Negotiations and Doing your Homework

Negotiations and Doing your Homework

Negotiating can be tough and practically every aspect of our business and personal life involves negotiation. This is not something that we are all born with.

We use these skills virtually every day of our life and the good thing about these is that these skills can be learned. We all have that convincing and persuading power; we just have to learn how to develop these practical skills.

What is negotiation?

Negotiation is basically an art. It encompasses persuasion and convincing to get what you want. It is an interactive communication between two individuals both benefiting from each other insuring that each of the parties get what they want

How to negotiate?

Here are some guidelines when conducting negotiations…

- Be specific. Have a clear description of what you want to achieve from the dealing. It must be something practical and achievable.

- Know who you are dealing with. Since negotiation is a two way process, you must learn about the other person. Obtain information regarding the person, product or service you will be dealing with.

- Establish rapport with the other side. You must know in advance whether or not the other party is willing to cooperate, because if not, then the whole negotiation will just be a waste of time.

- Do not let your emotions get the best of you. You must maintain your composure and keep it professional. Be objective and stay focused on the real purpose of the dealings.

- Be firm. Do not allow the other person to see your desperation to close the deal. If this is so, they will tend to use this against you.

- Never make false promises. In the course of the negotiation process, do not make any promises that you cannot or do not intend to perform, in doing so, you will lose your credibility.

Essential elements in negotiation

- Attitude

Your attitude towards the negotiation is very important in closing the deal. You must be firm and stay positive. The common mistake by most neophytes in this field is that they easily give up.

- Compromise

There should always be a compromise between two parties in order to have a win-win situation. Compromise addresses the core concerns.

- Communication

Without communication there can be no negotiation. This is just one of the basic elements that are essential in the negotiation process. Establishing rapport is a good way to strengthen the communication course. One must be able to converse to the other party what he or she really wants.

- Listen

You must also learn to listen and know the other side’s concerns. Listening actively to what the other party would like to convey and acknowledging them will let them know that you are serious about the deal.

Strategic negotiation plan

It is a must for you to develop a negotiation plan, with key strategies to be employed in each phase of the process. Strategies must be flexible to accommodate changes in the course of the dealing. A good negotiation plan must answer these basic questions.

• What do you want to achieve?
• Where should you start?
• When to make your move?
• How will you close the deal?

Basic phases of negotiation process

- Pre-bargaining phase – This is where all the planning and gathering of information takes place. It encompasses information gathering, leverage evaluation, issue analysis, rapport building, establishment of goals and expectations and formulation of negotiation plan.

- Bargaining phase – This is where the real negotiation takes place. Negotiation skills and strategies are employed here. Tactics are used to get the other side to conform to your offer.

- Closure phase- Closing the deal. Do not try to rush or delay the closing.

Do your homework; do your part.  Negotiation entails much preparation and research on your part. Go over the different phases of the process, essential elements involved in it and try to develop the skills needed.

Planning and preparation are just basic elements but are very significant in the negotiation process. Do your part by mastering the skills needed in this field. You won’t go wrong if you follow and understand what has been mentioned above. Do your part and do it now!