Frequently people who discuss negotiations at my seminars say they do not see the power that time has. They say they have never considered the role that time has in making a deal. Or at most they disregard time as an element in the negotiation process. Let me tell you, time can be very important in deal making. Time is one factor you can control and by its control you can win better terms for yourself.
Consider, for example, what do you think would happen if a man were about to fly off to London for a business trip and needed someone to tend his dog for the month he was away. He would be willing to pay more than if time were not a leading factor. Suppose the treasurer of a fabricating plant needed some steel bolts at his location before next Wednesday when the night shift begins or the workers would have nothing to do and he would have to send them home, losing some workers to more dependable jobs. He clearly would pay more. What if a man had lost his job and could not pay the mortgage payment. What would he be willing to sell his house for? I believe you can be unethical and take advantage of people in distress like these, but you also can help them. Everyone has a time frame for his or her negotiation. If it is critical and dire consequences will result if your counter-party's need is not met in the time allotted, the person will be willing to concede more.
If, when the treasurer needed the steel bolts, you offered to send them in a timely fashion he would probably appreciate your assistance. But if you did so as a matter of course and did not charge more for the service the treasurer would likely become a loyal customer and not scream so loudly next time if your price were higher than the competition.
By knowing the value of time to you in a negotiation you can plan better. You can review the amount you are willing to give in the negotiation under threat of lack of time. There is a famous story told of a negotiator who went to Japan for his company. When he got there the very cordial Japanese took his luggage for him, helped him get settled into a comfortable hotel, took him to a sumptuous meal and engaged him in some other Japanese entertainment. They asked when his flight was leaving, saying they needed to know so they could accommodate him better. As they suggested he settled in for the next days' negotiations. But the next day they were very amiable but was delayed negotiations in favor of other entertainments. When they finally got down to deal-making the Japanese would not concede on points important to the American's company. As time neared for the American's flight he expected the Japanese to move in his direction in the negotiations. They did not, for you see, they had time on their side. They had waited until closer to time for the flight to begin the negotiation process. They knew when his time was up and used it against him in negotiating. He did not know such about them. It was a major defeat for that man's company.
Even less grandiose negotiations are time sensitive. Let's say your daughter has to go to her soccer match which for her is "The Big Game." It begins at three and it takes twenty minutes to get to the field. If she has not cleaned her room today (in truth she has refused to clean it in weeks) you can delay her ride until she concedes she will clean it Saturday and keep it clean every week thereafter. Power is on your side because of time.
