You have spent countless hours preparing for your negotiation and the time has come to meet with your counterpart. As the negotiation moves forward in the right direction, you get a sense that you are close to closing this deal. While it can be exciting to close a deal and you might feel eager to get the deal done, the reality is that you need to step back and really take some things into consideration before finalizing the deal. If you become an eager beaver you could potentially leave money on the table or you might end up making a deal that you later regret. Rather, slow things down just a bit and take a few minutes to look over the deal and really think about all of the elements. Here are a few things you should consider before signing on the dotted line.
Did You Meet Your Goal?
When you enter into a negotiation you should have more than just a goal to negotiate. You need to have something in mind that you are working towards and willing to settle on. For example, if you are buying a car your only goal should not be to talk the salesman down on the price. You need to have a specific goal in mind, such as “I’m only willing to pay X amount for this car.” Having a goal will give you direction for the course of your negotiation. It will also give you a point of reference when it comes time to close the deal. Does this deal meet your goal? This is something to consider before closing the deal.
Can I Live with My Concessions?
Every negotiation requires to give and take and concessions are a necessary part of the negotiation, but you want to revisit your concessions to be sure they are reasonable. In the midst of negotiation, it can be easy to make concessions just to keep the deal moving forward but it’s important not to concede too much. As you begin wrapping up the deal it’s important to look back at your concessions to be sure they are something you can live with. This is your last chance to make any changes to the deal so you will want to take these into consideration before signing.
Does This Timeline Work for You?
Closing the deal is important but not if it puts you in a serious time constraint. Again, in the midst of a big negotiation, it can be tempting to agree to terms just to get the deal done. However, these terms might not always be realistic. For example, if you agree to get work done much sooner than you know is actually possible, you will want to revisit this timeline before closing the deal. Perhaps you can make a few other concessions to sweeten the deal, but agreeing to a timeline that you know is unrealistic will only put an enormous amount of pressure on you and might end up angering others at your company. Before making the deal official, consider the timeline for your negotiation and make sure it is reasonable.