7 Successful Strategies for NegotiationAugust 3, 2021
Negotiations are a part of every business. They can be a time-consuming process and difficult to navigate. The way we interact in negotiations has a significant impact on the outcome and can have some drastic consequences if handled poorly. If you see an upcoming negotiation in your future, GLO has seven strategies for negotiation to be used when looking to succeed.
1. Be professional and courteous during Negotiations
Any negotiation goes smoother if both parties are professional and courteous. Set a positive tone for the remainder of the relationship. It should be your goal to establish a relationship that can extend beyond the current negotiation. It is always possible that the other person will end up on the other side of negotiations in the future. If you see them again, “Oh, this asshole” is the last thing you want them thinking.
2. Prepare, always prepare
Both you and the position you represent need to be prepared before negotiations begin. An ample amount of research should be done before the meeting, such as the other party and the business they represent. Research gives substantial leverage in negotiations, but it is useless if you do not know the information well enough to use it correctly within the meetings. Be prepared to use the data collected in various scenarios. Research board members and understand their goals.
3. Maintain a positive mindset during Negotiations
Go into every negotiation with confidence in both yourself and your position. If confidence in either is lacking, then do everything you can to fix it. Your mindset directly affects the body language you exhibit throughout the negotiations. You want to give off a presence of confidence and intelligence in every interaction with the other party.
4. Know your limits when Negotiating
Know the critical aspects of your position that cannot be given up. It is essential to draw a line that cannot be cross before coming into the meeting. The other party does not need to know the line. However, if they find it make sure they know you are not willing to go past it. Walk-in knowing at what point you will walk away and always have the logical reasoning to back it up.
5. Listen to the Discussion
Take the time to listen to the argument of the other party and their issues. Only by listening to the other side can you offer a quality response. If you spend the whole meeting talking, no discussion happens, and nothing moves forward. It is your job to go into a negotiation with your position in mind, learn the other party’s position and then find common ground on which both parties can agree.
6. Value everyone’s time
Most negotiations go beyond one meeting. As soon as everyone walks out the door, the clock starts ticking. Know whether time is working for or against your position in the negotiation. Demonstrate that you value both your time and the other party’s time as well. Be timely with your responses and necessary documents to keep the conversation going.
7. Know the actual decision-maker in the Negotiation process
Do not waste time with a person who cannot make decisions or answer your questions while in a negotiation. If you do enter a room and the other person does not have the necessary authority, stop the meeting professionally. Make it known that if progress is to be made in the conversation, then someone who is a decision-maker needs to be a part of these meetings. Continuing the negotiation only creates more work for everyone involved.
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