Negotiation is a method of solving disputes, based on varying views and different objectives. Understanding the basics will enable you learn achieve value and then achieve it, as well as manage issues of fairness, and get an outcome that is positive, whether you’re a natural negotiator or you need to improve it.
You must prepare for negotiations by defining your goals and gathering the required information and research to accomplish them. This allows you to anticipate potential counterarguments, and develop a strategic plan for achieving success.
It is also crucial to be aware of the other parties’ interests, as well as their desires, needs and concerns, as a way of anticipating possible objections. You must also be able to express your own preferences and the motivations for them. In this way, you will be more credible and persuasive.
Finally, you should be able to compromise, in a reasonable manner. It’s not a great decision to adopt a rigid position at the beginning of negotiations, as it can be perceived as a lack of enthusiasm towards reaching an agreement. Instead, you should be willing to compromise on something that you consider important, but only if the other party is in the same boat.
The idea of having your walk-away point (your best option to avoid an agreement that is negotiated, or BATNA) in mind is another crucial aspect of preparation for negotiations. This will help you determine when to end the discussion. If the other party is stuck in their positions and you don’t want to continue to try to negotiate in the hope of negotiating a deal.