4.
Re: Negotiating a contract Oct 20, 2007 9:47 PM
Prepare for the negotiation ahead of time:
1. Decide on your bottom line (the absolute worst deal that you're willing to accept) and stick to it. Be prepared to walk away if you have to.
2. Identify the areas in which you have power or leverage, and the areas in which the other party will have power or leverage during the negotiating process. Consider how and when to best use your power.
3. Identify your negotiating "currencies" -- not just the money, but other things of value that come into play (there are always things that you give easily and that are important to them, and things that they can give easily that are important to you, so put them into play).
4. Never give up anything without getting something in return.
5. Make sure the other person can "save face" if you win. Everyone has someone else they have to answer to, and we are likely to encounter the same people over and over in our business dealings. Never turn someone else into a "loser" in the deal.
6. Take a course, read a book, or listen to an audio program on negotiating ploys and tactics -- so you'll recognize what tough negotiators are using against you, and so you'll learn how to counter those tactics. (SCORE probably has a free course or something -- I'm sure they'll post it here if they do!)
7. Start negotiating well before you need something, and try to keep time on your side. If you can afford to wait longer than the other person to get an agreement in place, you have an advantage.
Good luck!
