The number one rule of negotiating - Strategies for Negotiation Nano Tips with Chris Croft Video Tutorial | LinkedIn Learning, formerly Lynda.com (2024)

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- When you negotiate, you should never go beyond your limit. Now, your limit is the most you'll pay if you're buying, and it's the lowest price you'll go to if you're selling. And you need to set that limit before you start and never, never go beyond it. Why is this so important? Well, it's partly so that you don't do a bad deal. You don't want to pay more than something's worth to you. But it's more than that. It's your limit that gives you the strength to push back against. When you get near to your limit, you'll fight harder. You know that there's a backstop, and that gives you the strength. The fact that you know that will walk away if you have to will make you feel stronger. And the other person will sense that same strength in you. They'll sense the fact that you're quite prepared to walk away if you have to. So set a limit and never go beyond it.