Tag Archive for Negotiation

5 Tips to Get Your Salary Back up to Market Value

It is a sad fact of life than many employers will not offer a salary increase unless you ask for it. Larger firms may offer regular, inflationary increases but this will not be the significant gesture that your hard work deserves. Provided you have been consistently working hard and have been with the company for a while then the following tips should help you achieve the raise you deserve.

Negotiating a pay rise Comvort Blog

  1. Know the right time to ask for a raise

Once you have worked at a company for a while you will come to understand your boss’s moods and when might be the best time to approach regarding this sensitive subject. Provided you have not recently messed up and the company is doing well you should request a meeting with your boss to discuss your current work and pay. Never spring this subject on them.

If you’re planning to negotiate, make sure to do it properly. Assess your options and don’t go overboard; negotiate for what’s rightfully yours. For example, if you’re been with the company for 3 years, then you are entitled to a raise. Start the negotiation with an emphasis on the main reasons you deserve to receive more money. Provided that have the right arguments you have the best chances of getting that 3% raise. Show them that you’re valuable and they won’t risk losing you.

  1. Focus on your industry

It is essential to know how much other people within your industry are being paid. It is not likely that your boss will dramatically increase your salary if you are already being paid the going rate for your position. Your HR department may be able to assist with this or one of the many websites which offer pay comparisons.

Knowing how much similar positions are worth across the industry is a good starting point. From there you need to look at what you do which is above and beyond the normal call of duty. These factors should be listed so that you can refer to them in a meeting. If you have been with the company for a long time or it has been a long time since you had a raise it is essential to make a note of this information and use it in your meeting. Keep copies of your research to support where you are getting your figures from. It is also imperative to collect information together regarding specific projects and have this to hand for your meeting.

  1. Never threaten and always have a back-up

The worst thing you can do when asking for a raise is threaten to leave. This looks unprofessional and may also leave you in a position. If you really need to use this approach you should ensure you have a new job offer lined up first. It is essential to consider your boss’s response and reasoning and then to prepare a back-up plan to fight this contingency. One scenario may simply involve your boss saying no to a raise. It is perfectly acceptable to ask why this is and when a more appropriate time would be. Whatever your boss’s response you will be able to take a note of his words and document proof in order to call a new meeting in another two or three months.

  1. Stick to the truth

It is imperative to have solid facts and to tell the truth when negotiating a raise. If you do not you will be caught out and the raise refused or your boss will find out later. Either way this will not make for a comfortable working relationship.

Equally if you feel you are worth an extra $5,000 but are not sure the company will go that high you still need to ask and back up your request with evidence. If you as for less you may get it but you will never know if you could have got what you are worth and you will remain with the feeling of being underpaid.

No guns Comvort Blog

  1. Value and emotional connection

It can be very beneficial when requesting a raise to point out to your boss the value which you bring to the company. Your value will be in your knowledge of the work processes and can even be a reflection of the cost of extensively training a replacement. Facts are essential to back up any claim. You need your boss to have empathy for your request and this means they should relate to you. Any request meeting should start with how grateful you are for the employment and what the company has done for you so far. It can also be useful to hint at your excitement regarding the future of the company and you within that future.

Professional Guest post by Jason Phillips and TheGapPartnership.com!

Believing these 9 myths about negotiation prevents you from growing

People who are not used to negotiations are afraid to negotiate because they’re influenced by several common myths of the trade. These are ingrained and widespread, yet this doesn’t mean they’re true. Believing unfounded allegations and claims with no meaning can stop you from growing in business. Nobody knows everything at the bargaining table, and this is a fact. But you must learn to mold your demands, expectations, and needs in order to close a successful deal. Here are 9 myths you might want to avoid though.

1. Negotiation is about winning or losing

This is probably the most common myth about negotiations. A lot of people wrongfully assume that bargaining for something is about winning or losing, and that there’s no other alternative. Well, there is and it is called a win-win solution. Successful deals can happen even when all the parties involved compromise to reach an agreement.

Tips 9 Myths

2. Negotiation is a natural-born skill

False! It can’t be a natural-born skill. Negotiation is a skill that has to be learned in order to be mastered. The more you bargain with people and close deals (good ones and bad ones) the higher chances to have to gain experience and become a professional. A lot of people wrongfully presume that excellent negotiators are born and not made. They’re wrong! One needs years and years of practice before they can master this art.

