6 Keys to Making a Masterful Deal: Negotiation Know-How
Fri, 11/09/2012 - 4:26pm | by Arthur Wylie
The art of making a deal is a craft that requires a skillful, visionary and inspired application of key principles and methods to create the desirable end result: one where all parties win.
Arthur Wylie, author of "Only the Crazy and Fearless Win BIG!: The Surprising Secrets to Success in Business and in Life" reminds success-oriented women, "don't underestimate the small deals, which can help you gain confidence with the process and also nurture other people's confidence in you."
Wylie's top suggestions for success-oriented women when it comes to winning BIG are these:
- Have a defined Vision!
- Categorize short, mid and long term goals.
- Put your goals in front of you.
- Incorporate your personal and business life for success.
You can find more tips at his website www.CrazyandFearless.com.
According to Wylie, here are six top secrets to masterful deal making.
Key # 1: Know your value.
While you can't know every possible result that the other party would want, be sure to understand what your offer or position can do for them… it is well worth it when it's clear to the other party that you not only understand their needs, but you also seek to structure an agreement that's in their direct best interest as well.
Key # 2: Personal relations.
Relationship management is the key to showing the other party who you are as an individual, what you can do, where your values lie and how the deal at hand will benefit everyone involved. You learn about them; they learn about you – it's a two-way street. Both parties must feel that there's synergy – a chemistry of sorts; only then can a mutually beneficial relationship be forged. From there, you present your win-win case, handshakes are offered and agreements are signed. Frequently, deals can close quickly and easily because people have come to know and trust you, either directly or by referral, making them comfortable to do business with you. If you create a strong enough brand and a stellar enough reputation, others will want to be part of the success you've amassed.
Key # 3: Get buy-in on your vision.
A critical step in artful deal making is to convey and articulate your vision of the outcome in such a way that the opposing party will desire that very same outcome. Make the WIIFM – "what's in it for me" – factor crystal clear to the other party as you present your position.
Key # 4: Be humble.
You have to be humble, but firm, to effectively broker a deal. There's a fine line between the two, particularly when you're dealing with people who have already attained a measure of success. Always respect the positions of the other people involved in your negotiations, no matter how badly, or not, you want the deal. It's important to be fair and honest about the negotiation and to keep your intentions pure…Humility with backbone. It's a tricky combination to maintain, but one that's absolutely mission critical.
Key # 5: Finesse.
No matter how large or small, almost every deal takes finesse, which is where skill and natural ability meet. This is where you get to have fun and allow your personality to shine. It means being able to explore different angles and try the somewhat weird and wacky—- maybe even a bit of the fearless and crazy. It's problem-solving with a twist, it's poise and diplomacy, it's even art. In the end, when finesse comes into play, the parties genuinely like each other and all sides look for ways to make sure the deal becomes a reality. If you're lucky, finesse comes naturally. If not, develop it, let it flow and have fun trying it. Before you know it, you'll be finessing your deals, too.
Key # 6: Swagger.
Swagger is an attitude you implement through finesse; it uses finesse as a tool. If finesse is about problem solving and outside-the-box thinking, then swagger is about having commanding and authoritative disposition and demeanor -- but without being pretentious or arrogant! Know how good you are, and hint at what you are capable of, but don't be a braggadocio… In a deal-making situation, your swagger should exude confidence, success and fearlessness. Hit the right notes with your swagger, and you'll walk away with what you want. Just one more step in perfecting your life-wealth plan.
Master the six steps above and you'll be ready for some high stakes deal making. Remember, though, that Rome wasn't built in a day, so conquering negotiating skills isn't going to happen that quickly either. Start small before attempting to hit the Big Leagues. You may have to stumble a few times, but just get back up and go at it again. Along the way, keep both your successes and your failures in perspective, remembering that they are just stepping-stones along your lifetime of deal adventures. Once you've mastered the art, aim high—just like those seemingly crazy and fearless billionaires.
Internationally-regarded investing and entertainment mogul Arthur Wylie is the author of “Only the Crazy and Fearless Win BIG!: The Surprising Secrets to Success in Business and in Life” (www.CrazyandFearless.com) and serves as CEO of Arthur Wylie Enterprises – a brand with diverse practice areas, including include business consulting, real estate, investing, speaking, entertainment/film production, book publishing and philanthropy.