In my role as a Birmingham tax accountant who works with small business owners, I don’t often have to engage in high stakes negotiation. At most, I’m negotiating between spouses on how to title and designate their assets in a tax plan. Though I have become pretty skilled at handling pesky IRS agents on behalf of my Birmingham tax clients as well, I suppose.
But between watching lawyer shows on television and reading a few books … well, I’m actually kidding — the following is, in fact, based on my experience :).
Negotiating is everywhere, and it’s time we all did it right!
And by the way, we are VERY busy right now here at Team Randall Hancock (probably for obvious reasons, this close to April 15th) but we always have time for your referrals. Have them give us a call at (205) 715-4488 , and let’s get your friends set up for maximum tax efficiency starting NOW.
I promise I’ll negotiate fairly.
Birmingham Tax Accountant On: Negotiation
“When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened.” – Winston Churchill
No matter what industry you’re in here in Birmingham, or how far you go in your career, the ability to effectively negotiate can make the difference between success and mediocrity. Whether it’s a multimillion-dollar contract, a job offer, or a luncheon, keep this advice in mind:
• Know what you want at the end.
Don’t go to the table without a clear, realistic idea of what you want to achieve. It will help you negotiate with confidence.
• Ask (directly) for what you want.
Don’t be afraid to make the first offer. You’ll set the tone for the discussion, and studies suggest that the negotiator who goes first usually comes closer to getting what he or she wants.
• Understand what your negotiating partner wants.
A successful negotiation should satisfy both sides. Instead of trying to crush your competition, find out what he or she hopes to get, and try to work together toward a solution that works for you both.
• Don’t concede unilaterally.
Usually one side or the other has to give something up. If you do that, be sure to get a comparable concession from the other person. Giving away something for nothing will be taken as a weakness to be exploited.
• Don’t rush.
Time can be your friend if you’re willing to wait for the right deal. If the other side senses a deadline, he or she may be motivated to hold out until the last minute, or try to force you into accepting unreasonable terms. Be patient and let the time pressure work against your partner.
• Be ready to walk away.
This can take a certain amount of courage, but it’s necessary to avoid being backed into an agreement you don’t want. If possible, keep an ally in reserve–someone with the power to approve or reject the deal. This can give you an out if you need to turn down a deal, or motivate the other side to provide you with a better offer.
I would ask that you forward this article to a Birmingham business associate or client you know who could benefit from our assistance–or simply send them our way. While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for Birmingham families and business owners. And we always make room for referrals from trusted sources like you.
Warmly (and until next week),
Randall Hancock
(205) 715-4488