I Used To Suck As A Negotiator
A quote I have to remind myself and my coaching clients of often is from Chester Karrass: “In business as in life, you don’t what you deserve, you get what you negotiate”. I love this quote because as harsh as it may seem, it’s the truth.
If I’m honest with myself, the old me missed out on living the best version of my life because of a lack of negotiation skills. As a business owner, I can say for sure, I’ve left tens of thousands of pounds on the table because of it. All I can say now is thank God for change!
For the last few years, I’ve been working on becoming a better negotiator. It paid off because the value of the deals I’ve secured for my business has increased by around 150%, and the truth is, I still feel like I’m just getting warmed up. I started taking this area seriously for myself but also so I can use what I’ve learned to teach the Dream Nation community.
I believe one of the biggest things holding you back from reaching my full income potential is a lack of knowledge on how exactly to negotiate better. I want to change that.
'In Business As In Life - You Don't Get What You Deserve, You Get What You Negotiate.'Click To Tweet
7 Traits of A Good Negotiator
The first thing we need to agree on is that negotiation is a skill, and just like any other skill with the right mindset, work rate, and coaching, you can master it. Becoming a great negotiator is complex, and it will take some time, but that’s fine, as Practical Dreamers we’re not scared of putting in the work.
The first step to becoming a great negotiator is developing the right mindset; below are some of the key ideas you’ll need to adopt for yourself.
Good Negotiators Create Value
It’s easy to fall into the trap of thinking negotiations are all about making compromises. However, the best negotiators approach each situation with a creative mindset and with the belief that there are multiple situations where both parties can get what they want. By bringing new ideas to the table, the overall value of the deal can increase, meaning that there is more value to be divided.
Good Negotiators Are Respectful
“Pride comes before a fall” is an expression I live by. Underestimating the knowledge, preparedness and ability of the person across the table from you can lead to disastrous results. Also remember, people are far more likely to accept your deal if it came from a process where they felt respected. You can achieve this by making sure they are comfortable to voice their opinions and concerns.
Good Negotiators Do Not Bully
Don’t buy into the media image of a good negotiator. The Hollywood version of a negotiator only really considers one potential outcome, that one party must win and the other party else must lose. In reality, it’s also possible that both sides can win and of course just as likely that both sides can lose. If you try to bully the other party into a bad deal, rarely is anything stopping them from simply walking away from the negotiation table. In that scenario, neither party gets what they want.
Good Negotiator Are Long Term Thinkers
Going into a negotiation with the end goal in mind is crucial. Knowing what you want for your future will mean that you can focus on what you actually need from this current deal. As a result, you will have more flexibility to find creative solutions, and you’re able to ensure that your real interests are protected. This often also means that you can benefit in the future from maintaining a healthy relationship with the other party.
Good Negotiators Know Their Non-Negotiables
According to the financial times, “Negomaia is the belief that all problems can be resolved through negotiations”. People with this mindset tend to allow everything to be up for negotiation, which is a mistake. Taking the time to understand your values and setting appropriate boundaries will serve you well in the long run. Doing so will ensure you maintain your integrity and your reputation.
Good Negotiators Are Reflective
Every negotiation is an opportunity for you to continue to perfect your craft. As I mentioned earlier, negotiation is a skill so through self-reflection, a growth mindset and good coaching, good negotiators, are always improving. Don’t play the blame game, instead focus on these two essential questions:
- What went well, and why?
- What didn’t go well, and why?
So what’s next?
On my end I’m going to continue to hone my skills, the next big step for me and my business is securing better sponsorship deals for our events. I’ll take you along with me on that journey as much as possible. Additionally, I’ll also be sharing more and more insights and developing training to help you become a great negotiator too.