3. Negotiators must be aggressive to win

Another myth that has been debunked over and over again; aggressiveness can help and it is often used by business people to take charge and intimidate opponents, but this is not the best approach to use when you want to win in negotiation. An assertive attitude can backfire. It could have many negative effects, thus convincing opponents to disagree and even walk away from a negotiation.

4. Lying can help you get out of a challenging situation

Believe it or not, a lot of people lie in business. This practice is used when an opponent has questions for you that you can’t answer. Making stuff up and bragging with unreal achievements has negative effects in the long term. Telling lies, or resorting to some other unethical negotiation strategies, will eventually make an opponent lose trust. Why should you put your credibility and reputation in jeopardy when you can just be honest?

5. Being nice means you are naïve

There’s no such thing as naiveté in business. And yet there are people who believe that nice guys end up last. That’s not the case. A kind, optimistic and positive attitude at the negotiation table doesn’t exude innocence; it says a lot about a person’s character. He/she may be nice on the outside, but likability can’t be translated into stupidity. Let’s not judge people after first appearances!

6. Negotiation is about winning more money

No, it’s not! Unfortunately, many still believe that walking to a business negotiation is all about getting more money than your opponent. Negotiating also means giving non-financial things up to get non-financial incentives in return; certain companies would rather end a deal with a mutual collaboration, a long-term partnership rather than receive more money, walk away and never speak to that company again.

Tips 9 Myths negotiation

7. Win-win deals are for losers

Associating win-win deals with loss is a mistake. In fact, a mutual agreement can bring a lot more benefits than a win-lose. Some companies want to negotiate in the hopes of building connections; In this case win-win deals means that you compromised but have invested in a long-term cooperation that could help you become more famous and improve bottom line.

8. Negotiation has clear rules one must follow

There’s no exact recipe for success in business negotiations. Yes, there are strategies one may choose to use, but most of the time people go with their gut. They act on an instinct, although they do with poise, determination and professionalism. It is important to enter meetings prepared; but success is not guaranteed of you adhere to the rules without adapting to a given scenario.

9. Negotiating is simple/difficult

Some people dread negotiations, others love them. In either case, you are never advised to take things for granted. A negotiation may seem easy/difficult on the outside, but prior to jumping in make sure you are prepared with facts. That’s all you need to succeed. Making assumptions can have a lot of negative effects. A certain deal may appear easy to close; be careful and whatever you do, don’t lose your temper.

 

Professional post By Jason Phillips and TheGapPartnership.com!

Wrong words that can ruin your whole negotiation process

Have you ever been in the middle of a negotiation which appears to be going well, only to find the whole procedure suddenly stalls and spins out of control? Often, the answer to this is simpler than you think. There are certain keywords which invoke emotions, often changing a person’s mindset. The following words are all trigger words, and some might actually ruin your negotiation if you’re not being careful.

uring negotiations

Need

“Need” is a fairly unassuming word used regularly in our everyday conversations. The problem in a negotiation is that it starts a thinking process in the other party. “Need” might have been used to show that this is a priority. It brings an image of essential to survive. This can lead to the following question – what if you do not have or get it, does this mean you cannot survive. Ultimately, if you cannot survive you are dead. That certainly bits a new spin on the debate! Suddenly, your negotiation may become stressful with a serious emotional element, and it is no longer possible to make clear business decisions.

“Understand”

The best intentions can start with wanting the other party to “understand” what you are suggesting and how it can improve life for everyone. The problem arises as you spend a lengthy amount of time going through the concepts and ideas, hoping they will understand. In a very good meeting, opponents and collaborators may completely grasp and support your ideas. In an average meeting they might end up more confused than they were in the beginning.

Instead of being able to make a decision they will need to research or get further advice. This means no decision is made and the meeting was a waste of time. If the meeting has gone really badly, the other party will now claim to understand and may do so. In the process, they have thought of ten or twenty objections and issues with your suggestion. Suddenly, you are much worse off than before the meeting.

