This Week in Business Skills – Preparing for Negotiation

The process of negotiation itself indicates that parties or persons involved in negotiation are to be flexible. Because there is no scope of negotiating if either of the persons or parties are rigid and are not willing to do so. Another important factor in negotiating is the principle of exchange, both the persons should be willing to exchange for mutual benefit, it can be services or products. 

Both the persons involved should focus on mutual benefit, instead of looking for a situation where one wins or loses the negotiation. Before going for negotiation it is very important to assess the situation from the other person’s point of view. If possible doing a role play will be the best way to put you into the other person’s shoes. This will help you to asses what the other persons wants; his limitations, demands, etc. It would also be better if you gather information about the other person, his requirements; areas where he can compromise; etc. and then proceed for negotiation.

If you think you can handle the negotiation on your own and can bring out the positive output, then it’s well and good. Otherwise you can do all the ground work and can involve a senior person or senior manager to emphasize the importance you are giving to the deal. This sends a message to the other person that you are serious about the negotiation. It is equally important for you to know your limitations in terms of negotiation before going for it. 

You have to have a very clear idea as to where you can compromise and to what do the rules and regulations or your authority permit you to do so. It is also important that you introduce the benefits to the other party as per the needs and the situation, instead of revealing them all at once. If you proceed with this kind of approach with a step by step plan then you will improve your skills in negotiation.