"WIIFM" Your Way to Negotiating Success

The essence of business is deal-making - and as many people know, success at deal-making depends on how well you negotiate. Many people have been conditioned to fear the process of negotiating. They are terrified of losing the deal, or being rejected. What happens? They lower their goals--and sell themselves short. The most effective way to get the other side to negotiate is to spin any request with "W.I.I.F.M." And by "What's In It For Me", I don't mean what's in it for "me" - rather, what's in it for the person on the opposite side of the table to work with me. It is basic human nature to respond favorably to things that are to our own advantage. The art of negotiating to "yes" is in choosing just the right way to frame the request, and in selecting the strategy and tactics for doing so. Timing is always of critical importance. When negotiating any type of contract, you have the greatest negotiating leverage going into the deal, before you begin the work, or accept the job. If you fear the negotiating process, the "lost opportunity costs" of this mindset are ones you may have to live with for many years. What are the other keys to successful negotiations? Studies show that negotiation success is directly correlated to being well prepared prior to the actual negotiation encounter. Here are a few tips to help you feel more comfortable with the negotiating process:
• Don't be afraid to negotiate. You miss 100% of the shots you don't take. How you approach the negotiation tells the company a lot about your executive savvy.
• When offered a job or opportunity, resist the temptation to say "yes" immediately. Ask for time to think things over. Be sure you aren't overlooking any terms of the offer that may later prove important.
• "Money talks," but when do you talk money? If your timing is off, you lose leverage. As a first step, try giving a range for a total compensation package.
• If you are doing employment or severance agreement negotiations, salary is a crucial element. However, there are other considerations, such as portability of benefits, outplacement, stock options, and references that can be equally important, if not more so. Don't overlook them!
• Create your "wish list", identifying all of the issues you need to address. Then prioritize how you will address them.
• You can never be too prepared! Show the other side what is "in it" for them - how your request can work to their benefit.
• Patience + Persistence = Power
• Practice negotiating before you do it, and get meaningful feedback from an objective, knowledgeable source. The person against whom you are negotiating most likely knows a lot more about the possible parameters of the deal than you do. Remember to LISTEN, and observe non-verbal cues.
• Never take a stance you are unwilling to "play out to the end." Take the time to strategize all your options before you start down a specific path. Robin Bond Esq. is a charismatic workplace legal expert whose savvy approach and razor-sharp knowledge of employment law have saved hundreds of men and women from falling off their career tracks. As President and Founder of her own firm Transition Strategies, Robin acts as an executive agent, providing a unique blend of sensitive career mentoring, hard-nosed legal advice, and deal-making finesse to professionals across the country transitioning from one position to the next. For more workplace advice visit www.RobinBond.com where Robin shares her thoughts on the week’s work-related news and answers reader-submitted questions