8/25/2023-Negotiating

You get what you deserve, but how do you know if what you get is valuable? That’s why all good negotiators start first with understanding how to be good evaluators.

"See that penny on the ground," says Yoda.

"Yes, I do," you answer.

"It has value," Yoda offers.

"Great, then you pick it up. Keep it…it’s yours."

The universe’s expert magistrate doesn’t need your snark, just like you don’t need him (her?) to remind you that everything has value.

The number one mistake negotiators make is not evaluating tradable assets before their negotiations begin.

Maybe Yoda will loan you the Universe’s Guide to Valuing Everything That’s Ever Been Made and/or Transacted? (Third Edition, of course.) Oh wait, it’s checked out of the library by your competitor? Hmmmm. What to do?

Prepare for an upcoming negotiation by making a list of your tradable assets…that is, everything in the garage that you can throw into the deal. (What’s that line about "…one man’s garbage is another’s treasure"?)

The exchange of cash is the one thing that dominates all negotiations, but there’s much more to trade than just money. The more you understand the value of things to include in a negotiation, the more you’re apt to win the negotiation.

List the items, and then put a value against them. Then, list and value the items you assume the other side will include in the transaction. With that foundation, the negotiation will run better, and you’ll receive more.

Understanding value is the fundamental skill you should study to excel as a negotiator.

Start first by ensuring you understand the value of all your negotiable assets. This may be an impossible exercise without the help of your manager, but that shouldn’t stop you from getting the answers you need.

You will create a positive outcome for your negotiations when you understand the underlying value of what you are trading.

The tricky part of most negotiations is understanding the value of the items your negotiation opponent is trying to stuff down your throat. But because you’ll work hard to make your negotiation friendly and collaborative, you’ll have the space to ask the other party to explain the value. If they’re so adamant about including the item(s) in the deal, they’ll easily be able to help you understand the value.

A lot of posturing goes on during negotiations, but in the end, your demands must be based on something. You can’t just throw things against the wall and expect them to stick.

Regardless of the strength of your argument, there are opportunities to turn up the heat and apply pressure. That’s what you’ll see Erin Brockovich do in this 2-minute clip.

Obviously, Erin has a case, but the addition of force causes the opposing party to become intimidated. And that will obviously weaken their position.

Go, Erin.