Typical negotiation mistakes that leaders make
Typical negotiation mistakes that leaders make
Here are the 7 typical negotiation mistakes – do you make any of them?
1. Neglecting relationship building
Building bilateral relations is a key part of success in negotiation. Business has always been based on relations, and we all prefer to do business with people we like and respect. Slow down and build real, personal relations with people and learn as much as you can from them.
This way, you make the negotiation an important process for all engaged parties, not a business necessity. You will be surprised to find out how much you can learn from an authentic conversation with another human being.
2. Assuming something is unnegotiable
It may seem to you that the presented conditions are unnegotiable. This, however, depends fully on your approach. When you obtain the right perspective and start thinking like a negotiator, you will consider almost every matter negotiable. It is a certain state of mind that you need to accept to become more than a good negotiator—a great one.
Even though negotiators have to obey a set of rules, they are, to some extent, negotiable, as long as you can propose an ethical and bilaterally advantageous solution.
3. Having a lack of self-confidence due to a lack of preparation
It is a good idea to support your self-confidence with hard, well-analyzed data. Many of us believe that negotiations require a very specific type of self-confidence: being loud, pushy, and sometimes even aggressive.
Others think that you need years upon years of experience to be able to effectively negotiate. However, in most cases, solid preparation is key. To make sure that you are equipped with the most relevant tools to reach bilaterally advantageous conditions, predict objections, and determine the “neuralgic points” that can “warm up” your opponent, you need solid preparation.
4. Not asking for what you want
If you never ask for what you want, you will never get the chance to get it. Establishing conditions when facing potential rejection is difficult, but letting that limit your choices during the talks is a big mistake.
Remember that, in business, rejection is not something personal. It is simply a reflection of the fact that you have not managed to present a valuable enough offer or that you have not used the right argumentation and persuasion techniques. It is the offer that is uninteresting, not you, so keep your cool and work on your arguments and strategy.
5. A stream of words
During the talks, you must handle your words correctly and present your stance concisely and transparently. However, if you talk too much, you weaken your position. A stream of words from your side is a sign of a lack of confidence. There is an old saying that speech is silver, and silence is gold. If you can stop speaking at the right time when negotiating and get used to the awkward silence, your chance of success increases significantly.
6. Insufficient documentation of the negotiation process
Successful negotiation is more than just making the other party accept your terms. To avoid problems in the future, you also need to sufficiently document the negotiation process. Continuously write down and document everything that is happening during the negotiation.
What the parties think they have said can be drastically different from what they have. Also, after a couple of weeks have passed since the negotiations, reminding yourself about all the specifics can be difficult. It’s a good idea to have them written down.
7. Signing without reading
We are living at a crazy pace—it’s a cliché to say, but it makes those of us that are engaged in many tasks at once have trouble with focus, and… from time to time, it makes us sign legally binding documents without reading them beforehand.
The results can be catastrophic. Always make sure that you understand the content of the agreement you are signing in detail so that you can be sure that you are not irreversibly agreeing to terms that you might regret in the future.
To avoid problems later on, consult your lawyer and look at all the documents that comprise the written agreement.
Oh, and one more thing. If your partner manages the negotiation so that you sign the agreement “right after” lunch or heavy dinner, you should be extremely cautious. After a big meal, you are, to put it lightly, lazy, and once again, going through row after row of agreement paragraphs and terms can suddenly seem too tiring and appear unnecessary.
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