Negotiating is about compromising and two parties reaching an agreement. This can either work in your favour or not, but either way negotiation can be an intimidating process. Reaching an agreement, particularly when trying to secure business deals is not an easy task, however to enhance your opportunity of success there are sets of skills and strategies to follow.
Research Before Entering a Negotiation
Clearly outlining and understanding whom, why and what you are negotiating is key to stand any chance of winning the negotiation. Entering a deal underprepared will leave flaws in your arguments and make you look vulnerable and exposed to the opposite party gaining the upper hand. Thoroughly researching beforehand will leave you in a far better position of winning the negotiation; after all, you can never be too prepared.
Turn to the Experts if Necessary
Negotiation can be overwhelming, but, help is at hand. A leading provider within the negotiation training industry is The Gap Partnership and specialise in consultancy and training. Though courses are intense and designed to meet the comprehensive requirements within the business industry they are also designed to provide success. Turning to the experts is one of the biggest ways to gain an advantage over opposing parties when negotiating deals.
Disclose all facts
Something to always avoid during the negotiation process is withholding information, as this is considered unethical and undermines negotiating and a trusting working relationship as a whole. A deal should be won fairly, honestly and in the right way, therefore failing to disclose information or provide unethical evidence is deemed an outright breach of negotiation. Misrepresenting arguments and information is also sure to backfire in a number of ways – limited to losing a deal, and tarnishing working relationship being two of the biggest examples.
Work Power to Your Advantage
In most work-based scenarios, there will be a balance of power. If you’re unfamiliar with this, it is a concept that is taught through negotiation training and courses. If executed correctly, an individual can develop proficient knowledge and be an influential figure in a particular area- fundamental to certain types of negotiation and a highly valued skill within the business industry. With this type of influence comes power, and this can be deemed more significant and influential than having a top job title, so use it to your advantage.
Less is more, particularly when trying to secure deals. The more talking that takes place, the more exposed you become to the opposition finding faults and holes in your argument. Negotiation is most effective when done in a concise but detailed matter, meaning that practicing and knowing what the most important points to put across are is vital. More often than not, the side that does the less talking but makes clear and well-backed up points to support themselves come out as winners of the negotiation.
Do Not Dismiss Any Offer
As keen as you may be to listen and consider every option, it’s also important to not dismiss any- particularly the first offer. The first proposal frequently gets automatically overlooked and dismissed based on the assumption that a better offer will pop up but this isnot always the case. For this reason is it imperative that all doors are left open as at any time a negotiation can turn.