Gain confidence to consistently negotiate successful business deals
Your understanding of the negotiation process is critically important
Negotiation is not just about the end result. It is a three dimensional process during which you should collaborate and determine common ground. Be in control and pursue your objectives. Finally, be creative and seek ways to break deadlocks.
A successful negotiator will build a relationship, seek information, understand the behaviours displayed and create respect between the parties involved. When required, an effective negotiator will put aside self-interest to create a breakthrough moment without making a valuable concession.
A key tool to success is your negotiating plan;
Create a strategy
Set high aspirations, position your case advantageously, make demands
Manage information, ask open questions, test and summarise
Trade concessions
Determine your walkaway point
By following your plan you will be able to influence the negotiation by identifying what is needed rather than what is wanted.
Do your homework. Having detailed information and being knowledgeable is very powerful.
It is important to have self-belief and be confident, manage the emotions and body language. A skilled negotiator will listen carefully to responses, observe and take advantage of any sign of indecision.
Ask the right questions to determine any boundary conditions, eg price, quality, a deadline. You must include a concession plan in your preparation but be very clear with the value to you of what you are willing to concede. Understand when to concede and plan how much to concede.
It is important to note that negotiation is not just about financial transactions, a skilled negotiator will gain support for ideas, resolve conflict and promote teamwork.