Don’t make this mistake while negotiating

Even if you have the authority as a CEO, it is pretty challenging to negotiate your deals and offers! Sometimes your client may agree to your deal, get stuck, and sometimes get provoked. Even sometimes, the situation goes out of control.

But as long as you are composed and aware of what you are saying and doing, the situation can be under control. Oftentimes many people forget to keep their negotiating ethics and put themselves in massive conflict.

And therefore, in this article, we are discussing what not to do while negotiating in business.

1. Not getting stuff together, a.k.a preparing.

No matter your position, there will come a time when you want to negotiate. But then, you simply can’t explain the price you want them to accept. You need to analyze and investigate properly and prepare what you will say.

Try preparing and rehearsing what you are going to present and how you are going to present it. And thus, you will be confident enough to quote your deals and make them convincing without stammering.

2. Prioritizing money over building relationships

How does it feel to have a money conversation without building any initial rapport with the person you are dealing with? That looks like you’re greedy for money. Instead of prioritizing money, focus on building great relationships. No matter your price, your client will never take a chance on you if it’s worth your skills. But building relationships and trust with the person you’re dealing with is like an added bonus offer.

3. Not defining your BATNA

This is an essential aspect when it comes to negotiating. The term BATNA refers to the ‘Best Alternative to a negotiated agreement.’ This means that you know when to lose control over your negotiation and when to accept it. Set a boundary between what you can accept and what you cannot. You cannot accept a price less than you deserve but having said that, you can be a little flexible about your pricing. Therefore defining your BATNA is crucial when it comes to negotiating.

4. Lack of empathy and courteous tone

Even though you find out that you don’t win the argument, it is the tone of your voice that makes everything a nuisance. Having empathy towards the other and putting yourself in other’s shoes helps you to understand where they are coming from and you’ll end up taking nothing personally. And that’s the biggest advantage of cultivating empathy toward the other person.

These are some of the non-negotiables while negotiating with the client or any other person in general. Effective negotiation is an art and can be mastered along the way. The best thing to practice every day towards a harmonious negotiation is to reprogramme the mindset to work together rather than seeing them as a competition. This helps in building a relationship with the other person and sometimes winning the argument which helps a  win-win situation for both parties.