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The 10 principles of negotiation

The 10 principles of negotiation

Every business is unique and the objective changes every time. There is no such thing as a single winning hand that beats all others. A win-win is needed here.

  1. Know your opponent
  2. Know yourself
  3. Know the goal
  4. Be 100 percent prepared
  5. Deal with the decision maker
  6. Take your time
  7. What can go wrong, will go wrong
  8. Be agile and creative
  9. Establish relationships
  10. Integrity, no matter what

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Jorge Peréz

"Always leave money on the table. Building a relationship is more important than doing business."

JORGE PERÉZ

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132 reads

1. Know your opponent

1. Know your opponent

In any negotiation you must know what are the conditions of the other party to get the most out of it. You have to know if your opponent is strong or weak.

Never underestimate your opponent. Never.

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98 reads

2. Know yourself

2. Know yourself

You have to know your strengths and weaknesses, your position, what you really want.

It's about knowing who we are, what do you really bring to the table? What do you bring to the table that the other doesn't have?

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90 reads

3. Know the goal

3. Know the goal

Negotiations should always start with an understanding of where you want to go.

Note: when entering into a negotiation, the exit strategy has to be part of the end goal.

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98 reads

4. Be 100 percent prepared

4. Be 100 percent prepared

Do the research before you go to the first meeting.

How someone has handled their business in the past is a very good indicator of how they will handle this one.

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82 reads

5. Deal with the decision-maker

5. Deal with the decision-maker

Always try to negotiate from the beginning with the final decision-maker so that you can't come to the meeting fresh and say you would never have agreed to it.

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69 reads

6. Take your time

6. Take your time

In negotiations, the tortoise wins.

Never let the rush to close the deal lead you to make the first offer. It is always better to let them make the first offer.

  • Because the first offer is just that, it is a starting point. It is rarely the end.

Never fail to see that you are anxious or desperate.

Take your time. Do not despair. Those who despair always end up closing a bad deal. Don't get backed into a corner. If your back is against the wall, don't let them notice.

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62 reads

7. What can go wrong, will go wrong

7. What can go wrong, will go wrong

Murphy's Law: what can go wrong from the moment the negotiation was made, will go wrong, unless things secure.

We have to expect the unexpected. You always have to think about what can go wrong, will go wrong. However, you can limit the number of unexpected events if you do a good research.

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79 reads

8. Be agile and creative

8. Be agile and creative

Negotiations evolve. They are not static. Circumstances change.

We must not close ourselves off. You have to know how to listen to detect the small signs and take advantage of them.

Be open to the possibility of changing the original plan if that is what is required to carry it out.

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63 reads

9. Establish relationships

9. Establish relationships

Establishing relationships is one of the most important goals in any negotiation.

Negotiations are not just about the actual business, it is more important to establish a relationship than to make a deal.

If you give them something you wouldn't necessarily have to give, you show them that you care about them. That builds a positive relationship.

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56 reads

10. Integrity, no matter what

10. Integrity, no matter what

Whatever happens, always maintain your integrity.

Once your reputation is tarnished, when people realize that you are willing to negotiate the shortest and easiest route, others will lose respect for you and that will greatly reduce your growth potential in the future.

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horacioquintana

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