The issue here is that providing too much information will inevitably lead to objections, these can create a stalemate situation. The more you try to get them to understand the more the natural human reaction of ‘digging your feet in’ happens. A good negotiator will paint a vision of the future and appeal to fruitful emotions to make a decision.

wrong words during a negotiation
“No”

Believe it or not, “no” is not a word you want to say over and over again in a negotiation. “No, we don’t need this”, “No, this is non-negotiable”, “Our final answer is no”. By stressing out on the importance of this word, you create tension. A negative vibe will materialize, and the whole meeting can end badly. It’s best to avoid the word, or at least work around it. “We’re not declining your offer; we’re just taking some time to reconsider it”. Maintain a professional attitude, because you have better chances of creating a mutual agreement.

Negotiation is a skill

You will need to learn to create a vision of the future in the other party, not with facts and figures but with emotion. The emphasis needs to be on positive words, allowing them to see the solution to their problem. Avoid muddling them with words, tactics and explanations. Focusing on the problem will never assist in resolving it. You must ensure they can see your vision for fixing the issues, and give them a clear course of action to take.

All decisions are fundamentally made by ‘seeing’. To make a decision we need to be able to mentally see the solution. It is an everyday occurrence. In our daily lives, we frequently see the answer to a problem; we have a moment of clarity and can see the right path to take. They are all images in our head. To successfully close a business negotiation there should be plenty of references to seeing things; this creates the link to remind the mind that it is capable if envisioning the solution. With the other party now looking in the same direction as you, focused on a fantastic vision of the future you will have completed your job. The details are not important; the results will speak for themselves.

Professional post by Jason Phillips and TheGapPartnership.com!

5 negotiation tips to draw sure shot success

Many experts argue that negotiation is art. That is because we’re talking about a process that tends to reveal people’s inherent capabilities of winning things. To some extent, negotiation is the most incredible thing you can achieve in using your wits and charm. Of course, there’s more to negotiations than meets the eye, and to some people this is not just a game of losing and winning. Some business individuals don’t see negotiations as a battle; in their vision, it is cooperation, a two-way communication process with winners.

International negotiation

Here are 5 tips to help you succeed:

  • Is there something that you want? Ask for it.

Skilled negotiators are used to challenge everything. They’re assertive individuals who are aware that everything’s negotiable. These people are “negotiation conscious”. Basically, this is what differentiates experienced negotiators from everyone else. Assertiveness is paramount in the negotiation process. Why? Because it indicates that you’re ready to whatever’s necessary to persuade an opponent to bargain. A lot of practice may be required for you to succeed. For instance, you can’t afford to let your emotions get the best of you.

Experienced negotiators have the most impenetrable attitude. Nobody can read on their faces if they’re angry, irritated, afraid, frustrated, and so on. However, it’s equally important not to confuse assertiveness with aggressiveness. Nobody wants to deal with forceful negotiators, so you might want to keep that in mind.

  • Research matters the most

You will never win negotiations if you enter a meeting unprepared. Before the beginning of the business assembly, make sure you’ve gathered valuable information on your opponent. Be specific and have your numbers right. Equally, know the ins and outs of your company, too, and be ready to answer a lot of questions. As long as you’ve done your homework there’s nothing an opponent can do or say to intimidate you.

Lack of preparation in business can destroy you, and believe it or not, many people (even the most experienced) enter negotiations unprepared. Some of these people wrongfully assume that chitchat can get them out of a bad situation. No way can that happen!

  • Have patience

The business environment is more like a bloody battlefield – very few people have patience, and most of them want are in a hurry of closing negotiations fast. This is not really the most professional way of building business relationships. Speaking too fast and having an erratic behavior when bargaining for something may scare away counterparts.

Rather than talk fast and not give them the opportunity to ask questions (because they could barely understand what you said), why don’t you just relax? Be patient; let them talk too. Use patience to your advantage. A calm attitude can be devastating to an opponent who’s in a hurry. He will most likely make mistakes, and then you’ll have the upper hand to use unfounded allegations to your benefit.

Negotiation success

  • Aim high

Successful business negotiators are not afraid to aim as high as possible to get what they want. They’re optimists and they strongly believe that if they expect more, they can get more. Sellers must find the courage to ask for more than they would normally get; and buyers must offer less they would be willing to pay. It’s a proven fact that those who aim high have increased chances of success.

