Know These 5 Essential Tips to Become Successful in Negotiation

All of us are born different and not everyone is cut out to be a negotiator. However, we have already learned how to get what we wanted when we are toddlers. If you have not noticed that till now, we are actually negotiating in some ways with our parents. It can be by crying, bugging, begging or any other childish ways imaginable. When you grow up over the years, the stakes get bigger. You need to redefine the “I want what I want when I want it” method as “the winner takes it all” theory will cease to work on adults. As human beings, we have the need to want be heard. Know these 5 essential tips to be become successful in negotiation:

Tip #1 – Do your due diligence.

In every negotiation, you need to know beforehand as much as possible on the information you can get your hands on the other party. This due diligence is compulsory in order to understand the other party’s needs, wants and bottom line.

Tip #2 – Engage in active communication.

Engage the party and find out as much as possible on what you do not know in addition to the information that you already knew. Asking open-ended questions will get the other party talking. This is how you can gather information and also confirming on what you knew. Besides, rapport and trust are established during the conversation in the initial meeting.

Tip #3 – Assess the accuracy of the information.

Assess what you know and what you don’t. Communicate with words that pose as question openings like “if…, how about…” and listen to what they have to say. Answer questions with questions like how? When? Where? Why?.

Listen, take down notes and read the other party’s body language. Is that person telling you something indirectly that is not consistent with what you have heard from him or her? These are the essential skills of a skilled negotiator. Those who master what others are thinking by listening to them most of the time normally end up leaving the negotiation table with wide smiles on their faces.

Tip #4 – Strive for Win-Win.

You are now ready to negotiate the deal after collating and assessing what you need to know. Present the offer to the party and learn to utilise your gut feeling to “feel” what the other person feeling. Is the party comfortable with your proposition or irritated by what you have said? Always try to strive for the balance where no one loses out. If you do that, both parties will be happy. However, if you think only for your advantage, chances are you would have lost the deal, or if you give in, you lose while the other party wins.

Tip #5 – Document the agreement in writing.

Always remember that nothing is finalized until it is put in writing. Immediately after the discussion, the meeting minutes or summaries, the contracts need to be distributed to all the involved parties. This is the foundation that is required to be laid to complete the entire negotiation process and also to prepare for future meeting for other deals. If you have managed to close the deal with a win-win, you can be sure that it is a deal well negotiated.