Negotiating has become part of our daily life, it is an especially important skill to the people in business, sales and marketing. Many people have a misconception about negotiating, which is either ‘all or nothing. However, with a strong negotiating skill and right frame of mind, a win-win situation for both parties can be attained.

1. PREPARTION FOR NEGOTIATION

The whole concept of preparation is about having a strategy in order so that you know about the
party you are negotiating with in order to leverage on your strangeness and me opposite party’s weaknesses. It is important to also think about what you want to achieve from the process and what would make sense to reach the desirable outcome. During the course of negotiation, the goal may change by unforeseen actions b either party. It is important to visualize the scenarios to think about how you will handle each of them

ACTIONABLE STEPS

• Plan the deal that you will be excited with, the target. you will be content with and the deal that you will walk away
• Set the negotiable and the non-negotiable
• If you are possible, have a conversation with associates who have dealt with this person before, grab the chance to gather information and styles that you may be able to use to your advantage

TIPS

• Make sure you are dealing with only the party who is fully empowered to make the agreement
• Have a price target or specifical goal which is realistic

Put yourself in their shoes and anticipate the conditions or counteroffer from the other party

2. OPENING THE OFFER

When both parties have enough information, then the negotiation starts with someone offering an exchange. The offer may be accepted, rejected or trigger a counter offer. The secret of a good opening offer is to be firm and clear. To retain credibility, the offer should be realistic and acceptable by both parties without short changing one another. In this phase, you need to disclose everything you want, but in a reasonable wav which can be acceptable by the other party to reach an agreement.

ACTIONABLE STEPS

• Make your first offer bold and aggressive, but not ridiculous, to give butter tor negotiation
• Have something which is ‘nice to have’ to give away without hurting your position
• Watch for clues such as body language, speech patterns and reactions to what you say

TIPS

• Ask questions. Don’t ask, don’t get
• Establish a strong foundation by demonstrating your knowledge and expertise
• Talk less, listen more to find the leverage

3. THE BORGAIN

The heart of many negotiations is in bargaining, which is the adjustment of what is being offered until both parties are satisfied with the arrangement. An important aspect of bargaining is trading which may be about individual items or the whole package. It may also consist of intangible items such as support provided and when things will be delivered. This stage is the most crucial part of negotiation where you make or break the deal. It may become heated especially if the parties have a WIN-LOSS attitude. In an ideal and more collaborative negotiation, parties should show more concern for one another but carefully seek for an equitable deal

ACTIONABLE STEPS

• Trade one element for another such as lower price for a more relaxed schedule
• Maintain posture by staying firm and clear
• Present offers in writing to avoid misunderstandings

TIPS

• AIM for WIN-WIN solution
• Have a list of tradable items as our bargaining chips
• The options from you shouldn’t be more than 3
• Keep your acceptable deal in mind where you are prepared to suspend or walk away

FINALLY, CLOSE THE DEAL

The closing phase requires a sense of timing, creativity, keen awareness and the ability to anticipate the other party’s next moves down the line. Always have the endgame in mind and move towards the stage of the final handshake. A handshake is a powerful effect in preventing people from backing out. Subsequently, strengthen the end of the deal with a formal contract, especially in commercial settings.

ACTIONABLE STEPS

• Once an agreement is reached move towards a final handshake
• Formalize the deal by having attorney draft a contract soon after the negotiation process is complete and make certain that is signed by all pertaining parties in a timely manner

TIPS

• No deal is better than a bad deal
• Plan for the worst prepare yourself for the last minutes tricks by the other party
• Beware of relaxing too early before the contract is signed by all pertaining parties

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Note: Above views are purely written based on my own individual experience through various industries & based on that above points have been came out. Also gone through various books & Reference sites before conclude. Hence before implementing, pls. review & decide whether it suits/align to your requirements or not.