Negotiation is an important skill for many individuals and small businesses alike; the ideal outcome is when both parties involved feel like they were listened to, and are happy with the end result. There are many benefits to it too, an ability to effectively negotiate – whether in a business or personal situation – could end up being the key to your success. Within the business world successful negotiation can not only potentially grow your network but also help secure relationships, both which have the opportunity of leading to potential new business possibilities. We’ve put together some of the top negotiation techniques that everyone should know.
1. When to walk away
An important part of negotiating, and a crucial negotiation technique, is to know when to walk away. If a deal isn’t satisfying any of your goals then it is best to walk away, one way of making the negotiating process clearer is to set up some boundaries before you begin. A good way of doing this is to write down the things that you can and the things that you simply cannot compromise on, listing out what matters to you helps make it clear when it is time to walk away.
2. Your top goals
Writing out a list helps you to rank what is most important to you. If you’re thinking from a company’s perspective, it is important to consider your long and short-term goals. One simple way of making sure you negotiate successfully is to have a clear idea of what you are after, in order of importance.
3. What to give up
In addition to knowing what things are most important to you, and what you are less likely to compromise on, you should equally have a list of things that you wouldn’t mind compromising on.
In the end, you cannot have everything, so it is important to identify the areas where you can be flexible – because if you can’t be flexible at all, there is simply no point in negotiating.
4. Build rapport
Building rapport with the person/ party you’re negotiating with is a beneficial negotiation technique, and can be argued as crucial for any successful negotiations; hostile behaviour has no place and can potentially damage any future progress. If you are in any way impatient, angry or distracted then the negotiations are going to fail.
It should go without saying that at least some element of research should take place before negotiating. In particular with business negotiations, preparation and research is infallible. An important part of the research phase is to also understand the other side; the more you understand what is going on in their minds the quicker you’ll potentially reach a conclusion in the negotiation process. Before negotiations, research as much as you can about the party you’ll be negotiating with. This is especially key within the business world.
Negotiation techniques can be learned and improved with regular practice; by following these above techniques you’ll be on the road to success in no time.