In business, big deals mean big stress. The stakes are high, the
players are edgy, the politics may be treacherous, and there's
barely enough time to gather the info, much less digest and act on
it. Although pressure is inevitable, how well you handle it is
totally up to you. Here are some ways to keep from burning out at
the bargaining table:
Prepare, prepare, prepare. For me, this is the most
effective antidote to any form of anxiety. Do your homework before
you negotiate. Spend the time to make your checklist of
"gotta-haves," "like-to-haves" and
"can-do-withouts." Your articulated goals are your road
map. Without them, you're sure to get lost. If you're going
to need help, get your team in place early. Start gathering facts
and performing due diligence immediately. Get each person what he
or she needs promptly. Remember, your personal network is the key
to dealmaking success. If you cultivate that network before the
opportunity arises, you will be able to jump on the opportunity
when it does.
Stay positive. "No mariner ever distinguished
himself on calm seas." As a summer clerk at a Madison Avenue
law firm, I heard this platitude more than 20 years ago-and
I've carried it with me ever since. You will face maddening
obstacles, not to mention opponents best described by a long string
of expletives. But stay positive.
Content Continues Below
As any motivational speaker will tell you, problems are
opportunities in disguise. If you can see difficulties as
challenges, you will welcome them as training exercises that will
make you a superior negotiator. Here's another platitude from
that summer of 1980: "You can do anything if you stay
organized." Trite, yet true.
Know when to stop. Don't be a perfectionist. No
negotiation foresees every "what if," and you don't
have to know everything to close. There will always be one more
point to win. Reconsider the big picture. If the expense, effort,
time, lost opportunity or additional nerve damage outweigh the
benefit of any further concessions, call it a deal and shake on
it.
On the flip side, once you've gone round and round on all
the major issues (and most of the minor ones) and the deal still
doesn't meet your bottom line, walk away. It's not your
first deal, and it won't be your last.
Relax. No generation in human history has had more ways
to bust stress than we have. But these techniques obviously
don't work unless you use them. Exercise, meditate, get a
massage, have a glass of wine, watch TV, have a heart-to-heart with
your dog, fire up that aromatherapy candle-whatever! Take your
business deals seriously, but not too seriously. No matter what
happens at the bargaining table, it's your ability to relax and
have fun that will really make you a winner.
A speaker and attorney in Los Angeles, Marc Diener is the author of
Deal Power.