Negotiate Like a Pro and You’ll Win ’em All

Life itself is a continuous negotiation, and the problem is that not many of us are prepared for such a challenging battle. A great deal-maker is born not made, but this doesn’t mean that your skills cannot be improved as time goes by. Henry Devries and Tom Searcy talk about Warren Buffett, one of the world’s greatest dealmakers in the book “How to Close a Deal like Warren Buffett”. The two authors are analyzing Buffett’s negotiating strategy and they’ve managed to highlight some really important tactics you might want to consider to win ‘em all.

Negotiate Like a Pro and You’ll Win ’em All

How to be Warren Buffet in a Negotiation

Find out how much money your counterpart has and don’t be shy to talk about it from the very start. As a business owner try to be thorough in your research. Under no circumstances you should rely on other people’s opinions because you’ll end up accepting a general value simply because it’s a trivial number widely used in general. Try to research on your own, look and the numbers and understand them.

As a skilled negotiator you shouldn’t feel uncomfortable when it comes to talking about money. Entrepreneurs must talk about money from the beginning. You can’t afford to waste precious time on a deal can’t bring you any benefits, and if your counterparts are genuine business people they will surely understand your point of view.

Establish your Negotiating Boundaries

Preparation is key to a successful negotiation. Prior to attending a business meeting, you should take your time to prepare yourself, and try to think of every possible and impossible scenario. Define the things that you want, the ones that you’ll probably accept, and the ones that will make you leave the negotiation table. This also means that you will need to do a lot of research to find out what the other party wants to achieve, as well as what they’re willing to do to fulfill their dreams. Your attention should be turned to the other side and to the way they measure success. Get to know both your weaknesses and strengths, but don’t lay them out there because your competition will eat you alive.

Establish your Negotiating Boundaries

Get to Know the Enemy

Choose the people with whom you want to negotiate. For instance, you should avoid one-off transactions if you’re not a very competitive negotiator as only determined people compare negotiations with a game that needs to be won. If you’re calmer and you lay emphasis on long-term relationships, let some other members of your team take the lead.

Experts advise you to build some trust between you and your counterparts, try to make them feel as if they have a chance to reach the agreement they want. For example, if you want to rush things, mention that you’re used to unlimited debates and very long speeches, as this method can definitely make things move forward more rapidly.

Are you ready to walk away?
How to Close a Deal like Warren Buffett

Did you know that win-win solutions are dangerous trap? The idea behind the win-win negotiation is for good-hearted people
naïve and willing to agree to a bad deal rather than walk away. Let’s assume you’re adopting a ‘win-win’ attitude on a counterpart with an ‘I must win’ look. If you’re willing to make concessions then you’re not playing things right, and your attitude is not a ‘win-win’ one. What you’re actually doing: you’re playing the ‘wimp-win’ card so in the end you’ll end up losing.who are

Negotiations are very important for business people, and although we’re not born with the skills, this doesn’t mean we can’t acquire them. Regardless of how much you want to reach an agreement, you may notice that your strategies are not paying off. Don’t be afraid of letting your competition know that their offer is unacceptable and try to avoid making unnecessary concessions. Make others understand that you can afford to leave a negotiation table at any moment. If you choose to show respect and understanding, framing a good negotiation will be a lot easier.

About William Taylor

Experienced writer William Taylor has extensive knowledge of business strategies and negotiation. His site, thegappartnership.com/, offers negotiation workshops in different languages.