be willing to say no, be assertive. Women often give in too quickly, maybe its about being socialized to please. If we give in we believe we will be liked and if we don't give in we fear that we won't be liked and that frightens us. Actually not giving in makes us more attractive or respected
Summary
So the keys are doing your research, playing for time – or don't present as pressured, work on confidence. Work out ahead of time what you want, what you can live with and what you can't.