Here are a few of the the best negotiating tips.
Negotiating is something most of us do on a daily basis, whether is for business or personal reasons.
Negotiating is a way of reaching an agreement between two or more parties. This will result in a suitable solution for all involved. But, if you find yourself negotiating with a much more experienced opposition, it may turn out for you not as great as you expected it to be. So, how will you get better results?
1. Be well-prepared
Reasonable preparation is very important. The first thing you need to do is to decide what you want to achieve from this negotiation; what are the other options available to you and what are you prepared to give up if necessary. Secondly, you should be aware of what the other party wants, what they might agree with and what their alternatives are. Before negotiating, research and practice any questions that you might be asked and any evidence of claims that you’ll make should be gathered to give an upper hand.
2. Have a solid negotiating strategy
Lacking knowledge will make your position seem weak in a negotiation, so do your researches on the other person. This will help you to understand how to tackle the negotiation from the start which is likely to be different for everyone.
3. Choose the time and place properly
The right location for a negotiation is considered to be somewhere free of any interference where both parties can talk openly. Be punctual and be at your sharpest by avoiding meeting too early or too late in the day. Not long after the negotiation starts, explain what you are hoping to get out of it, but not disclosing what your compromise might be as this must be negotiated.
4. Be confident
Not believing in yourself when negotiating can be perceived by others as your weakness. You should be confident if you are well-prepared, have a solid strategy and clear targets. Aim to be firm but fair. Speak with clarity and authority. Avoid clichés, jargon and business peak. You must also get your appearance and body language right.
5. Keep it friendly
Having a friendly dialogue can help you to achieve what you aim for. Be respectful and polite. Try to build an understanding by using a non-opposing tone. The conversation should not be resulting in ultimatums or threats. Stay cool and do not take things personally – even if the other person is impolite or pushy.
6. Listen carefully
Being able to carefully listen to the other person’s opinions is not only having good manners, but also will help you to reach an agreement. Don’t talk at or over them, but encourage a good conversation instead. Be patient as patience is a virtue and negotiating takes time. Always ask for an explanation if there is something you do not understand.
7. Identify negotiating plan
It is very important to understand whom you are negotiating and the reason why, because an expert negotiator will use various tactics, particularly when buying or selling, when they’ll be attempting to minimize or maximize price. Keep confident, even though the other party is playing hardball. Do not feel pressured into revealing your final decision too soon. Remember, there should be some space left to negotiate on their opening offer.
8. Be prepared to compromise
You should be ready to concede, but only if there are no other alternatives in order to reach an agreement and only then you should ask for something in return. But remember you should never offer something without negotiation and give the impression that you are desperate as it would be used as leverage against you.
9. Do not hesitate to ask for concessions
Whenever you think that you are in a dominant position and practically with the agreement set, ask for concessions. Make sure that they will be benefiting the business and that the deal must be fair for both parties in order to have a lasting relationship.
10. Be prepared to leave if necessary
No agreement is truly better than a bad agreement. If you need time to consider an offer, ask for it. If your objectives are not anywhere close on this deal, respectfully withdraw from this negotiation and leave on good terms. The other party might reconsider later to make more concessions that will be in your favour. Look for other options if this agreement is not good for you or for your business.