Trump on NegotiationsTrump on Negotiations
Negotiating is an art. There are
nuances and finely honed techniques and rules to be aware of. Here are a few of
them:
Have a
win-win approach.
Remember that in the best negotiations, everyone wins. This is the ideal situation to strive for. You will also be laying the ground work for future business deals with people who know what integrity is.
Know what you’re doing.
Sounds simple, but I’ve seen a lot of instances where I couldn’t believe how
much the other side didn’t know. I immediately knew I could have a grand slam
and fast, just based on their apparent lack of preparation. My father used to
tell me, “Know everything you can about what you’re doing.” He was absolutely
right: knowledge
is power. I’m giving you the same advice. Follow it.
Communicate your
position clearly.
What
they don’t know can actually hurt you. The honest approach is a good way to see how much your
negotiating partners don’t know. It’s also a good way to see if they are
bulldozing
you, and will keep them off balance if they are trying to take advantage of you.
Remember, it
takes a lot of smarts to play dumb, and
that may help you down the line.
Listen and trust your instincts.
There are a lot of situations that will not be black and white in negotiating, so listen to the other side carefully and assess what they are saying to you about their position. Combine this with your homework and you’ll be ahead of the game.
Be flexible; don’t be confined by expectations.
There are no exact rules, and sometimes I’ve changed course in the middle of
negotiations when something new has occurred to me. Remain flexible and open to
new ideas, even when you think you know exactly what you want. This attitude has
provided me with opportunities that I would not have thought about before.
Be patient; be indifferent.
I’ve waited for some
deals for decades, but make sure what you’re waiting for is worth it to begin
with. Never get emotionally involved in any deal. Never. All deals are about simple
cost and benefits, not your self-worth or self-image.
Know when to say no, and learn when to walk away. This has become instinct for me by now, but I think we all know
when that buzzer goes off inside. Pay attention to that signal.
In summing up, I can say that negotiation is an art, not a science. All the arts require
discipline, technique, and a dose of imagination to take them beyond the realm
of the ordinary. Don’t be an ordinary negotiator when you can be an
extraordinary one. Devote time to this art and it can bring you enormous
rewards.