Unfortunately, most people are not natural-born master negotiators. The good news is that research consistently shows that most people can significantly improve their negotiation skills through education, preparation, and practice.
Prepare for your Negotiation
There is no good short cut to Preparation. It is the first stage of any negotiation, though people often don’t give it the time it warrants. They often charge directly to negotiating.
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Preparation starts with determining if this is a potential collaborative situation so that you can select the better strategy. Next, you spend time researching information, analyzing data and leverage, and identifying interests and positions. Often hidden and unspoken, our interests nonetheless guide what we do and say. Experienced master negotiators probe their counterparts stated positions to better understand their underlying interests.
Finally, you have to consider the relationship you want to build.
Education on Information Exchange
Education on the Information Exchange occurs when you begin to engage the other side, share information and explore options that address interests. What you each need, as opposed to positions; what you each ask for later in the Negotiation Stage.
It is critical here to focus on building rapport and trust, without which neither party will feel comfortable sharing interests. One way to build the relationship is by finding out and showing genuine interest in the other party’s business culture, personality, outside interests and values.
Relationship dynamics become all the more important when you have an ongoing connection: future business, your reputation, and your relationships with others may hang in the balance. You can strengthen the relationship by taking time to build rapport and by meeting your own high ethical standards throughout the process.
Practice Negotiation
Practice is the point in the process when you reach an agreement. It is important to find out if the other side has the capacity to follow through with the things they said they would do. This is the time to put down in writing the common interests and produce a comprehensive summary of the agreement.
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Sometimes you have to consider strategies here to lock-in a commitment. Be sure to agree on next steps as well. And never forget to thank the other party for their willingness to negotiate, even when no agreement is reached. Practice to implement the agreement. You must ensure that you follow through on promises made in order to strengthen the relationship and to build trust.
In negotiations, options refer to any available choices parties might consider to satisfy their interests, including conditions, contingencies, and trades. Because options tend to capitalize on parties’ similarities and differences, they can create value in negotiation and improve satisfaction.
Conclusion
Whether you are negotiating online, via phone, or in person, you will take part in a communication process with the other party or parties. The success of your negotiation can hinge on your communication choices, such as whether you threaten or acquiesce, brainstorm jointly or make firm demands, make silent assumptions about interests or ask questions to probe them more deeply.
Armed with a better understanding of these building blocks of negotiation, you are positioned to be master negotiators.
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