Are You Leaving Money on the Table?

How can you know?

Naturally, each situation is different.  What’s the same for all situations is the need to ask, to enter into a discussion, to explore.  It’s surprising to me how often this is avoided.  With the exception of retail stores in the U.S., virtually every other situation where money changes hands, negotiation is appropriate and even expected!

I’ve learned from clients that negotiations make them very uncomfortable.  Makes sense.  Something important is on the line. Something you want or need. In sales, you want the deal to earn more or reach your goal. In a job search you want the opportunity!

These situations are usually accompanied by emotions. 

Mostly, fear. 

Fear of not getting what I want, fear of disappointment, fear I’ll mess things up. This newsletter is to help you work with the very human but very troublesome emotion of fear that stops you, plays it safe, and puts the brakes on your momentum. 

Sometimes this fear manifests by not knowing how to start or what to say.  We get tongue tied and stumble over words. We think we’re being pushy or harsh or brazen. We don’t want to seem difficult.  These are mindset obstacles.  These notions are false, but they do have consequences. 

Plan your words.  Then, say them. 

To overcome these thought patterns that get in the way, make a plan.  It’s that simple. Having a plan is of the utmost importance.  When you plan your words in the calm of your private preparation, before the pressure of the moment, you know they are clear, professional and perfectly legitimate.  You’ll have your planned words to lean on when you’re in the hot seat.  Then, you simply say them.  I say it in this way because it takes the emotion out of it and breaks the internal barrier of limiting beliefs.  You have your plan.  You have your words. You say them.  That’s it. Then, you silently, attentively listen for the response. 

Here's another tip: The best words are questions.

In a sales situation, the buyer can and should ask outright:

• Is that your best offer?

• Can you do any better on your rate? 

As a seller answering that question, I would ask specifically what price point they have in mind.  I want to get an actual number or budget range.  If I’m going to consider discounting at all, I want to know how far off we are from coming to an agreement. I always avoid discounting, but if I must, I want to be sure I don’t give up any more than necessary.  And I never take dollars off without taking off a commensurate amount of added value off, too.  (These are freebies I’ve included in the proposal to sweeten the deal. They have value! Hence the name added value.)

In a job offer situation, the candidate can and should ask outright:

• I was hoping the offer would be a bit higher. Is this final? (You may need to say: significantly higher, or more in line with the market, or many other options.)

• I’m afraid we’re just too far apart on the package. Is there anything you can do? 

 Notice I did not give a dollar amount in the case of a job offer.  You want that to come from them.  And, in the second option, I did not say goodbye.  Each of these possible responses indicates you’re not ready to accept the offer as stated.  The second one tells them they need to come up significantly without saying it overtly.  Once again, you silently wait for their response. 

These examples are simplified, for sure. There are many more aspects to successful negotiations including:

• Asking the right questions

• Using the right tone

• Choosing the right timing

• Reading your counterpart across the desk

I don't want to suggest there's a one-size-fits-all answer. Every situation has nuances that influence the strategy.  This situational variety is what my “Negotiating Net Gain” program covers--and much more.  We take each scenario you encounter as a unique situation and evaluate all we know about your counterpart alongside all the skills and strengths you have to rely on to ensure the best possible outcome. Once we've worked through a variety of real-world situations together, you’ll begin applying these skills naturally on your own.

Keep this front and center.

This is important.  If you are at the point where you’re talking about money, you’re in a very good position. This is leverage. They want to work with you, i.e., buy your solution or offer you the job.  They are serious about you or your proposal.  They are not testing the waters anymore.  You have fulfilled their requirements.  Now, it’s about how to make it happen.  This is already a win! 

Admittedly, being seriously considered isn’t actually getting the deal done.  This is a starting point that prepares you to begin the conversation, enter with confidence, and advocate for your value. Take the time you need to sit with the negotiation outcome.  You don’t have to agree to anything in the moment.  The goal is to make sure every important issue has been discussed so you know you left nothing on the table!

I'm here to help. Good luck!

~Joyce