Tuesday, March 3, 2020

Negotiation Skills

Photo by Shane Rounce on Unsplash

What is negotiation? When we talk about the term ‘Negotiation’, we understand that literally it means mutual discussion and thereby arrangement of the terms of an agreement or transaction.  At some point of time, all of us need to go through some deals wherein negotiation skills can be immensely beneficial. We may need to negotiate for business deals, negotiate with clients, negotiate with new hires, negotiate with employers and so on and so forth. So, what are the things we need to look at while negotiating:

  1. Preparation: It is very important to prepare well before a meeting. Know the facts and rules of the organisation and ensure there is a set time frame for the meeting.
  2. BATNA: There is an important term in negotiation, and that is termed as BATNA. BATNA refers to Best Alternative To a Negotiated Agreement. Before any negotiation, it is very important to evaluate and consider the best alternative.
  3. Goals: Be specific about your goals. At times people are not aware as to what they would agree to and what they would want to take home. For example, when it comes to selling a product, ask yourself, what is the least amount you would like to accept and what would be your alternative if you are not happy with the amount offered to you.
  4. Listening: Negotiation is not about putting only your views. It is also about listening to the perspective of the other party. Only then the areas of compromise could be understood.
  5. The winning vibes: When negotiating, it is very important that both the parties are happy about the feeling that there was something positive about the negotiation. It is not necessary that the outcome is what we really wanted, however, if we gained something positive in the process, that also matters a lot.
  6. Agreement: If the negotiating parties are happy with viewpoints and interests, it is possible to come to an agreement. There must be perfect clarity in the agreements so that the parties are aware of the decision.
  7. Collaboration: In any negotiation, it is important to create an environment of collaboration. No one can reach a suitable solution to a problem without working together as a team. Although, there would be disagreements, the whole idea is to understand the fact that the reason both the parties are here is because of the disagreements. Patience, understanding and collaboration would lead to a mutually acceptable solution.
  8. Ethics. Never forget the fact that no matter what, one should never compromise with work ethics. Trust and ethics carve the niche for a long and wonderful business relation. 


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