Some years ago, while working in the Signage Merchanting sector, I took a call from a customer, he was a regular and we had spoken several times before. He asked for a “rough price” for 10 sheets of Aluminium Composite (ACM), to which I replied in my most husky “rough” voice – that’ll be £12 per sheet! The phone went silent at the other end, then he said, leave it with me and he rang off. After a short time, the customer phoned back, asked for me and said that no one had ever taken his request so literally and it took him by surprise, but could he now order 20 sheets!
Although the story has humour and a great ending as I got double the order I quoted for, business rarely turns out that way. What is important to remember is that to take an adjournment if you want to understand/ digest information you’ve been given and not be forced into making a rash decision.
To take time away from a discussion or negotiation, understand what’s on offer and see if it works for you is important whether it’s in a boardroom or with any other situation you may find yourself in. This also gives time to formulate a counter proposal if necessary or at the very least ask relevant questions.
Never be afraid to say that you need a little time to consider your options, if you’re told the “deal is only available for a limited time”, then ask when the closing date for the deal is. Only on rare occasions do opportunities of “too good to be true” present themselves, therefore most situations require thinking time.