In a buyers market prices can come tumbling down, good negotiation skills are essential.  Don’t be tempted into negotiations without understanding the two key principles: Discovery and exchange.

Prepare by looking at previous records and other intelligence you have in order to get an idea of what might be negotiated.

Put a value on your variables (i.e. those things you can trade)

Exchange your variables; don’t give them all away, even if it’s goodwill or similar intangibles that you’re getting in exchange. 

Leave your ego outside the room. In my training courses negotiations can get very intense but I can spot a born negotiator by how cool they remain. Once you start to get hot under the collar you stop thinking clearly you give the other party a huge advantage. This isn’t always easy and it’s useful to cultivate a poker face if you know the other party will try aggressive tactics.

Stay friends! This is supposed to be the fun bit and you are, hopefully going to be in partnership with this client for a long time.

Discovery is the intelligence you have on the other party. Many big disasters in negotiations seem to come back to imperfect knowledge of what the other party was holding. However don’t expect naive openness from the other party, they are not likely to want you to know everything until they have flushed out your best deal as well.

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