Business Development: Advanced Negotiating Skills

I recorded a video today entitled ‘Advanced Negotiating Skills’.  In my view, this is another life skill that should be taught at school.

Want to buy a car or a house?  To get the best deal, negotiating skills could save you a lot of money – not just on the purchase price but also in negotiating the finance.

If you don’t get the best deal on your mortgage, you could be locked into a bad deal for a lot of years.  Buy at the wrong price and negative equity is the consequence.  This is fundamental stuff.

If you ever negotiate with someone from the Far East, you’ll find they are much more clued up about the negotiating process than Westerners who often don’t have the patience to negotiate properly.

It’s a ritual or process that has distinct phases and stages.  If you don’t know what they are, you will be at a disadvantage if you come up against someone in a negotiation who knows the process.

Do you know your MFP (most favoured position) or your WAP (walkaway position) or your BATNA (best alternative to a negotiated position)?  If you don’t understand this terminology, then you need to get clued up before you get ‘sewn up’ by someone that does.

The use of silence and taking ‘time-outs’ are devastating skills when used in the right context.  Advanced negotiators know when to ask a question and then shut up!

Negotiating skills were so important to my bank employer that they sent us to Wales for a residential course.  Do you think they had a return on their investment when we returned to the branch ?  Just about every day.

I haven’t decided what to do yet with the video I’ve made on Advanced Negotiating Skills.  In fact, I have now decided to create a second video entitled ‘The Negotiating Range’ which discusses the importance of knowing your negotiating range.

These will both be released shortly into my library of resources for small business owners.

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