At work and at home, we all negotiate every day and possess instinctive skills that we often do not recognisewe have.
Negotiating big business deals are a bit different, however. They need a lot more thought, research and a well-prepared strategy if you’re going to be successful long term.
According to leading global training specialists The Gap Partnership, up to 42% of the total potential value of a transaction is lost during negotiations. That’s huge.With our top skills outlined below you canbecome a better and more successful negotiator, starting today.
Listen
Negotiating is ultimately about compromise and the key is not just to talk, but also to listen. It is important to ensure that you understand and take on board strategies and factsbeing pointed outby the opposing party rather than listening to what you want to hear. Carefully listening will also help you generate challenging questions to put to your opponent, so you can obtain crucial information.
Listening isn’t always about the words being said. An important aspect of gaining an advantage and a clearer picture is through evaluatingthe body language and facial expressions of your counterpart.This more than anything can give you insights into any positive or negative energy being exposed.For more information on how to gainthese skills, take a look into specialised negotiation training courses.
Take your time
In negotiations it is often effective to try and end the deal as quickly as possible. However,rushing may come across as nervous and unprepared and give your counterpart the upper hand. By taking your timeto prepare and ensuring your information is correct, you will look far more organised and credible. You will also be less likely to make mistakes that will set you backin a deal. It is also known that different personality types may affect how you approach negotiations – this breakdown of small business personality types can give you further insight.
Know when to walk away
Not every negotiation is going to end in a deal and that’s not always a bad thing. Some of the terms you will be asked to agree towon’t be to your benefit. Being desperate to complete a deal can cause you to agree to something that you might later regret. To avoid this, always have a bigger picture in mind and know when the time is right to stop negotiating. Walking away doesn’t show weakness, but demonstrates that you are strong enough not to be forced into a bad deal.
Be assertive
While it is important to show respect throughout the negotiation, you also need to be assertive and spell out what you want from the deal. This takes a strong mind and tact. It is important that when doing this you do not come across as aggressive, but conduct yourself in a way that shows you know what you want. Learn how to spot a gap in a business deal that has room for negotiation and go for it. Being passive will lose you significant value in every deal you make.
