Negotiation is one of the most powerful skills any business owner can possess, and for women who want to make more sales, mastering this skill is not just about closing deals—it’s about claiming the value they bring to the table. 

This is especially critical as women continue to break barriers in business. In an episode of the Girls Make Bank podcast, Jennifer Justice, a seasoned entertainment executive and advocate for gender equality, shared her top negotiation strategies and insights on understanding your self-worth and how women can bring those strategies to the table.

Jennifer, or "JJ," has a long history of advocating for fair and profitable deals for her clients. She offers a unique perspective on how women can step into negotiation rooms with confidence, navigate the intricate dance of give-and-take, and walk away with terms that reflect their true worth. This blog outlines her key strategies for closing more deals, growing businesses, and, ultimately, making bank.

1. Preparation Is Your Superpower

Preparation before a negotiation is crucial to getting your desired outcome. Walking into a negotiation unprepared is one of the biggest mistakes you can make—and it’s something that even seasoned business owners can overlook in the rush to close a deal.

How To Prepare For A Winning Negotiation:

• Research the Other Party: Know who you’re negotiating with, their values, and any recent changes in their company or industry. This can help you tailor your points to what matters most to them.

• Define Your Goals and Non-Negotiables: Identify what you need out of the deal and what you’re willing to compromise on. Knowing this in advance will help you navigate conversations without losing sight of your bottom line.

• Study the Market Standards: If you’re discussing pricing, terms, or scope of work, having a sense of what’s standard in your industry helps you confidently assert your value.

Preparation also includes understanding when it’s beneficial to bring in additional help, such as an attorney or other expert, to review contracts. JJ advises that if the stakes are high or the legal terms seem overwhelming, investing in a lawyer can save you from costly mistakes and ensure you’re protected.

2. Know Your Value—And Don’t Be Afraid To Ask For It

Knowing your worth isn’t just a feel-good exercise; it’s a fundamental part of negotiation. Women, in particular, can feel uncomfortable asking for what they deserve, whether it’s higher pay, better terms, or additional perks.

How To Express Your Value:

• Create a List of Your Wins: When you have tangible evidence of your accomplishments, it’s easier to quantify your value in dollars and terms.

• Don’t Undervalue Yourself to “Get Your Foot in the Door”: This approach can set a precedent for future deals. Instead, start negotiations from a position of strength, and don’t be afraid to ask for what you deserve.

• Shift Your Mindset: Reframe negotiation as a partnership rather than a battle. You’re not asking for something unearned—you’re establishing terms that are fair and reflective of your worth.

3. Emotional Intelligence Is Key In Negotiation

Negotiation is about value exchange, but it’s also about reading people, understanding their needs, and building rapport. Knowing how to gauge the emotions and motivations of others can help you adjust your approach for a more successful outcome.

Ways To Cultivate Emotional Intelligence In Negotiation:

• Listen More Than You Talk: Pay attention to what the other party is saying. Are they hinting at flexibility in certain areas? Are they emphasizing certain points? The more you listen, the better you can understand their priorities.

• Manage Your Emotions: Negotiation can be intense, and emotions can run high, especially when discussing high-stakes terms. Remember to take a deep breath, focus on the facts, and remain professional.

• Build Rapport: People are more likely to make concessions when they feel understood and respected. A little empathy can go a long way in making both sides feel like they’re coming out ahead.

While it’s important to show up as your authentic self, negotiation is the time to focus on business. Letting emotions drive your responses can cloud your judgment, so keep your personal attachment to the outcome in check.

4. Don’t Go It Alone: Know When To Bring In Help

As much as founders wear multiple hats, so it’s important to understand your limitations. In some negotiations, particularly those involving complex legal terms or high financial stakes, having an attorney or professional negotiator can make all the difference.

Why Hiring Help Matters:

• Specialized Knowledge: Legal jargon or financial clauses can be tricky to interpret without specialized training. A professional can help you understand the full implications of a deal.

• Level the Playing Field: When negotiating with large corporations or seasoned executives, it’s wise to bring in expertise that matches the resources on the other side.

• Long-Term Protection: Terms in a contract can have lasting impacts. Ensuring clarity and protection up front saves you from future disputes.

Here’s where most women feel pressure to handle everything themselves, but there’s no shame in asking for help. The costs of hiring an expert are often far less than the potential losses from signing an unfavorable deal.

5. Avoid Common Pitfalls In Negotiation

Avoiding common pitfalls in negotiation can be the difference between success and a deal that falls flat. JJ has seen firsthand where negotiations can go wrong and shares essential advice on what to steer clear of—like undervaluing your worth, failing to listen actively, and overlooking the power of preparation. 

Top Mistakes to Avoid:

• Accepting the First Offer: It’s natural to feel excited about an offer, but in most cases, the first number is just a starting point. By countering, you show confidence in your value and often reach a better agreement.

• Focusing Only on Money: While revenue is key, other terms like deadlines, payment schedules, deliverables, and renewal options can be just as important to long-term success. Don’t overlook these factors in pursuit of a higher number.

• Underestimating Your Influence: Many founders, especially women, feel they lack the leverage to negotiate. Remember, you bring unique value, and the other party wouldn’t be at the table if they weren’t interested in what you offer.

6. Stand Firm And Know When To Walk Away

Not every deal is meant to be closed, and one of the hardest parts of negotiation is recognizing when to walk away. JJ advises founders to trust their instincts and not settle for less than they deserve.

Tips for Knowing When to Walk Away:

• Identify Red Flags Early: If terms feel lopsided, or the other party is inflexible, it’s a sign that this may not be the right deal.

• Stick to Your Non-Negotiables: Knowing your boundaries is key. If a term violates your values or business principles, it’s likely not worth compromising.

• Trust Your Gut: If something feels off, listen to that instinct. There will be other opportunities, and holding out for the right deal often brings greater rewards.

Negotiation Is A Skill You Can Learn

Negotiation isn’t just about closing deals; it’s a skill that empowers female founders to stand up for their worth, advocate for their businesses, and make financial gains that contribute to long-term success. 

JJ’s approach is a reminder that negotiation is a balance of preparation, emotional intelligence, and knowing your value. Every negotiation is an opportunity to reinforce your worth and demand the value you deserve. Period.