Negotiation skills are the bedrock on which any successful, lasting, and productive business relationship is established. If a negotiation goes right, everybody comes out happy from the deal. On the other hand, if a negotiation does not work out, there will be dissatisfaction, resentment, and anger.
People who are not satisfied with a negotiation might still continue with the deal, however they might walk out at crucial junctures of the assignment for better offers, leaving the project incomplete, and at a risk of shutting down. Hence, the importance of a successful negotiation cannot be stressed enough on the people who are into team management or team building.
There are three stages of a negotiation −
This is the stage when you research on the deal thoroughly and know the best offer in the market, the profile that is needed to qualify for that offer, and your own strengths and limitations. This will give you a good idea on what a good offer to you should be, considering the strengths and boundaries.
Clearly identify the areas of bargaining and the conditions that you would like to be satisfied with. Negotiations are normally an intense battle of nerves, where powerful persuasive powers are employed through selective usage of words and assertive body language. Prepare yourself emotionally and mentally for this.
Start with greeting and offering your respect to the others in the negotiation. Be courteous and break the ice with a courteous statement. Use small talk to establish rapport. Exchange pleasantries and share common interests. Build a positive and amiable image.
All the people who present in the negotiation are there for their interests and the sooner you address theirs, the sooner they will address yours too. Express respect for the other party, and openness to the negotiation. Listen carefully to what their offer is, evaluate it against your own evaluation of a best offer, describe your strengths and mention what your expectations are out of the deal.
You might have to give in to a few conditions, but that is natural in a negotiation. It is rare to walk away with everything you wanted, because other people’s interests must be respected too.
While closing a negotiation, try to reinstate your points and the interest you have to be a part of the deal. Summarize your strengths and the advantages you will bring to the table. Turn on your charm and presentation skills to the highest knot at this stage and seal the deal. After you are sure that everybody is satisfied with the agreement, thank everyone for their time and engagement. Leave with a positive impression in their minds.