We have in one way or the other engaged in negotiation. If you are a business owner, when your customers show interest in your product, they negotiate for a good bargain. When you see a product or service you need, you negotiate for a good bargain. The power of negotiation cannot be exempted from business growth. However, what you get out of your negotiation depends on how you handle the negotiation process. Do you see negotiation as a 1) very easy process to follow 2) thoughtful interaction with the other party or parties 3) way to find out the best solution? Irrespective of your definition of negotiation, below are six tips for effective negotiation.
- Research the other party or parties
The starting point of any successful negotiation, especially one involving striking a deal with another business, is research. It is wrong for you to start getting to know your party during the negotiation process. Before you reach out to a business professional for negotiation purposes, do your research. Research the person you are meeting. Also, research the business. This gives you insight into what to ask and what not to ask. Research helps to avoid asking irrelevant questions.
2. Define the goal of the negotiation
Are you negotiating to get more gigs or leads for your business? Are you negotiating to strike a deal or hire a professional? Define the goal of your negotiation and channel all your questions into reaching the goal.
3. Define the best time for the negotiation
If you want to negotiate with a business professional or a career expert, you know having such negotiation on a Monday will not work. This is because Monday is usually a very busy day. You don’t want the other party checking his or her time incessantly during the negotiation. Schedule your negotiation on days when the other party has enough time for it.
4. Present what you need in a calm manner
No matter the atmosphere of the negotiation, present what you need in a very calm manner. Explain what you want and the result you are looking forward to getting. The goal of the negotiation is to reach a consensus with the other party or parties.
5. Listen and understand
Negotiation often turns sour, not because of the topic but because of the attitude accompanying the topic. One of the best keys to reaching a good consensus at the end of your negotiation is listening. Beyond listening, understand the other party. Listen carefully and understand if there are things to adjust. Listen and look for hidden satisfiers.
6. Patience is key
Beyond listening, be patient. Patience is a vital tool for effective negotiation. The more emotional you are during negotiation, the more your thoughts are clouded. Exercising patience during negotiation does not necessarily mean you are conceding to the other party’s need, it means you are coming to a better understanding of the other person’s need. This helps to open your mind and thought of better options.
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