In this video, we're going to break down five common negotiation mistakes that people often make and why it's compromising your ability to reach a good outcome.

Whether you're trying to get a deal on your rent, negotiate a pay bump, or just trying to get your partner to do the dishes, negotiation is an important skill to understand and use every single day.

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0:00 - Introduction to 5 Most Common Negotiation Mistakes to AVOID

0:26 - Negotiation Mistake #1: Working off incomplete information

Let's say, for example, you want to negotiate your salary and you think that you're being underpaid by 15 grand. So you're prepared to go into this meeting with your boss, talking about how you're underpaid by 15 grand.

However, if you were to take a step back from the situation and do some research on sites like Glassdoor, or Indeed, you might realize that based off of your city and your years of experience, that you're actually compensated fairly.

It's super helpful for you to be operating off of as close to complete information as possible.

1:49 - Negotiation Mistake #2: Thinking from a singular perspective

The reason why taking the approach of scheduling a meeting and just making your request without thinking about the other side is such a mistake is because it makes it so difficult for there to be any form of negotiation after the point in which that conversation has begun.

I've seen the same mistake made in places like Facebook Marketplace as well. People will just haggle you and try to low ball you an offer right out of the gate with their first message, as opposed to potentially thinking about what give and take they could work with the seller on.

3:38 - Negotiation Mistake #3: Lacking empirical facts

If you only speak in feelings, it makes it very difficult for a logically driven person to have a negotiation with you.

Oftentimes, people that are more emotionally inclined will get so riled up in how they feel about a situation that they don't have any empirical facts to back whatever it is that they're feeling. So as a result of this, somebody that's more numbers or logically driven will struggle to empathize with how that person is feeling.

Whenever you're negotiating, it's helpful to have some facts to back your request.

5:09 - Negotiation Mistake #4: Not matching the energy in the room

It's really important that you get an understanding of what the energy is like in the room that you are entering before you begin your negotiation.

You can do this with just some small talk in the beginning of your conversation, or by reading the body language of the other person.

In the case where the other person is super calm and collected, it's in your best interest to also match the energy and being calm and collected, as opposed to being this really bomb basis person.

5:39 - Negotiation Mistake #5: Looking to win and not compromise

Negotiations are all about compromising. It's a give and a take.

Sometimes people get so caught up in this idea of having to get what they want or get what they're asking for that they forget that there are two people or two sides involved in a negotiation. Instead, it's about figuring out what makes both parties happy about the outcome of the conversation.

To avoid making this mistake, the best thing that I can recommend to you is to think about the other person being on the same team as you. Don't sabotage the team, instead of think about how the team can work together to get to a good end point.

6:53 - Two Big Takeaways to Remember:

1. Show up to your negotiations prepared.
2. Aim to get the best possible outcome for all parties involved.

✍️ COMMENT BELOW:
Which of these negotiation mistakes have you made before and how did you do it?

Grow with Will is all about helping you grow your business, get more customers, and hone your business acumen. I teach you the real-world business skills you didn't learn in school to help take you from zero to self-starter.

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Disclaimer: Grow with Will does not provide tax, legal, or accounting advice. This video, and the ideas presented in it, are for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.

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