As the son of Punjabi immigrants, I was not surprised to read a report from the Financial Services Authority showing that among Britain’s major faith groups, Hindus and Sikhs are the best at making ends meet. Of course they are! They never go on holiday. They never eat out. And they haggle over everything: I spent my childhood being dragged around Wolverhampton as my mother bartered over everything from secondhand sofas to sultanas.

I kept the most excruciating of these memories suppressed until I read the results of another study this week, showing that most business negotiators are bad at bargaining. Researchers divided 266 Chicago MBA students into either buyers representing a motorcycle maker, or sales reps for a parts supplier. After three negotiations lasting 45 minutes each, they compared the deals that had been struck against the limits that the teams had decided in advance and found that each side had underestimated how much the other was willing to give away.

While these Chicago MBAs may have been bad at haggling, they at least tried, which is more than can be said for most British people. Apparently only two out of five British consumers ever try to barter and failing to haggle when buying a new car costs British consumers £512 million a year. Research has found that one of the reasons why women get paid less for doing the same jobs as men is that they are less likely to try to negotiate pay rises.

Are Brits simply too embarrassed to haggle? Or do they just not know how to do it? In case it is the latter, I thought I would provide a four-point Punjabi guide to haggling, the basic principles of which, I would argue, are applicable to negotiations everywhere, from the boardroom, to the corporate purchasing department, to your local branch of Greggs:

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http://business.timesonline.co.uk/tol/business/columnists/article2748947.ece