Challenge Your Assumptions
No matter what deal you are negotiating or how closed the options seem to be there is always room for some extra value. All it takes is a desire to seek extra value, and believe me extra can come from the most unexpected areas. The first and most important thing to consider is your own mind set, are you making assumptions or are you really open about the possibility of increasing value in your deals.
So what do I mean about extra value, well simply put we use all the available resources to create a deal that makes the most of the opportunity to make both parties better off, or at least to benefit one without adversely affecting the co-party. It is about generating options within the deal which provide value on important interests, it is not all about getting a better price. Why bother fighting over a share of a pie when you can simply make the pie bigger, “Expand The Pie” and then share it out. This is very different from the traditional mind set of winning the deal, or beating the opposition in the negotiation. That is the traditional, and I would argue, poor model of negotiations that most people try to achieve because they assume it’s the expected path to follow. What I recommend is something completely different, learn that good negotiators don’t win, they achieve, and they succeed. They set their goals and then behave in a manner to achieve the outcome. Become a problem solver. Identify the deal as a joint problem that you will solve together, rather than an instrument to beat each other up with.