Recently, I spoke with an individual who wasn’t happy with the deal they negotiated for themselves. I myself have had some deals I walked away from, and others I wish I had. So, I thought I would share some tips on negotiation:
- Go for what you actually want, not what you think you can have.
- Be willing to walk away. It not only strengthens your position, but it’s also healthy for you.
- Listen to and watch for red flags in the other person (gaps in character, communication breakdown, lack of follow-through).
- Consider extreme cases (extreme success or extreme failure). Can you survive both?
- Consider cash flow, not just profit (don’t bankrupt yourself on success).
- Have your criteria for what a good deal looks like before you walk in.
- Stick to your guns, unless you are completely OK with any compromises.
- Slow down if you are attached to a specific outcome (either fear or excitement).
- Use your voice in negotiation.
What else would you add?
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