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Five Ways to Negotiate More Effectively Negotiations are an everyday part of business – whether they're over a business contract with a partner or customer, the price you're willing to pay for a product or service, the salary you're offering a new employee, or some dispute you might be having. In many of these situations, your goal is to come up with a "win-win" result, where all parties walk away feeling like there has been a successful outcome. To be an effective negotiator takes clarity, planning and focus. These tips can help: Know your objective Before going into a negotiation, you need to know what you want – and what you're willing to settle for. Build a series of negotiation scenarios. These can include a "best-case" objective, which, as the name suggests, will provide you with everything you want from the negotiation. Also put together a "bottom line" objective – what you absolutely must have to make the deal work. Your negotiation can then focus on what's between those two extremes. Understand the other party The goal of a successful negotiation is to find a solution that is acceptable to both parties. In order to do this, you need to understand the opposing party's needs. Often, by taking the time to find out about the other person, you discover there is no significant disagreement. At the same time, learn what you can about the other party prior to beginning negotiations – by gathering information and asking questions throughout the negotiation, you may gain insight into what is important to them and how far they are willing to go to close the deal. Focus on issues Never make a negotiation "personal" – especially if you're in negotiations with someone you don't like. Stick to the issue and put aside how you feel about the individual you're in negotiations with. Similarly, don't let the other party intimidate you. For example, just because you're negotiating with a larger company doesn't mean they have more bargaining power than you do. Approach negotiations as an equal, confident in your ability to achieve a good deal for your business. Don't argue Negotiating is about finding solutions. In a successful negotiation, there are no "winners" and "losers" – both parties should come away feeling like they worked together to find a reasonable solution. Negotiation doesn't have to be confrontational – if you use a hostile tone or try to prove the other person wrong, you're going to end up with a fight on your hands. And that won't lead to a positive result. Be patient Negotiation can be nerve-wracking. Sometimes it's tempting to give up concessions just to reach an agreement and end the process. But impatience can be costly. If you're starting to feel worn down, suggest taking a break to regroup and clear your head. At the same time, if you feel someone from the other party is pushing you too hard and you won't end up with your "bottom line" objective, don't be afraid to walk away from the deal. While it might mean you'll never be able to make the deal, it also might provide the incentive the other party needs to come to an agreement. |
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