The Deadly Sins of Contract Negotiation
In this webinar, executive coach Shawn Doyle shares insights into 8 common negotiation blunders and how to avoid them
Whether you’re ironing out an ongoing deal with a vendor or finalizing payment details with a new client, knowing the most — and least — effective ways to negotiate can mean the difference between a smooth project and a rocky professional road.
Sin No. 2: Prescription Before Diagnosis
Just as a doctor (hopefully) wouldn’t give you a bottle of medicine until he or she knew exactly what your symptoms were, jumping to solutions in a negotiation meeting before you fully understand the challenges the other person or firm is facing can knock things off track. Don’t sell, Doyle says, until you know exactly what they need.
This common issue can be resolved by asking plenty of open-ended questions or even putting together a specialized questionnaire ahead of time. And being a good listener never hurts.
Just as a doctor (hopefully) wouldn’t give you a bottle of medicine until he or she knew exactly what your symptoms were, jumping to solutions in a negotiation meeting before you fully understand the challenges the other person or firm is facing can knock things off track. Don’t sell, Doyle says, until you know exactly what they need.
This common issue can be resolved by asking plenty of open-ended questions or even putting together a specialized questionnaire ahead of time. And being a good listener never hurts.
Sin No. 3: Thinking Negotiating Is Rude
Professionals in other parts of the world are generally a lot more comfortable negotiating than those in the U.S. are, Doyle points out. In order to keep this discomfort from interfering with your contract, practice. Even proposing small deals in your everyday life (would the farmers market vendor be willing to knock off a few dollars if you bought another bunch of grapes?) can make you feel more confident in your negotiating skills and the whole thing feel more natural.
Professionals in other parts of the world are generally a lot more comfortable negotiating than those in the U.S. are, Doyle points out. In order to keep this discomfort from interfering with your contract, practice. Even proposing small deals in your everyday life (would the farmers market vendor be willing to knock off a few dollars if you bought another bunch of grapes?) can make you feel more confident in your negotiating skills and the whole thing feel more natural.
Watch now: See the rest of Doyle’s tips in the full webinar
Your turn: How do you keep your negotiation skills sharp? Tell us in the Comments.
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Your turn: How do you keep your negotiation skills sharp? Tell us in the Comments.
More resources for pros on Houzz
3 Finance and Pricing Tips From Savvy Pros
Your guide to this year’s Best of Houzz awards
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We’re sharing that conversation, “Business Insights: 8 Deadly Sins of Contract Negotiation,” again here in case you missed it, but here’s a little peek at three of Doyle’s top tips. You can watch the full webinar below.
Sin No. 1: Lack of Preparation
With the vast network of information at our fingertips, there’s no reason to go into a negotiation meeting without having at least a basic knowledge of who you’ll be talking with and where they might be coming from.
Doyle suggests using online tools such as Houzz profiles and Google searches to discreetly learn more about the client or executive you’ll be meeting, the company you’d be working with and the neighborhood where the project would be taking place. Knowing this information ahead of time makes it clear that you’re serious about the prospect and sets you up for success.
Pro Q&A: How to Get in the Door and Close More Deals