Negotiation is an essential part of our everyday life and a key element to success in business. Bad negotiation skills can quickly ruin a business. Sometimes people lose themselves due to getting caught being in a moment or getting emotional, which is a bad sign. It takes tactics, unblinking patience, and communication skills to get a successful negotiation. These are the key elements to get the best possible results.
In negotiation, both parties don’t hold all the keys. Negotiation is like a game because both sides want to win. The way to win it is to have the will to walk away if the deal isn’t in your favor. There are also five known facts about negotiation to learn, which are as follows:
- Prepare Beforehand and Build a Relationship
Know the people you are about to negotiate with beforehand. So that you can determine your strengths and weaknesses, if the other party are people with a long history, find someone who has dealt with them before. So, you can learn about them and use their work style to your advantage. Being a buyer, you should be aware of the product or tool that will be the topic of the discussion if you are not very familiar with it. You might get taken advantage of by the other party.
While knowing the other party beforehand, it is also essential to build a relationship with them before going forward with the deals. This will help you to understand it better. Being honest also helps. Honesty is also a part of the three foundations upon which good negotiation is built. When the other party respects you as a human, the deals go even better.
- Having a Successful Strategy
There is always an excellent strategy for a successful negotiation. The first deal is always an important one because it will play a vital role in the win or loss of the deal. Your first deal should always be vigorous; otherwise, you won’t get what you want. Always start at a lower cost in a deal if you’re going to take more. And if you are a buyer, do not disclose information about your budget or limits because the best play for a seller is to change the specifications of a product to an inferior quality if you tell them the funding. Don’t disclose the information if you want to make most of your money and get the best outcome. It would be best to always look for body movement, facial expression, and other speech patterns when you say something to the other party for their reaction. Leave if the negotiations are not going well. If you offer them a counteroffer, always expect an acceptance or rejection. If it’s rejected, do not fall for their trap, and if they accept, offer them a counteroffer. So, they may change their position.
- Taking Full Advantage of your Strengths
While taking notice of the other party’s weaknesses, also take advantage, including all your strengths. Especially if there’s a product or item in high demand and you’re the sole provider of the product who has it. You have a lot of advantages. It would help if you build strong trust by expressing your knowledge about the product and your insights on the topic of discussion.
- Always Go for the Win-Win result
Look out for the other party as well. It’s not nice to focus only on yourself and ignore the other party’s needs. While negotiating, think about what the best outcome is for both parties. It’s not essential that what you may think is necessary for the deal is the same. While negotiating, try to satisfy some of their needs if it doesn’t harm your position. If the other party’s position is threatened, they may even accept it, but it might lead to them not wanting to negotiate in a business deal again.
- Learn to Balance
There are times when negotiating people tend to start acting childishly, as there was a saying that there are always two sides of a coin. A person is a child from the inside. They get unstable and start acting recklessly. You have to keep patience and bring people back in a balance. Because if even one person breaks down, the whole deal is off, and it starts to crumble.
Closing the Deal
You can successfully finish the negotiation by executing these five facts while also maintaining a healthy relationship with the other party. By making a good reputation and a good first impression like Tom Jakobek does, everyone can gain success. You’re not only closing in on a deal but also a long-term business relationship in which people respect each other.
Suppose you master the art of negotiation like Tom Jakobek Toronto-based, the Founder of KBNJ Consulting. You not only gain success in business by being a good businessman, but it may also lead to more significant opportunities in the future.