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Jul 07 2014

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The Seven Most Common Negotiating Mistakes

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

While even the word negotiation can evoke fear, stress and anxiety for many, the intent is quite simple: to discuss and ultimately agree on a deal. Whether it’s a multimillion-dollar contract or just deciding where to meet for lunch, life is rife with negotiations. And, the negotiation process is a lot like a chess game where strategy reigns supreme – one thoughtfully considered move at a time. Make a careless, shortsighted, ill-conceived move and suffer the perilous consequences.

Even when faced with the most daunting of deals, regarding the act of negotiation as a ‘game’ may alleviate the apprehension and give you the confidence to make power plays that will ultimately facilitate your desired result. Unlike strategy games like chess, however, the most effective deals are a win-win proposition for all parties rather than a winner-loser result.

To help individuals maximize their bargaining prowess in business and in life, below are the most common mistakes made during a negotiation:

  1. Lacking confidence. Many people think they need to show a certain kind of confidence, like being loud, bold or brazen, to successfully negotiate a deal. Others think that a lot of experience is required to be a good negotiator. Most of the time it merely takes tenacity and good old preparation to ensure you are aptly equipped to assert mutually desirable terms, anticipate objections and discern what are motivators or hot buttons will resonate with your opponent.
  2. Thinking something is non-negotiable. When you think like a negotiator, everything is negotiable! When you decide that the terms for anything can be changed in your favor, a world of opportunity presents. Of course, as with most things in life, there will be rules to adhere to with each deal on the table, which are needed to evade chaos and keep discussions on track. However, even rules can be modified if you simply propose an ethical, viable and mutually beneficial alternative solution.
  3. Not building relationships first. This is probably one of the biggest mistakes individuals make in regard to negotiation and business in general. Perhaps you have attended the standard networking event where you give dozens of cards out without having a real conversation with anyone. It’s time to slow down and start making real connections with people – particularly those with whom you might be involved in a deal later on.
  4. Not asking for what you want. There is one key truth in negotiations: You must ask for what you want. People naturally fear rejection or were taught not to be greedy as children, so we instinctually refrain from asking for things in life. It is important to understand that if you don’t ask you don’t get, and the only way to master the art of rejection is to get rejected and keep asking.
  5. Talking too much. This is a sure-fire way to kill a deal. Have you ever been offered a product or service and the salesperson kept talking until she talked you right out of the purchase? When discussing a deal, if you simply stop talking and get comfortable with the awkwardness of silence, your ability to win your argument, sell the product or a get concession in the negotiation increases significantly.
  6. Not documenting. The importance of getting the final agreement in writing cannot be stressed enough. Even better, consult with a contracts attorney to review contractual documents or any that require a signature. The purpose of a written agreement or contract is to provide protection for both sides and alleviate any ambiguity of terms. Documenting the agreement eliminates such perception problems and protects the interests of all parties involved.
  7. Signing without reading. Before you sign on the dotted line, it’s imperative you read what you are signing – no matter how large of a packet it entails. Modern life is fast-paced, making it difficult to focus and causing some to sign legal documents without reading them first. Make sure you read any agreement or contract in full to ensure you are not confirming terms you will regret and cannot undo, which can cause copious problems for your future.

Eldonna Lewis-Fernandez is author of Think Like a Negotiator and is the CEO of Dynamic Vision International – a specialized consulting and training firm that helps individuals hone negotiation skills. She is also a nationally regarded keynote speaker, session leader and panelist on the art of negotiation. www.ThinkLikeANegotiator.com.

This entry was posted on Monday, July 7th, 2014 at 4:41 PM and is filed under Business, Marketing, Miscellaneous. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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