Negotiation Tip: Be Prepared
One of the most important ways to increase leverage in a negotiation is to be prepared.
Before I negotiate contracts for clients, I want to understand their goals, their bottom line and what alternatives they have if the deal falls through.
My client Todd owns a chocolate store and he had the weaker position in a recent negotiation for a distribution deal with a commercial kitchen. As soon as they met, he got very attached to doing a deal with them. He was anxious to agree to everything they asked for.
We talked about developing alternatives that would increase his leverage, by researching other facilities and coming up with other creative options. That helped ease a lot of his anxiety because, while he still preferred this deal, he now had multiple other choices.
As a business owner, of course you want to focus on growing your business, but sometimes that involves "boring" tasks like contract negotiations. Even if you hate contracts, you understand how important they are to the business.
I can help you take off one of those hats.