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What is negotiation?
Negotiation is a process whereby at least two parties, who have different views and goals, discuss an issue in order to reach a mutually accepted decision. Negotiation skills are incredibly important in the business world, both in day-to-day and formal interactions. Negotiation is used in aspects such as legal contracts, sale conditions, leases etc.
Why is negotiation important?
Negotiating is important in the business environment as it significantly contributes to business success. For example:
• it helps to build stronger relationships
• it can provide quality solutions that are long term (instead of short term solutions that do not satisfy any party)
• it can dramatically decrease the likelihood of future conflicts
What are the techniques associated with negotiating?
It is absolutely essential that you understand the interests and tactics of the other party, as this is integral to be being a good negotiator. There are several strategies that better suit their needs and interests – it is up to you to assess which is the right one.
Here are some examples of negotiating strategies:
• Problem Solving – Where both entities commit to discussing issues when entering long-term agreements
• Contending – Where one party persuades the other to agree to your outcome if you are negotiating over one-off events or over major ‘wins’
• Yielding – Where one party concedes a point that is not important to them but it important to the other party
• Compromising – Both parties forgo their desired outcome and instead settle on an outcome that satisfies each party
• Inaction – Where parties buy time to think about the proposal in order to gather more information before making a decision
The strategy you choose will depend on the needs and wants of the party you are dealing with and the type of relationship you have with them.
What Skills are Best for Negotiating?
A good negotiator will have good verbal, non-verbal and written communication skills.They will be conscious and assertive with their approach.
Skills well-suited for negotiating:
• Good Communicator
If you'd like to know more, see:
- Getting a pay raise is doable; if you know how to ask138 remove_red_eyefreeby Phil La Duke
How to Master the Art of Negotiating: You Can't Always Get What You WantTips to becoming a power negotiator.97 remove_red_eyefreeby Phil La Duke
How to Achieve Successful Business Negotiations Using These 15 Tactics15 tactics to use to have consistently successful business negotiations.36 remove_red_eye
How to Negotiate a Banker Fee LetterWhen working with a Banker, ensure that the fee or engagement letter is fair and even favorable to your company82 remove_red_eyefreeby Ali Rahimtula
How to Have a Successful Salary Negotiation (Simple and Powerful Tips)6 Simple and Powerful Tips for Successful Salary Negotiation26 remove_red_eye
How to Nail Your Year-End Review Negotiations as a Woman12 Strategies Women Must Know to Nail Their Year-End Review Negotiations21 remove_red_eye
How to create good outcomes when negotiatingHow to avoid common mistakes when negotiating.15 remove_red_eyefreeby Aaron Harris
How to Prepare for Any Negotiation in 5 StepsFive necessary steps to take when preparing for a negotiation.11 remove_red_eye
Negotiation Skills: 3 Simple Tips on how to Negotiate3 simple, essential tips for effective negotiating.10 remove_red_eyefreeby Derek Halpern
Selling Techniques: Tips to Improve Your Negotiation SkillsThis video gives you the key tips to improve your negotiation skillsNew!
How to Negotiate Salary After Job OfferShort and informative video on how best to go about salary negotiations following a job offer.New!
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