All of us have been at the negotiating table in our lives no matter who we are, the kind of occupation or lifestyle we have. When we were kids, we negotiated with our parents for a particular toy, when we were in school, we negotiated with our teachers for a better grade, we grew up to negotiate our salaries, and with each passing day we have learned to negotiate daily. Not all negotiations are a win-win for everybody. There are times when we have to walk out of the negotiating table because it harms our prospect.
Sometimes the deal might mean a lot to you and walking out would mean disappointment, anger, and frustration. Whatever be the case, when the opposite party doesn’t respect your proposal and quotes, gather the guts to walk out.
Let us see some of the situations where you need to walk out of a negotiation.
No matter how big the client, if you find things in the deal that doesn’t make you feel morally right, do not do it. It might seem lucrative in the present. But it has the capacity to bite you in the back where you will encounter losses with accrued interest and even jail time. You don’t want to lose your peace of mind, do you? As soon as you hear something devious at play, learn to walk out.
There are times when there will be not a single thing that both of you could agree upon. Even the sincerest of the intentions that you might have towards the deal doesn’t mean that the other party has to have similar intentions. These are rare instances where you find not a single thing to agree upon. It is difficult to come to a conclusion when there is no common ground. Walk away in such a situation.
Have you come across clients that requests for deliverables which would only be possible to complete if the budget is 10X? If a client has clear expectations that are reasonable to a certain degree, then give your full to it. Even after a reasonable discussion with the client regarding the feasibility of the project, you see no improvements, then it is time to walk away. No matter how lucrative the contract, be willing to say no. If you take a look at your calendar and the deadline looks impossible, then it is best to avoid it. Saves you a lot of stress and you get to keep your reputation.
You find something off-putting about the client’s behaviour. Time and again you get clues about the client’s attitude towards their employees/vendors. You plan to let it go because the contract brings you a windfall of money. You sign the dotted line and a few weeks later, you realise that the client is a living nightmare. You are jaded after putting up with their extreme requests, your employees threaten to quit and you cannot take this any minute. Your cue to leave the client was when your instincts told you that there was something unusual about the client.
Ghosting is a term that is used in the dating world where you end a relationship suddenly without explanation by cutting off all ties of communication. If your prospect won’t return your scheduled calls, doesn’t turn up for the ‘Zoom’ meetings or respond to your LinkedIn messages, it is time to say goodbye. If you keep them as a prospect, it affects your sales forecast. Send an email saying that since you didn’t hear from them for a long time, you do not want to negotiate with them.
Walking away from the negotiating table with a client might seem like a loss to your revenue, but you will realise how powerful you feel. Not only are you saying no to a deal that doesn’t work well for you, it also gives you time to go after prospects that work well for you.
Read also: 6 ways to deal with sales related stress.