What’s the one thing common between poker pros, entrepreneurs and c-suites? Or just about anybody who would want to have a fulfilling life?! It’s the constant need to negotiate for better things, be it in aspects of business or anything else, like deal terms, salary packages, payment schedules and more.
There is more than just science to the art of negotiation! And believe it or not, playing poker makes you a better negotiator!
Get The Upper Hand In All Life’s Dealings With Poker Pointers!
Position is the key:
The best position to be in when you play poker card game arguably is to be on the button. This is the position where you get to act last after everyone else has played their move and made their decision.
Why is being on the button the sweet spot in poker? Well, you get to make your decision of whether to raise (the bet), call (match the existing bet) or fold your hand with as much information you could get, because you have already seen what everyone else is doing.
In business, this approach to negotiation also works the same way. Wait patiently for the other parties to throw in their initial offers. Now that you know where they stand you can make your counter-offer while making sure you do not sell yourself too short.
Put your warrior suite on and try to re-raise:
When you play poker cash game re-raising is a crucial tactic, wherein one player raises a bet which is already out there and then another player would raise the other one’s raise. It can be pretty scary to do that in business as it is in poker as well.
Yes, it may seem safe and even tempting to accept the first offer, especially if the deal on the table is as good as you thought it would be. But if you are fine with accepting that offer, then do not be afraid to attempt a re-raise!
After all, what’s the worst that could happen? They’d probably reject it and say no, and even then you are no worse or better off than if you had not tried your luck. But if you can re-raise successfully, then you will be able to grab a deal of better payments, better terms or even additional requests that would have never happened if you hadn’t asked in the first place!
Keep your poker face game strong:
The best recipe to cook up your negotiation for failure is to have a face of a human! Witness your negotiation ship sinking as fast as it can the moment your face tells the parties you are hungry for a deal!
So, having a strong poker face will do half the heavy lifting for you when in the negotiation room. You can learn more about keeping your expressions in check while playing poker from our previous post.
Mind Your expressions players
A cool trick that Indian poker pros suggest is to envision yourself having a hand of poker aces in Texas Hold ’em (regardless of what life has dealt you with)! That way you can maintain your calm and look confident in all your business dealings. So, when negotiating for business, take a deep breath and imagine you have the best offers and deals lined up for yourself and it won’t matter even if you have just started out.
The perfect poker face will keep you from showing or giving away the hands (cards or offers) you’ve been dealt with too soon!
Bluff with care:
The old saying in business “faking it till making it”, may very well have worked for some. But bluffing in business can also lead to serious consequences. Think twice, before you bluff your way from a reasonably good deal, stating that you don’t really need it. If the other party “calls your bluff” you risk looking irrational and dishonorable and stand to lose the deal. You will be forced to reconsider or worse, be rejected altogether!
In closing thoughts, never bluff about your company’s services or products to begin with for cracking that great deal. After all, it is better to under-promise and over-delivers in business rather than over-promise and lose credibility that will stick with you for the long-term.
Now that you’ve learned these awesome tips to play poker tournaments in India, try your hand in negotiations over either a business deal or even in poker online and win real money if you’re feeling lucky!Previous Next