Negotiations

Top 10 Tips – Negotiations

How do you achieve the best results in negotiations?

1. Develop a clear set of aims and objectives and ‘clue yourself up’ on the opportunity.

2. ‘Know Your Enemy’. Explore their strengths & weaknesses, key objectives and useful information on past endeavours.

3. Adopt a straight forward negotiating approach that precipitates the formation of trust & respect. Game play will intensify an already complex
procedure.

4. Be in a position of control from the outset with a strong presence, accurate and informative presentations and intelligent responses.

5. Have ‘optimistically achievable’ expectations in place and be ready to walk away if your benchmark levels are not reached. The higher you aim
the further you reach!

6. Avoid initial exclusivity where possible, leveraging the interests of multiple parties to demand the best possible terms.

7. Keep a handle on personal emotions arising from confrontation, responding with control and authority in an assertive yet dignified manner.

8. Be ready to compromise on the less important concessions and stand your ground where it counts. ‘Winning the War’ is critical, be prepared to
let a few battles slide!

9. Don’t be rushed into making a ‘snap concession’. Having a key decision maker absent can buy you time!

10. Ensure both parties are accepting of the outcomes of a negotiation. Squeezing every last drop from a deal may have damaging long term
consequences.

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E: joelpenrose@paceequity.com