Money & Banking
13 things you should know about negotiating
Follow these tips to get the most out of yourself and your bottom line.
1. Learn to improvise
2. If someone offers a good deal
If someone offers a good deal, be sure it’s worth the risk to ask for more.
As Harvard Business School professor Michael Wheeler writes in 2013’s The Art of Negotiation, “When someone hands you a tasty piece of cake, with rich frosting to boot, think twice about asking for sprinkles on top.”
3. Jot down what you want beforehand
One group went straight to business; members of the second began by telling their partners about themselves.
Chatty negotiators reached an agreement 59 per cent of the time, while business-centred participants succeeded only 39 per cent of the time.
8. Demonstrate potential
You need to demonstrate potential rather than listing accomplishments.
A 2012 US study measured how participants felt about a hypothetical job candidate.
Respondents felt a person who lacked experience but had potential would be more successful than one with experience but fewer prospects for improvement.
9. Beware the gender disparity
10. Don't fall prey to "negotiation myopia"
If you save them all for one session, you’re in danger of coming across as needy.
12. Have a fallback position
“If you’ve got a great Plan B, you’ll have a more powerful negotiation,” Latz says.
“The easier it is to walk, the more likely you are to achieve your goals.”
13. Be soft on the person and hard on the problem
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