Lee Sumner
Certified Professional Coach

for inspiration, strategies, and results

April 2006

Vol. III - Issue 4

Words of Wisdom

Seven Secrets to
Help You Deal and Win

1. Think competitively, not cooperatively. This doesn't mean you have to turn into a self-centered narcissist. But in a business setting, your goal is to get the most you possibly can -- because you deserve it. The people you're negotiating with think they deserve it, so why should you go home at the end of the day knowing that everyone but you is happy?

2. Recognize that self-knowledge is power. There's an old saying, "If you don't know who you are, this is an expensive place to find out." The same can be said of most workplaces. You must be aware of your strengths, the specific value of your services, and what you could command elsewhere. You also need to know your market, your product, and your competition.

3. Determine your hierarchy of payoffs. A good negotiator knows what's important to her and what she's willing to give up. Maybe salary matters less to you than days off, bonuses, or childcare. Don't leave it up to the other person to ask if there's something you'd like -- it won't happen.

4. Decide beforehand whether you're willing to walk away from a deal. Let's say you're negotiating salary. Arrive at a fair number you'd be pleased with, and also have a minimum in mind. In trading this is called a stop. But before you declare a deal breaker, make sure you have a Plan B. Less is better than nothing if, say, you haven't got a chance of securing another job.

5. Sometimes smart negotiation involves giving in at one juncture so you can reap more later. Suppose you have a small business that provides a service, such as interior design, graphic arts or website design. If you're making a lot of deals, even if they're small ones, you're creating a customer base and good word of mouth, which will allow you to raise your rates down the road.

6. Realize that nobody else is going to advocate on your behalf (unless you're paying them). No one cares more about you than you, right? Then why do we find it so difficult to stand up for ourselves? Women tend to be far more modest than their male counterparts. Sometimes it helps to pretend you're negotiating for a savvy and accomplished friend. If this doesn't cut it, consider hiring a headhunter or agent who will more than pay for themselves. Recognize your limitations and surround yourself with people who can and will make things happen for you.

7. Don't be afraid to ask the other person what he'd like to get out of this deal. Listen for his sticking points and for his absolute musts. Take note of the areas he doesn't mention, as these are where you're going to have bargaining power. For example, if your boss wants you to phone X number of clients each day and doesn't care whether you're calling from the office, you can negotiate working from home one day a week.

Adapted from Leg the Spread: A Woman's Adventures inside the Trillion-Dollar Boy's Club of Commodities Trading, by Cari Lynn

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I'd love to hear how you use these tips to make your next deal!

Warmly,

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