5 Negotiating Blunders

Every entrepreneur has to spend some time negotiating, whether it is with customers, suppliers, investors, or would-be employees. But the moment something careless just slips out while negotiating ,you get into trouble.Following are words you must never say in the course of a negotiation:

1. The word “between”: It often feels reasonable—and therefore like progress—to throw out a range. With a customer, that may mean saying “I can do this for between Rs 10,000 and Rs 15,000.” With a potential hire, you could be tempted to say, “You can start between April 1 and April 15.” But that word between tends to be tantamount to a concession, and any shrewd negotiator with whom you deal will swiftly zero-in on the cheaper price or the later deadline. In other words, you will find that by saying the word between you will automatically have conceded ground without extracting anything in return.

2. “I think we’re close.”: We all experienced deal fatigue,i.e.the moment when you want so badly to complete a deal that you signal to the other side that you are ready to settle on the details and move forward. The problem with arriving at this crossroads, and announcing you’re there, is that you have just indicated that you value simply reaching an agreement over getting what you actually want. And a skilled negotiator on the other side may well use this moment as an opportunity to stall, and thus to negotiate further concessions. Unless you actually face extreme time pressure, you shouldn’t be the party to point out that the clock is loudly ticking in the background. Create a situation in which your counterpart is as eager to finalize the negotiation (or, better yet: more eager!) than you are. Read more of this post