1.SELF OBSESSION

What’s in it for me? Prepare in advance by pre-empting what the other party is seeking. Enable them time to explain this to you and question them so you are clear. Seek to offer what they want or alternatives that meet the same objectives or else a seemingly generous compensation package. If

there are no clear benefits to the other party, you can expect them to never agree to your offer.

 

2. FEAR

Some people have a fear about rejection, but in reality there is no rejection in negotiating. If you ask for a discount on your fruit from the greengrocer that you visit regularly and the owner says “no” what have you lost? Nothing! Now you have the choice of continuing to pay full price or take your business elsewhere, for you are in charge of the decision-making process. Always assess your BATNA: your best alternative to a negotiated agreement. Practice setting a BATNA in even the most mundane of negotiations - it introduces boundaries to the process that ensure you always come away satisfied. Hence it totally takes away the fear factor which only leaves behind the opportunity for fun and the prospect of finding a bargain.

 

3. BELIEVING IT IS NOT WORTH HAGGLING OVER LOW-VALUE ITEMS

This is where you can test the value the seller places on your continued custom. Practice negotiating on things you do regularly, for example if you spend £50 on a meal most Fridays at your local curry house, why not ask for a regular customer discount – a 20% discount amounts to £500 a year. Why should it be that only new customers get all the good offers? Try negotiating on your mobile or cable contracts: but be prepared to take your custom elsewhere (establish your BATNA). If you fear embarrassing your family or friends, do it discretely or at the right time – stand up from the table to pay the bill if you feel you need to withhold payment for bad service. Alternatively, if you are planning a special meal out, visit your favourite restaurants in advance and ask them what they can offer you. This is easier than trying to negotiate when you are hungry and are stood on their doorstep with your family in tow.

 

4. FORGETTING THAT EVERYTHING IS NEGOTIABLE

Anything can be negotiated in the right circumstances. You will be surprised to find what others will do to secure your business. You just need to remember that there needs to be something in it for them: and it needn’t be financial. Consider bartering by recognising your skills: if you’re a professional photographer, ask for a discount on, say your new kitchen by offering to do the shots for their next brochure. Be prepared to accept the sub-optimal for a cheaper price: this is the principal behind early bird dining or end of season retail sales.

 

5. MAKING THE FIRST OFFER

This will limit your options. In a shop where the price is clearly marked, try asking “would you take less to sell this today?” When you are the buyer, try not to make the first offer as it immediately sets the lower limit and the negotiated price can only go up! Similarly, if you are the seller, try not to make the first move as the price can only go down! You may think that stand offs occur: this is rare in other countries and almost unheard of in Britain where people avoid conflict and almost always offer to fill or avoid awkward silences or situations.

 

6. BEING TOO KEEN

A karate black belt begins by testing his opponent, and a similar approach should be taken when bargaining. Don’t go down the road “time is money” - instead use time to build rapport and cultivate the relationship.

 

7. NOT DOING YOUR HOMEWORK

With internet access, research is quick and easy. For instance, when buying a car check out other garages selling the same model, find out when the next model is due out and assume that people work to financial year and monthly targets. To some target driven sales staff, to make a sale, even at a loss, can help them achieve their targets for which they will personally benefit. Try to second guess their BATNA: be creative.

 

8. BEING OVERLY NICE

Set an upper or lower limit if you have to make the first offer, but do it aggressively. Don’t worry about being overly nice as the other party can always say “No”. Expect your first offer to be refused, as people like to play the game. Having cash in your pocket is often a deal clincher: its alluring quality helps focus the mind of both parties and eases the buyer’s conscience – most people being handed cash will receive it with a smile.

 

9. NOT PLAYING TO WIN

How about aiming for a draw? You don’t want your opponent to get the better deal and neither do they. This does not mean try to take advantage, but do try to get the best deal you can and assume that the other party will do likewise.
There is no need to worry about fairness because if they agree to the offer then they must feel it benefits them too.

 

10. MISSING OPPORTUNITIES

Every time you pull out your purse or wallet think “is this an opportunity to practice my negotiating skills?” Each transaction adds up and the more you practice the better you become. Negotiating at least once every day will improve your skills and save you thousands.


 

 
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