Not Knowing Your Worth And Failure To Prepare: Most business owners either overprice or under-price themselves, both of which are detrimental to their negotiating power. As a result, before entering the negotiation session, conduct your research to determine the market value of your services.
Being Overly Eager To Close The Deal: It is critical to close the deal; however, if you are overly eager, the other party will sense it and will either latch on to short-change you or refuse to proceed with the deal because they do not trust you.
Failure to Listen: Always listen to the other party, not just to respond; pay attention to their body language and countenance.
Using Emotions: While we understand that your brand means everything to you and that you will do an excellent job, keep in mind that to the other party, it is just another product or service. So set aside your emotions and let logic rule.
Not Having A Business Lawyer Present During Negotiation: Lawyers are trained to negotiate logically and without emotion. Lawyers also understand how to distill issues. Here are three important reasons why you should have a lawyer present during your negotiations:
- Lawyers will always protect your interests during the negotiation process.
- Your lawyer will either draft or review the agreement to ensure that your interests are protected.
- The lawyer will ensure that the other party complies, and if they default, they will easily and quickly take legal action to protect your business.
