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In business as in life, you do not get what you deserve you get what you negotiate.
The term negotiation refers to a strategic discussion intended to resolve an issue in a way that both parties find acceptable. Negotiations involve give and take, which means one or both parties will usually need to make some concessions. Negotiations can take place between buyers and sellers, employers and employees, two or more governments and other parties.
Negotiations involve two or more parties who come together to reach some end goal that is agreeable to all those involved. One party will put its position forward, while the other will either accept the conditions presented or counter with its own position. The process continues until both parties agree to a resolution or negotiations break off without one.
Experienced negotiators will often try to learn as much as possible about the other party’s position before a negotiation begins, including what the strengths and weaknesses of that position are, how to prepare to defend their positions and any counter arguments the other party will likely make.
The length of time it takes for negotiations to conclude depends on the circumstances. Negotiation can take as little as a few minutes or in more complex cases, much longer.
Negotiating can take place between individuals, businesses, governments and in any other situation where two parties have competing interests.
Some people may be born negotiators, but many of us are not. Here are few tips that can help.
Justify you position. Do not just walk into negotiations without being able to back up your position. Bring information to show that you have done your research and you are committed to reaching a deal.
Put yourself in their shoes. Remember that the other side has things it wants out of the deal, too. What can you offer that will help them reach their goal without giving away more than you want to or can afford to?
Keep your emotions in check. It is easy to get caught up in the moment and be swayed by your personal feelings, especially ones like anger and frustration. But do not let your emotions cause you to lose sight of your goal.
Know when to walk away. Before you begin the negotiation process, it is a good idea to know what you will accept as a bare minimum and when you would rather walk away from the table than continue to bargain. There is no use trying to reach a deal if both sides are hopelessly dug in. Even if you do not want to end negotiations entirely, pausing them can give everyone involved a chance to regroup and possibly return to the table with a fresh perspective.
Some of the key skills of a good negotiator are the ability to listen, to think under pressure, to clearly articulate their point of view and to be willing to compromise within reason.
Negotiation is essential part of day-to-day life, the business world and international affairs. Regardless of what you are negotiating, being a successful negotiator means knowing what you want, trying to understand the other party’s position and compromising if necessary. A successful negotiation leaves everyone satisfied that they have gotten a deal they can live with.
As a business professional, it is almost guaranteed that you will need to participate in negotiations, regardless of your job title or industry. Chances are you already participate in them more often than you realize. Negotiating a job offer, asking for a raise, making the case for a budget increase, buying and selling property are just a few examples of the deals you might be involved in.
You likely flex your negotiation skills in your personal life too, making it crucial to become a skilled negotiator in all areas of life. If you want to strike effective deals and improve the outcomes of future negotiations, you need an arsenal of skills. Investing time and energy into developing them and learning the negotiation process can prepare you to maximize value at the bargaining table.
Enhancing your negotiation skills has an enormous pay off. It allows you to reach agreements that might otherwise slip through your fingers. It allows you to expand the pie so you get more benefits from the agreements that you do reach. It also allows you to resolve small differences before they escalate into big conflicts.
Here are few essential negotiation skills and ways to develop your knowledge and confidence.
Communication: To achieve your ideal outcome at the bargaining table, it is essential to clearly communicate what you are hoping to walk away with and where your boundaries lie. Effective negotiations develop communication skills that allow them to engage in civil discussion and work towards an agreeable solution. Deal-making requires give and take: it is critical to articulate your thoughts and actively listen to others ideas and needs. Not doing so can cause you to overlook key components of negotiations and leave them dissatisfied.
Emotional intelligence: For better or worse, emotions play a role in negotiation and you can use them to your advantage. You need a high degree of emotional intelligence to read other parties emotions. This can enable you to pick up on what they are implying rather than advantageously manage and use your emotions.
Planning: Planning ahead with a clear idea of what you hope to achieve and where your boundaries lie is essential to any negotiation. Without adequate preparation, you can overlook important terms of your deal or alternative solutions.
Value creation is one of the key skills you should add to your negotiation toolkit. When participating in a negotiation, you and the other parties typically try to obtain the biggest slice of the pie possible. Vying to maximize your slice inherently means someone will get a smaller piece. To avoid this, shift your goals from growing your slice to expanding the whole pie. The benefits of doing so are twofold: First, you can realize great value; second, you can establish a sense of rapport and trust that benefits future discussions.
Strategy: In addition to through preparation and the ability to create value, you need to clear understanding of effective negotiation tactics. By knowing what works and what does not, you can tailor your strategy for every negotiation. By understanding the roles of those involved, the value they offer and their advantages, you can work towards a common goal. Checking in with yourself throughout the negotiation can also ensure you stay on the path to success.
Reflection: To round out your negotiation skills and develop your proficiency, reflect on past negotiations and identify areas for improvement. After each negotiation think about what went well and what could have gone better. Doing so can allow you to evaluate the tactics that worked in your favor and those that felt short. Next, identify areas you want to work on and create a plan of action. If your negotiations often leave you dissatisfied, learn new ways to create value.
How to negotiate professionally.
No matter your strengths and weaknesses, practice is a surefire way to develop your skills. The more you negotiate the more prepared you will be in the future. Structured learning opportunities can be highly beneficial. Negotiation books and articles are effective starting points for learning deal making basics. Those that explore real-life examples of successful negotiations can provide perspective on how others navigated difficult discussion and approached conflict resolution.
