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Master These 9 Secrets Before Closing A Deal

August 13, 2020

Follow these tips and improve your negotiation skills so that both parties win.

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Master These 9 Secrets Before Closing A DealMaster These 9 Secrets Before Closing A Deal

Learning a good trade is vital to you success as an entrepreneur. It is a skill like any other that you can improve through practice.

If a business is more on one side than the other, it won’t work in the long run. A fair treatment it should cause pain to both parties. After years of negotiating contracts for myself and on behalf of my students, I’ve learned the following:

1. Have a good sense of humor. You will need it! Negotiations are very stressful for both parties, which is why a good sense of humor can be very helpful. Never lose your patience, don’t try to get angry. You’ve heard it before and I’ll say it again: it’s not personal, it’s business.

The reality is that when you get a deal you have to keep working with the people you are negotiating with. So it won’t help you if you scream, write a rude email, or say something that you don’t really mean. Some entrepreneurs invite you third person to help them negotiate for that very reason.

Another strategy is to avoid the final decision. You can say, “I have to share this with my partner” or “I have to share this with my husband”.

Do whatever it takes to maintain your mind and perspective, including taking deep breaths, taking the night off, running, etc.

2. Remember that time is your friend. Don’t rush it. If the other person you’re negotiating with urges you to sign, it can be a bad sign. Both parties must commit to spending time together in order to get good business. I disagree to speaking on the phone or email without giving me at least 24 hours to think about it. You may need to consult someone to make the decision.

3. Do your homework. If you want to negotiate from a position of power, you need to know the other person’s strengths and weaknesses.

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What are your long-term goals? / Picture: Romain V via Unsplash

4. Have a great attitude. What are your long-term goals? What are you trying to win It can be easy to lose sight of the big picture. At the beginning of every negotiation, I tell the other person how excited I am to work with him or her and that I think our partnership is very good for both of us. That helps me set the right tone.

5. Start with a condition sheet. This should have four or five important things. If you can’t agree on these fundamentals of your relationship, why start a negotiation? It is very expensive. You just started dating. Once you have agreed to these terms, you can talk about the contract.

6. Contracts can change. If they write it down, it can be in their favor. It’s good. You spend money on it. But now you need to make some changes. Remember, contracts can be ugly. A lot of what they say are things that could go wrong. No panic. There is a document in progress. The first draft needs to be negotiated and changed.

7. Always think of some things to give up. Negotiations are about give and take. You don’t want to lose things that are really important to you.

8. Speak out loud. If I read something that is very stupid to me, I read it to the person on the phone. Then we laugh. He quickly realizes that it is more to his advantage when it comes out of my mouth.

9. Don’t try to negotiate all issues on the same day. It’s very overwhelming and exhausting. I recommend starting with a few points of contention that can be addressed quickly and without much negotiation. After building a good relationship, talk about important topics.

Identify what you cannot agree on. You will have to do it Concessions and commitments. You won’t get everything you want, but you can hire a lawyer to help. I do my negotiations, but I never sign a contract without my lawyers reviewing it first.

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