From the course: Management: Top Tips

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Setting your limit

Setting your limit

From the course: Management: Top Tips

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Setting your limit

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- Now rule number one in negotiating, this is so important, is set your limit and never go beyond it. Basically if you're going to buy something, decide what the most you're prepared to pay is. Never go beyond that point. If you're selling, what is the cheapest you're prepared to be pushed down to before you'll walk away. And never go below that point. Why is this so important? Well, having a limit is the source of all of your strength. Being able to walk away in your mind, that walk away power, is where all your strength comes from. So you have to know that you can walk away and you will if you have to. And you must never go beyond this point, even by the smallest amount. Because, suppose you're buying and you've got a maximum you're prepared to pay, and suppose you go over that by just a tiny amount, you've committed a big crime. Because you've said to yourself, from now on all future negotiations, when I set a limit I don't really mean it. I'm weak, I'm spineless, I'll probably go…

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