The negotiation definition can be stated as a form of technique that two or more people use to resolve any kind of conflict. It is a procedure of coming up with a way to deal with interpersonal conflict. Individuals generally prefer a reasonable conclusion for their view point throughout every conflict. Common negotiation skills can be used in range of scenarios. Many cases require specific types of negotiation like international relations, workplace issues and interpersonal relationships.
Negotiation, in its most basic form is an exchange of dialogues involving two or maybe more conflicting parties who are striving to reach a consensus on their dilemma. Rather than fighting publicly, they try to look for common ground.
Negotiation needs both offerings as well as receiving. One should hope for a mutually respectful conversation that convinces both sides. Good negotiation is one when one can make subtle sacrifices whilst offering whatever is significant to the other defendant. Regardless of the disparities in party interests, the approach should avoid misunderstanding. A successful negotiation tends to leave both parties content and willing to meet again.
Negotiation in layman’s term is a procedure for settling differences. It is a tool for reaching an agreement to avoid conflict and argument. Individuals explore many different practical conclusions for their stance in every debate.
Good negotiations are important for business success. They help you establish stronger relationships and produce long-term, high quality solutions rather than poor, short-term solutions that do not meet the needs of either party. It also aids in the prevention of future issues and confrontations.
When there is more than one person involved, actions are almost always preceded by negotiations, whether that is with friends, family or co-workers. The question is not whether you negotiate, but how well do you negotiate?
Negotiation is critical for any group project but in the workplace, your ability to negotiate is equal to your success and happiness on the job. It is a skill and an art involving some practical tips and methodologies, but also a great deal of psychological insight.
Negotiation skills are not only a benefit for you, they serve the whole organization. Poor negotiations or a lack of negotiating skills can impact the bottom line and ruin customer relationships. So, if you are curious about how to negotiate, start by learning these skills and the tactics. They will come in handy the next time you broke a compromise at work, at home or even on a vacation.
Having the right set of skills will help you in any endeavor and the same is true with negotiating. If you are armed with the skill sets, then negotiating will be more fruitful.
Negotiation techniques in the workplace.
Be prepared: Never go into a negotiation blind. Without context, no level of negotiation skills will help you. Therefore, know the product service or whatever the subject of the negotiation may be.
You want to have prepared yourself by understanding not only what you will be negotiating with but who you will be negotiating with and what kind of person they are. Create a task list of items to research before entering the negotiating, so you will have everything covered. That way you will know how to present a compromise that will appeal to the other person.
Listen: When negotiating, often emotions can take over and one can find themselves talking over the other person. That sort of aggressive approach is sure to backfire or at least keep the negotiations heated. No one wins in that sort of exchange and a lot of time will be wasted because of miscommunication.
Instead try active listening, where you have not only what the person is saying but how they are saying it, including their body language. By listening intently you will learn more than by getting into a shouting match.
Be dispassionate: Emotional outburst might feel good at the time, but what they do is show the other party that you are no longer in control. This gives them an advantage because if you give into frustration or the other heated emotions, you will be more likely to concede something that you do not want to or disrupt the whole negotiating process.
Communicate: One of the most important skills for negotiating is being a strong communicator. You must get your message across clearly and effectively. Poor communications lead to misunderstandings and potentially unresolved conflicts, which help neither side.
Collaboration skills help because negotiations are not necessarily an “us versus them” scenario. Most negotiations are really a type of collaboration where two parties with different views meet and together find a way to mutual satisfaction. By working together, negotiations are less combative and there will be no hard feelings when they are over because everyone wins.
Be a decision maker. Negotiations end. There comes a point where both sides have given in some ground and are standing on a shared space that is mutually agreeable. It is at that time one must decide to accept the deal but some people just cannot. They are either indecisive or thinking they might be able to take out one more concession. The skill of deciding when to stop is key to successfully closing negotiations.
Negotiation tactics: Having the skills to negotiate is only the beginning. Now comes the act of negotiating where you must put those skills to work. Do not think in terms of winning. If you walk into a negotiation with the attitude that you are going to win, then you have already failed. This is not about competing. Instead, you should go into a negotiation with a clear picture of what your goals and objectives are. Remember it is collaboration. You are not beating someone; you are working with them for the best possible solution to both your interests.
Think of the other person. Empathy is fine, but really what this tactic does is address the give and take of any negotiation. If you can help the other person, if you are aware of what they need, what their goals and objectives are, then you know what to put on the table. Even if you do not know what they want, you can always ask. It can help cut to the chase and is sure to win points with the other person, which can foster the collaborative atmosphere present in all successful negotiations.
Do not assume clarify: Chances are both parties are walking into a negotiation with a lot of preconceived ideas of what the other wants. But there is no guarantee that either side is privy to the others motivation or problems. Therefore, it is always helpful to start the negotiations on the same page by asking the other party what their motivation is.
Find out how they view the negotiation at the outset and clarify yours as well. This creates transparency for the proceeding and allows the negotiations to start from a point of understanding, which cuts out a lot of unnecessary clutter and lets you get right down to business.
Do not make threats. This speaks to the dispassionate attitude that all positive negotiations share. If you let emotions rule your negotiations, then you are more likely to threaten to walk or issue an ultimatum that will break down the discussion.
Stay professional. Remember you are in the workplace and you must work with these people. Burning bridges will just leave you stranded.
Negotiations can get heated, but no side is served by letting that pot boil over.
The worst thing anyone can do in a negotiation is painted themselves in a corner by threatening this, that or the other. It is just self destructive and negotiations are supposed to be constructive.
Negotiations are hard, but tools are easy. If you have the right tool then your job is easier, more productive and more efficient.
Let us never negotiate out of fear. But let us never fear to negotiate!!!