Wednesday, May 30, 2012 - Article by: Lender411 Member
Start by listening: don't reveal what you want right away. Le thte other side go first, so you know what you're dealing with. If they're hesitant, be firm. Explain that you can't give them what they want without knowing what they need.
Stick to the process: Experts tell us there's a 3-step process to successful negotiations:
Collect the opening positions;Probe for more information, arrrive at a compromise.Look for common ground in the step where you're asking for more info. suppose you're buying a used piano. After the seller and you share opening positions, ask what's included--the piano bench, a pian light, maybe some sheet music the seller no longer needs.
Be ready with " under what circumstance?"
This is the magic phrase that reveals what the other side feels they need. "Under what circumstances would you provide financing for my business" Under what circumstance can you deliver this by the end of the month? until you know this, you can't reach a compromise.
Avoid round numbers..One office cleaning service quotes $ 40 a week, another says $ 38. Which one would you negotiate with? Always come to the negotiating table with an exact number, but don't use zeros. Not using a round number makes it look like you've done the math, which can intimidate the opposition. Make concessions the same way. If you have to come down, lead with an odd number amount....
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