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8 Tips to Improve Your Negotiating

14.04.20

Negotiating contracts is difficult. As Brits, we seem to have this perception that the cost offered is set in stone. In reality, a well-negotiated contract, or a series of well-negotiated contracts, can make a serious dent in your overheads.

With that in mind, here are our tips on how to improve your negotiation skills for the next time you are at the table.

1. Take your time

If a contract gets rushed through quickly, the chances are someone lost. It’s worth taking the time to make sure everything is correct. Very few people enjoy negotiating, it’s something a lot of business leaders just like to get out the way however it’s imperative that you don’t rush. The results will be worth the time.

2. Pace the discussion

 

Take everything one step at a time. Get the easiest points sorted first, use that to gain some momentum. If you get some discussion points out of the way early on, you’ll both be pleased. Eventually, you’ll have to get to the sticking points; if you’re both invested at this point, chances are the discussion will be far easier. You’ve both spent time on the discussion so you both have something to lose now.

3. Appreciate the two most important commodities you have

Time and money. These are likely to be your two biggest considerations. Make sure you have an idea of how much this contract is worth to you in monetary value. Once you know that, you can decide how much time it is worth.

4. Pick up the phone

Emails are great, they serve a fantastic purpose, but you can lose context quickly. We’ve all received emails that have come across terribly and left us wondering about the sender’s true intentions. If communications between you and the other party have started to slide, pick up the phone and get back on top of things.

5. Understand that the first contract is a start, nothing more

The first and last contracts are always very different; appreciate that. Getting worked up because the first version you’ve received is unacceptable is pointless and wastes everyone’s time. Read through it properly, work out what you would like to be changed, and then get to work getting it.

6. Good Cop/Bad Cop

 

This may seem corny, but it’s a cliché for a reason – it works. This doesn’t mean bringing along a henchman to start flipping tables. However, having someone back at the office who you can run any sticking points past and then use their opinion to leverage some power. The phrase “This doesn’t work for X” shows disapproval, but doesn’t force you to be confrontational – which can be a difficulty for a lot of people.

 

7. Be reasonable

 

Research what you can actually expect from your negotiations and appreciate that you’re not going to rob them blind. Have an idea of what you need the contract to be, and what you want it to be. Once you’re in that wheelhouse, accept that you’re onto a winner and push things forward.

 

8. Seek professional help

If your negotiating skills are what’s holding your business back, don’t be too proud to ask for help. Negotiating/re-negotiating contracts is a major part of what we do at NJG. If it’s more efficient to bring in an expert in negotiation than for you to do it alone then make the smart decision.

If you’d like any further help or advice, or if you’d like to know more about the services we offer, contact me now on 01257 232602, 07813 806344 and neil@njgpsl.co.uk

 

Photo by NikolayFrolochkin–2231981

SIX REASONS YOUR OVERHEADS ARE SPIRALLING AND WHAT TO DO ABOUT IT

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