Although Negotiations seem tough and daunting, you can ease your way out of all its twists and turns by following this simple commandments listed below.
1. Prepare, Prepare and Prepare
Skilled negotiators do a number of things before a negotiation.
- They have a backup plan incase the negotiation fails
- They identify a “common ground” with their negotiating partner
- They think of the best alternatives by asking; “What is the best possible outcome?”
- They put their needs aside by trying to think like the other partner
2. Always Listen
This is the most important thing you can do when negotiating. Listen more carefully.
Talk less. When you’re really listening, not just the words – you can get a clue picture as to where the negotiations are going and to what others are really thinking.
3. Take a time out
Don’t be afraid to call for time out, if you need to consult, reflect, consider next steps or calm down before re-engaging in the negotiation.
4. Exercise Patience
Be patient. Sit back. Take in the conversation on all sides. Make few remarks.
Connect with everyone at the meeting, to understand their perspective. Let it unfold as you would want it to unfold but don’t get ahead of yourself and don’t hurry the process along. There is no hurry. Keep in mind you may not get another chance.
5. Aim for a win-win
Whenever you have to give away something, you need to make sure that you are getting something in return.
Compromising should not make you feel defeated during the negotiating process. Understand where the other side stands on the business issues being negotiated.
Present information that demonstrates to them how you can give them what they need, as long as they fulfill your terms of the negotiation.
6. Have a written agreement
Write down the agreement, and obtain confirmation from the other party that this is exactly what has been agreed. Provisional or draft agreements are often subject to fine-tuning through further negotiations. Have the final version of your written agreement witnessed by a third party, if necessary.
Negotiation should not be a battle but rather a means that will help both parties involved to reach an agreement.
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