6 things you should never do when in a negotiation

By Angus McDonald - 18/11/2020 3:29:00 PM

Someone might have rightly stated that the business profit lies in the negotiation part. If you are able to crack a deal that’s better than normally offered, you would have a much higher satisfaction level while going through the execution phase of the negotiated deal.

Winning or losing is part of the game and you should never be afraid of the outcome. The best part is that you had the chance to negotiate, come across people from different backgrounds, and learn something new. While you are able to meet different people on a regular basis, it is a key thing to note that each individual or business entity has something priceless to offer for enhancing your communications and work experience.

While there are various negotiation techniques and each industry has its own set of rules to abide by. There are some turn offs that should never be done in the negotiation phase. It leads to the probable loss of yours and presents fewer chances of growth. Let’s go through six things that should never be done while negotiating.

Never commit out of business scope

You may come across various propositions that may seem necessary to accept to close the deal. It is highly advised that never commit something out of your business scope that you don’t have the domain knowledge about. It would ruin your rest of the efforts too if you wouldn’t be able to deliver according to the expectations level.

For instance, you might be specializing in any online selling skill and the client may request you to handle other sorts of tasks too along with what you are offering. Never jump into the acceptance if you aren’t aware of how things will go in the requested domains. Always have a clear path of what sort of clients you need and if you want to expand your offered skill set, first learn and practice for quite some time before you negotiate any projects.

Never forget about the discount margins

When you have to offer a quotation for business deals, never be forgetful about adding the discount margins. Most of the clients do ask out for this and they consider themselves in a winning position if they get some reduction in the price offered. While you have to maintain market competitive pricing, it is also quite cardinal to have the margins for discounts during price negotiations.

Never lose the lead

Leads generated are the asset themselves. While you may not be able to close some of the negotiations, you don’t want to lose them completely. It is quite a possibility that they might get in touch with you in the near future or you get something to offer that they were exactly looking for. Keep the loops open for the leads you come across and do not lose the relationship that you’ve developed. You do not know what might turn gold any day.

bad negotiation

No assumptions at any stage

It is the most important aspect to enter into the negotiations phase and maintain your relevancy during all stages. Never fail to understand what the other party wants to communicate or get from you. Be a good listener and this is what all good communication skills are about. While you have your own business goals in mind, it is quite a necessity to make informed decisions rather than going after the assumptions.

Never lose patience or hope

The negotiations can be the most tiring and frustrating job if the other side fails to respond at your expected times. To unlock the success recipe, you have to keep your patience with time as things might run slow in the initial stages. A consistent set of efforts brings long term sustainable results. Each industry has its own turnaround time for closing the deal so remain cautious and always prospect for new clients too while you negotiate with some.

Never shy away from asking out

During the negotiations phase, there is a dire need to understand different aspects of the domain-specific work. Without understanding those, requirements and offered propositions always remain vague. Proposing something without getting the requirements fulfilled is the worst-case scenario for any sort of negotiation. Ask the prospects out kindly without shying away what you need to know and they will be happy too that you are serious about work and looking to offer customized solutions.

The ability to negotiate is an irreplaceable skill and guarantees the success of any business model. These were the 6 critical aspects that should never be done while entering into the negotiations. There is no replacement for the experience, while you start with a principled foundation, you would be seeing better results even from the starting phase.

Tags: Sales, Negotiation