Whether you work for a successful corporate firm or run your own business, you will have to sit on the bargaining table more than you would have anticipated. While giving an interview, while taking an interview, while dealing with a client, while selling to a customer- at every step, you will have to deal with a situation where you want one thing and the opposite party wants something else. At this point, you should know how to flip a disagreement into a mutual agreement.
Negotiation helps you find a middle ground that brings both parties to a decision or agreement that benefits both ends of the spectrum. However, to reach a state of mutual agreement, you need to ace your negotiation skills.
Take a cue from the below-mentioned tips to hone your negotiation skills and become a confident negotiator.
It goes without saying that if you arrive at the negotiation table unprepared, be prepared to walk away with nothing in your hands.
Whether dealing with a business partner or a regular customer, do your homework. Research the other party to gauge their strengths and weaknesses, and find out what they are seeking from this arrangement.
It will help you figure out what you want and how to work for it.
While a persuasive speech can tip the scale in your favor, listening to the opposite party is equally important. Be a good listener. Let them put across their points without interruption. Encourage them to talk first and take mental notes of the points where you stand a chance.
Ask what you want
You lose when you assume that the opposite party will understand your stand without you even mentioning it. Unless you speak clearly about what you want, how will the party know?
Even if you aim high, be vocal about it. If you aren’t happy with their proposal, mention that too. The opposite party should know what amendments you seek, and it won’t happen unless you express it.
Know the right time
Of course, you should speak your heart out on the bargaining table, but when to speak and what to say, are an important consideration to make. There is a right time for everything, and when you are negotiating with a party, timing is the key to success.
Know when to move ahead and when to stop.
Be willing to compromise
Sometimes, compromises lead to success. You may not realize it right away, but small compromises bring better results in the long term. If you feel that staying firm at your proposal can hinder your long-term relationship with your client, let that slide. If their terms and conditions are acceptable, don’t try to twist their arm further.
Don’t give in to their problems
Of course, the opposite party will have their reasons and problems in accepting your proposal. But, instead of giving in, turn your problem-solving mode on and put solutions on the table and let them understand your points of reasoning.
Don’t rush into closing the deal
Take time and discuss every aspect of your deal, the pros and the cons, profits and losses, everything. Don’t rush into closing the deal in your favor. Negotiation is not a competition where you will want to win. In many instances, if the opposite party loses, you lose along with them even after winning on the table.
So, take some time, reflect on everything, and come to a mutual agreement where both parties can flourish.
Close the deal with confirmation
Do not walk away without ensuring that everyone confirms the arrangement. Follow up with a thank you email or gentle reminders asking them about the final outcome of your meeting. It would help.
Having good negotiation skills always takes you a long way in your professional life. Take a cue from these tips and hone your skills.
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For an in-depth education on negotiation, attend classes or seminars delivered by Karrass and other such experts.