Saturday, January 19, 2008

Debt Negotiation - Do It Yourself Tips!

Following are some tips that can help you understand more the art of negotiation and will aid you in the process of reaching a deal with a third party whether the issue is financial related or not. Win-Win Situations The first thing you need to know about negotiations is that you should always aim to obtain a win-win situation where both parties feel as they have obtained something from the negotiations. If you expect a negotiation to result in a winner and a loser, then the negotiations will end up being too hard. Therefore, the first tip is: Aim to a win-win situation where both you and the third party obtain something. Flexible Expectations With the first tip as a lei motive, you should try to focus on what you expect to obtain from negotiations but with a great deal of flexibility on mind too. For instance, if you want to obtain A, B, and C being A the main thing you want, you need to consider a scenario where you get A and B and the other party keeps C or you get A and C and the other party keeps B. Or maybe you need to add D to the negotiations knowing that they will be interested in it when it doesn t mean that much to you. The second tip would be then: Define your main interest and be flexible with your alternative ones. Know Yourself and Know The Other Party Analyze your virtues and your weaknesses as well as your interlocutor s. This will help you to protect yourself from the other party s negotiation techniques as well as exploiting their weaknesses on your benefit. In any case, you need to understand the need of subtleness. If you are taking advantage of a weakness it is important that the affected party doesn t realize that because otherwise that would negatively dispose them against you. Patience, Patience, Patience Yes, you may be eager to close on a deal but that won t necessarily happen right away and probably it is best that it doesn t. When you first sit down with the other party a negotiation process has started. Such processes have different parts and though all of them can be resolved within a day, it is advisable to held at least two reunions in order to obtain better terms for both parties. How? Easy, the first reunion should be focused on building a bond, giving good impressions showing yourself as cooperative people and stating your requirements and needs clearly. As long as the other party does the same, the negotiations are on the right road. The time between reunions should be used to come up with solutions that provide both parties with at least part of the things they want. The second reunion should be used to exchange proposals and discuss them. If no solution is obtained, a third or even forth meeting can be held, each time with more information about the needs and desires of each party and new proposals. Doors Ought to Remain Open Even if you don t find a solution, it is a good idea to end conversations with a good impression. Don t get mad or transmit disappointment. Just express that in the event of new circumstances you may meet again to further discuss the situation. You never know what may happen to you or to the other party or up to what extend external circumstances may change providing your with a solution to whatever problem that got negotiations stuck. Mary Wise, a professional consultant at with twenty years in the financial field, prevents consumers from falling into the hands of fraudulent lenders. In her website you can consult Mary and, also, you will find more useful tips and interesting financial articles on this and many other related topics.

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