How to negotiate successfully

1. Before starting discussions decide on your parameters: set your absolute 'bottom line', decide what is essential for you to achieve and what is desirable



2. Don't be afraid to ask for a break if you reach a deadlock. People often make decisions whilst you are not in the room!



3. Be prepared with information about the other party



4. Know the value of your offering to the other party. If you understand what is important to them you are in better position to make a deal



5. Remember that people only value what they pay for. Routinely giving away your product or service devalues it



6. Bargain on the things you are willing to concede. Offer to give something to the other party if they give you something in return



7. Be flexible in your approach. Be willing to change your negotiating style if it is not working. Alternatively bring a third, neutral, party into the negotiations



8. Read and respond to signals. Observe body language carefully, listen to what's being meant in addition to what's being said. What is being left unsaid?



9. Be concise when making your proposal. Avoid saying too much as you will weaken your position. Make your proposal and then wait for a response



10. Follow up in writing once you have reached an agreement

For a true story about how NOT to negotiate, click here.

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