Preparing to Negotiate
Have you reached an impasse with your debtor?
Are they refusing to pay the full amount?
You may have to negotiate. The good news is, you’re probably better at negotiation than you think. You have negotiated deals and agreements all your life, no matter how small or seemingly insignificant.
There’s no master list of all the skills necessary for successful negotiation, but, here’s a simple maxim: Negotiation is 90 percent motivation and 10 percent intelligence. In other words, if you’re highly motivated to solve the problem, you’re much more likely to succeed in a negotiation.
Many people are too tentative when negotiating. They worry that they won’t strike the best possible deal or that they’ll be unsuccessful in dealing with their opponent, particularly when they’re up against attorneys or other professionals. Worry causes many people to get bogged down in the details and forget to look at the big picture.
Preparation for negotiation is often the most important factor in achieving a successful outcome. Preparation includes:
- Organizing your thoughts – You may choose to create a written outline. Don’t get caught up in the trivial details involving small amounts of money or increments of time.
- Writing down a list of goals – List goals for the negotiation that may help you get paid. Your goals may include key invoices that you want paid, the amount you hope to collect, or the date by which you want payment.
- Prioritizing your goals – Number your goals, or put an asterisk next to the ones that are crucial and a question mark next to the ones that can be compromised.
- Staying flexible – As the negotiation proceeds, jot down points you hadn’t thought of before that are important, and incorporate them into your goals.
- Setting a pace – Don’t try to race through the process or keep up with a fast talker. Decide upfront that you won’t reach a conclusion without giving yourself time to think about it. You can buy the time you need by stating, “We’ve covered many good points. Are you available again tomorrow morning at 10 am to see whether we can reach a conclusion?”
We Specialize in Debt Collections in Michigan!
At Muller, Muller, Richmond, & Harms, P.C., our attorneys specialize in debt collections in Michigan. We can help you build a strategy customized to fit your business needs. We want to ensure that you receive the best possible outcome in pursuing your case.
Let our experts handle all the work for you! Fill out the information form on our “Contact Us” page, or give us a call at 248-645-2440 to ask questions and figure out your next steps. Don’t let the money owed to you go away – get started today! We look forward to hearing from you.