The ability to negotiate is an important skill to have in business and in your personal life. It can benefit you personally, such as when negotiating employment terms and salary with a new position. It can also benefit your business or clients through a wide range of professional activities. With this in mind, improving your negotiation skills and learning new tactics can be beneficial in many aspects of your career. These are some of the more important tactics to follow for successful business negotiations.
Know Your Upper and Lower Limits before You Start
According to Negotiations Training Institute, “Before you begin negotiating a new deal, it is important to define what you need and want from the negotiations. Consider, for example, that you may begin by high balling your desires when you begin negotiating, but you may have a hard and fast minimum level that you want to accomplish from the negotiations. In addition to what you are willing to accept as a minimum, consider what you are willing to give away as a result of getting what you want. By thinking about these factors up-front, you can more easily find a suitable middle ground that you are comfortable with.
Control the Setting
In addition, when preparing for the negotiations, take control of the meeting or phone call by making the time and location on your terms. For example, this may be a meeting that is held in your office at a time that is suitable for you. Perhaps it is a conference call that you arrange at an ideal time. There is a certain element of power that is exerted over the situation when you make the meeting arrangements.
Prioritize Needs and Wants
During the negotiation, you can begin by stressing your ideal situation and what you are willing to offer for the ideal terms. However, during the negotiations, make it clear where your bottom line is and what you need in order to not walk away from the deal. This should not be an opening tactic that is used, but it can be effective if the other party is creating a low ball offer that is too low for you to even consider.
Be Open with Information
In some situations, it can be beneficial to share some key information or insight. This does not have to be relevant to the deal that is being negotiated, but it should in some way indicate to the other person that you are knowledgeable, helpful, and a key player in your industry. It will tell the other person that their willingness to make some concessions could create a strategic alliance with you, someone who may continue to provide helpful information in the future.
Negotiating is a skill that takes time and practice to refine, and there is often a continual ability to learn new tactics and skills. These are some excellent strategies that you can employ as you negotiate with others for personal gain, such as for an increase in salary, or for professional gain for your business or clients.
