Seven Rules for Bargaining

Whether youre talking to a client or a colleague, a supplier or even a spouse, the essence of most conversations comes down to negotiating the gulf between whats in it for you and whats in it for them. Here are some tips for making the most of every situation.

Dont look at a deal as an either/or proposition. Consider creative ways to compromise so both parties win.

Know what you can part withand then part with it. Separate what you absolutely must have from what you can live without.

Figure out the other sides timetable. If theyre in a hurry, youll have an advantage.

Show that you understand the other position. Act like an ally, not an enemy.

Stifle your emotions. Focus on the goal.

Dont believe everything, but never call anyone a liar.

Devise a backup plan you can live with. Let the other side know you have options.

Source: Money magazine, www.money.cnn.com , May 2005.