Have you ever felt nervous, intimidated dealing with authoritative figures, felt ripped off after a deal or just downright scared of a pending negotiation? You’re not alone.
This article will give you some tips on how to be more confident when asking for a pay rise, getting a better interest rate with the bank or reducing your insurance premiums.
Before you go in to battle for your next deal consider these five tips:
Tip 1. Be clear on what you are wanting to get out of the deal. What are your givens? Do you have a fixed budget or a set timeline that needs to be met? Write them down.
Tip 2. Be clear on what you are prepared to give up. There might be aspects of the service or product that you are flexible about. For example you might be willing to accept a white car instead of a red one or have a long settlement on a property for a reduced price. You may be prepared to swap providers if your don’t reach an agreed outcome.
Consider the status of the relationship. Is it new, or existing? How important is it to maintain. If you want to maintain an ongoing relationship you may need to be more flexible than if you are buying a once off item such as a new television from a large store.
Tip 3. Plan your responses to their counter offers. Think about what they want out of the deal. If you are negotiating with your employer for a pay rise consider what you will offer them in return for the increase in pay. Make some notes. Ask others about their negotiation experiences. Find out what questions did they ask? What questions will you ask to give an understanding of their needs and what scenarios are likely to occur that you need to plan for?
Tip 4. Consider your body language. Use assertive body language, sit up straight, use eye contact, use appropriate hand gestures, keep the space between you and them free from barriers such as bags, drinks, etc.
Tip 5. Aim to achieve a win:win outcome. To do this you will need to find out what they want from the deal. Find out what you both have in common. You want to buy a tractor. They are selling one. Consider the negotiation as a discussion. Acknowledge that you are listening and ask clarifying questions to get a better understanding of what’s being discussed. Keep emotion out of your discussion.
Remember to practice asking for a better deal, the worst they can do is say no.
Share your tips and advice or even your best negotiation in the comments or in the Young Farmer Business Network Facebook group.
There are a range of negotiation training workshops delivered by a range of providers.
Negotiation expert: Lessons from my horse | Margaret Neale | TEDxStanford
We acknowledge Gavin Beever, Cumbre Consultants and Paul Blackshaw, Meridian Agriculture for their contributions to the development of the article.