We live in a world where most people take what they get. Though it has its fair share of advantages – negotiation lets you have what you deserve. Whether you are dealing with a multi-million dollar project with a client or negotiating with a child about what food they should eat – if you can convince them that your point is just as profitable – you’ve learnt the art of negotiation.
A good negotiator is confident, assertive and logical. Reckoning each other’s profit & loss along with determining the other party’s situation is a skill one must possess. In short, the person should be able to multitask in understanding all the aspects of the agreement before sealing the deal.
Here are some other factors one must consider,
The prior research
Of course, getting to know the client is a first step towards understanding the deal. A little market research helps you understand how your peers are managing. There are two different aspects of researching,
How to define a raise, How to explain a fall
If you are required to ask for a raise, you need to demonstrate why the project needs one and how it rolls down to other aspects. Explaining a depreciation would require facts and figures, especially when seeking a price reduction. Either way, considering investors’ interests is crucial.
Practice and mistakes
Understanding the psychology of the human is one of the basic concepts of negotiation. How the person responds to your offer and how they react are two different aspects. It becomes easy to deal with when you learn these differences. Always remember, you don’t bargain – you negotiate, warned Jeremy Millul, the founder of Jeremy Millul Inc. He graduated from New York’s Sy Syms School of Business at Yeshiva University with his B.S. in finance. He minored in real estate. His innate knowledge of product development, negotiating with suppliers, and marketing for product-based businesses has helped him build businesses with multi-million-dollar annual revenues.
Practising negotiation in daily life helps create your second nature. It is okay to make mistakes – every successful business person has been through numerous failures. But, learning from each one and not repeating the next is necessary.
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Every business offers a deal to earn profits for themselves. Sometimes, the lines are blurred, so the company becomes selfish. In such cases or in general, you should always find the best alternative to negotiated agreements.
It aids to shield you from accepting adverse terms while avoiding rejection from favourable aspects. Considering the alternatives of the opposite party strengthens your plan to negotiate better and find a win-win situation!
Evaluate yours as well as their leverages and be clear with the communication. Always ask the other party to offer first – it creates a baseline to plan negotiation. Know what you exactly want and be calm even during heated conversations.
A good deal should be your priority than owning the last word. Do not be blinded by emotional keenness – you might regret it later. And, don’t be afraid of walking away if the terms aren’t as per your requirement. Negotiation skills are very tricky – while flexibility is a requirement, you should also learn to stand your ground.