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Are you motivated to have your own business but lack the experience to start and grow your own business? Do you want to turn your passion into your business? This course will be based on practical examples of challenges that you might face when starting your own business...Learn moreStarting Your Own Business

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Empowerment Through Knowledge
No.05: Negotiation Tips

A formal negotiation can be daunting for those embarking on one for the first time, however even business people who have been engaged in negotiations frequently often wonder what they could do differently or better to come out on top. If you are one of these two types of people, this fifth edition of Empowerment Through Knowledge brings you three tips for more effective negotiations.

1. Concentrate on what is important
    • Before the negotiation begins, make sure you have a clear goal in mind. Decide on your ideal outcome, what you are able to accept and what is a deal-breaker for you.
    • Do not let yourself get distracted by other issues or suggestions that may seem enticing but lie outside of your goal for the negotiation.
2. Get the other side to commit to a starting position first
    • By urging them to make an offer first, you gain information about them and about your best strategy for achieving your desired outcome. You should use this information when making a counter offer.
    • Their offer may actually be better than you expect, meaning that the negotiation may be less fruitful if you made your offer first.
    • After they make an offer, whether good or bad, you could use the price bracketing technique to achieve an outcome acceptably close to your target, meet it or even exceed it.
3. Price bracketing and spitting the difference
    • A negotiation mostly happens within a price bracket that has an upper and a lower limit.
    • Let’s say your target is to agree that you will pay a price of €8,000 for a service. When your opponent makes an offer first, asking you for €10,000 (upper limit), you now know that you would need to make a counter offer of €6,000 (lower limit) in order to then be able to suggest splitting the difference between your offer and theirs, resulting in your target price of €8,000.
    • This way, if the offer is better than expected, you could even make a counter offer that results in a better outcome than you had targeted.

 

If you would like to learn more tips and tricks for effective negotiations, join our Negotiation Skills one-day workshop and get hands on experience practicing techniques with the other participants.

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