Ways You’re Hurting Yourself in a Negotiation (Without Realizing It)
Whether you’re trying to increase your salary at a new job or you’re sealing the deal on a lucrative deal, negotiation is a skill that you will need in the business world. It’s also a skill that surprisingly few people have. Many people may think that they know how to negotiate, but they often make mistakes that end up hurting them. If you’re negotiating with anyone for any reason, here are some costly mistakes to avoid:
Not Being Prepared
Negotiation may seem like something that happens spontaneously, but the best negotiators don’t go into any meeting unprepared. They do research on the other party, they think hard about what they’re going to say during the meeting, and they know what they can realistically accomplish. They don’t go in cold, and they don’t make assumptions about how things are going to play out. Neither should you.
Rushing Through The Negotiation
You might think that you have to come to a final decision during an initial meeting, but you actually have more time than you think. Share some personal information with the other party to put everyone at ease and try to keep the conversation light. When everyone is relaxed, you can move on to the reason for your meeting. Take your time when discussing the terms of your deal, and don’t be afraid to say that you need even more time to think about things. Rushing to a decision could end up working against you.
Accepting a Bad Deal
If you take your time before accepting a deal, you should end up with something that works in your favor. Never assume that you have to accept a bad deal, no matter what the other party tells you. Be patient and try to work on alternatives and “outside of the box” solutions so that everyone gets something they want.
When things are going your way during a negotiation, it’s easy to take things too far and ask for too much. A successful negotiation is one where both parties get something they want; pushing things too far could end up working against you and can cause the other party to feel resentment. If that happens, the other party is more likely to shut everything down, which can cause the entire negotiation to fail for everyone. Accept the deal once it’s in your favor, and avoid becoming greedy. You could cause the communication to get to the point of no return very quickly if you overdo it.