Successful Negotiating Tips

1) When working through a trade exchange you are using a currency, so discussing or negotiating the price is often not attempted in this marketplace.
 
Why not? When you're buying or selling on a cash basis (using another form of currency) you most likely do so. It should become second nature to your way of thinking to get the most out of your trading endeavors.
 
2) Never discuss business where others can overhear you … it could kill a good deal.
 
3) Get to know people. More deals will result from whom you know, rather than what you know.
 
4) Top negotiators debrief themselves by keeping a file on the opposition, and notes on previous discussions.
 
5) Get it in writing. Agreements prevent disagreements, and assumptions are very expensive.
 
6) The best and most successful negotiators are extremely good at saying "no" and smiling … and then asking for more.
 
7) Never give someone an ultimatum, unless you really mean it.
 
8) If you're not up at the plate with a bat in your hand, you can't hit a home run. So get into the game where you'll learn how to be successful.
 
9) Listen, listen, listen. Let the other person talk all they want. You can't learn anything if you are doing all the talking!
 
10) Final offers are rarely final.
 
11) Looking for good agreements where both parties are satisfied with the outcome? Of course you are … so deal with people who are honest. A contract with a dishonest person or company provides you with only one option when it blows up … an opportunity to litigate.
 
12) Make your decisions on facts, not emotions. In the long run your instincts are no match for due diligence and solid information.
 
13) If it doesn't make sense to do the deal, swallow your pride and walk away. This is your single, most powerful strategy — the willingness to get up and walk away from the table without the deal.
 
14) In almost every negotiation when you find out the real reason (rather than the reason given), your probability of success expands dramatically.
 
15) Remember, value is subjective not objective. It's not how much it's worth; it is how much people think it's worth.
 
16) Always, always, before you begin any negotiation, look beyond the title and make sure the person you're dealing with is in a position of authority to make the final decision. If they are not, don't meet until you can negotiate with someone who has the power to sign an agreement.
 
17) If you don't recognize a good deal when you see it, you're not ready to negotiate. Pay the price … do your homework and know your marketplace.
 
18) Honing your negotiating skills is important, because it applies to virtually every aspect of your business … selling, purchasing, hiring, firing, expansion, and downsizing.