The ability to negotiate successfully in today’s turbulent business climate can mean the difference between success and failure. With this in mind, here are Ed Brodow’s Ten Tips for Successful Negotiating—updated for the year 2013:
1. Don’t be afraid to ask for what you want. Successful negotiators are assertive and challenge everything—they know that everything is negotiable. I call this “negotiation consciousness.”
2. Shut up and listen. Negotiators are detectives. They ask probing questions and then shut up. The other negotiator will tell you everything you need to know. All you have to do is listen.
3. Do your homework. Gather as much pertinent information prior to your negotiation. What are their needs? What pressures do they feel? What options do they have? Doing your homework is vital to successful negotiation.
4. Always be willing to walk away. I call this “Brodow’s Law.” In other words, never negotiate without options. When you say to yourself, “I will walk away if I can’t conclude a deal that is satisfactory,” your inner resolve will encourage them to make concessions.
5. Don’t be in a hurry. If you rush through the negotiation, you are more likely to make mistakes and leave money on the table. Whoever is more flexible about time has the advantage. Your patience can be devastating to the other negotiator if they are in a hurry.