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You Can Negotiate Anything, Anywhere, Anytime

Wednesday, October 22, 2008

Fey's Q: Now, Texas-Hold-‘Em—most business owners duly attempt to sport the proverbial poker face when negotiating their various n’ sundry deals…but such is decidedly harder to do when sales are sluggish and thereby, everything seems to be resting heavily, clumsily on the bottom line. What are your words of wisdom for wheelers n’ dealers who still have to wade forth into gnarly negotiations during these turbulent economic times?

Mary's A: My philosophy is that anything can be negotiated. During these turbulent economic times, the hardest thing may be to close the deal. One has to play all the angles and ask:

1. Does the other side want something other than money? Maybe one party wants the deal closed very fast, and will accept payments over a longer period of time rather than a lump sum payment;

2. How can I sweeten the deal? Try to find out what the other side needs--this is where your research can pay off;

3. How can I be flexible? If you want the deal closed, you will need to be flexible--[however], you have to protect yourself at the same time;

4. What is my Plan B? If your first suggestion does not work, keep coming back with alternatives and suggestions--maybe one will be appealing, and be the one thing that seals the deal.

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