How To Become a Better Negotiator
By Mark B. Bober, CPA, ABV, CFF, CVA, Partner
Negotiation is a fact of everyday life for most business owners. Whether it’s negotiating a price and delivery date with a supplier, a contract with a potential customer or a salary with an employee, there probably isn’t a day that goes by when you don’t engage in some type of negotiation.
This is why it’s so important for owners to hone their negotiation skills. Many books have been written on the subject, and there are countless seminars and workshops you can take to help you become a better negotiator. Here are a few tips for starters:
- Always strive for win-win negotiations. The most successful negotiation is one in which both sides feel like they came out a winner. You’ll probably want to maintain an ongoing relationship with the other party (a vendor, customer or employee, for example), and this is much easier when one side doesn’t feel shortchanged or cheated in a negotiation.
- Be willing to walk away. Most experts say this is the key to becoming a successful negotiator. Before entering into a negotiation, decide what’s the most you’re willing to pay or give up — and then stick to your guns. Otherwise, your emotions may take over and you could end up making a deal that you regret later.
- Establish your goals upfront. Decide what are the most important things that you want to accomplish as a result of the negotiation — the “non-negotiables,” so to speak. This will help you determine where you can give a little and where you need to stand your ground.
- Create options and alternatives. This will make it easier to compromise with the other party. Is there something that’s important to the other side where you can give in without it costing you much (or anything)?
If you would like help with a negotiation, please contact Mark Bober, partner and practice leader at 330.762.9785 or by email.