  • Acknowledge the benefits of a mutual agreement

There’s a lot of competition in the business environment, and very few CEOs and entrepreneurs would say “yes” to a mutual agreement. Nevertheless, you must know that win-win solutions can bring a lot of benefits to your company. When you negotiate a 50/50 deal, it’s really important that you listen to everything your opponent has to say. Engage in a conversation and do your best to build a connection. Help each other out, and you’ll have the best chances of attaining success in your field of work.

Winning negotiations is not something impossible to attain as long as you’re prepared to deal with unexpected situations. Preparation is the key in this process, as well as behavior and attitude. You want opponents to treat you with respect and admiration, and that can only be achieved if you maintain a professional attitude from the start of the meeting up until the end.

Professional guest post by Jason Phillips and TheGapPartnership.com!

Talk less and listen more – key to ace negotiations at your business deals

Negotiation is an art that very few people can understand. It’s a special skill that influences lives, so only the toughest will master it. Dealing with customers, investors and suppliers is easier said than done, especially in the business environment. The secret to winning negotiations is to “read” your opponent. Assess body language and become an active listener if you want to land the best deal. Negotiating with business partners demands fortitude, commitment and patience. Do you have what it takes to win? Here are some tips to help you ace negotiations when closing business deals.

Listen more

Shut up

Talk less during a business negotiation and you’ll have a lot to win. Too much chitchatting can backfire when you’re trying to close a good deal. The more you talk the better chances your opponent has to beat you with your own guns. It’s amazing how much useful information you can obtain from someone just by keeping quiet. Allow your opponent to start a conversation and don’t interrupt him; pay close attention to his allegations, and if you sense that he’s making unfounded questions, ask for clearance.

Be the one to do the talking

If on the other hand, you’d like to do the talking, make sure your words have meaning. Studies have shown that the brain goes into a trance when facing verbal barrage. During one-on-one negotiations, this can work beautifully. A lot of business negotiators are good at talking; but that’s it. Their speech doesn’t have meaning, and they often end up mentioning facts and figures that don’t exist or are irrelevant to the negotiation in questioning. Talking that is meant to fill in empty air is not good for business, so whatever comes out of your mouth has to be backed up by solid proof, each and every time.

Do your homework

One can’t ace business negotiations if the information held is not solid enough. Good negotiators will never enter a meeting unprepared. It’s important to have the data in order to feel in control. Solid information gives you bargaining power, and the more you know the higher chances you have to persuade opponents to compromise. However, try not to confuse compromise with manipulation, do whatever you can to reach common ground. Mutual agreements foster relationships and solid relationships with trustworthy business partners can help your business attain worldwide recognition.

Use open-ended questions

Open-ended questions makes opponents believe that you’re willing to listen and learn. Avoid questions that begin with a verb, such as “Is this ok?” or “Is the offer on the table good enough?” and go for questions like “How do I make this better?” or “Are there any changes required in the current offer?” This way you leave room for improvement. Your opponent will notice that you’re willing to learn and further negotiations are in order, too.

Avoid lies at all costs

Nothing good can come out from telling lies when negotiating a business deal. If you don’t know what you say, talk less and allow your opponent to take the lead; but under no circumstances distort the truth because sooner or later someone will notice you just told a lie. Stay focused on facts and if there’s something you don’t like, say it out loud. Negotiating is directly linked to collaborating, so you shouldn’t be ashamed of the things you know nothing about.

body language

Pay attention to body language

Some people talk with their body language, and in business this can either help them, or destroy them. Nervousness and anxiety lead to an erratic behavior, while calmness and composure make you look professional and experienced. Assess your opponent’s behavior by allowing him talk first. This will give you an idea about his personality, as well as his general opinion about the business deal on the table.

There’s no exact recipe to winning negotiations. However, there are ways of turning a business meeting to your advantage. Enter negotiations prepared with information, talk less and listen more. Engage in a conversation and maintain a professional attitude; let opponents sense your business spirit but don’t raise your voice to exude power. Build a connection by looking for things you’ve got in common. It’s ok to let your guard down and relate to business partners, as long as you don’t forget the scope of the deal.

Professional Post By Jason Phillips and TheGapPartnership.com!