Five Top Tips to Help you Succeed at Negotiations

Negotiating

[vc_row][vc_column width=”1/4″][vc_gallery type=”flexslider_slide” interval=”3″ images=”12161″ img_size=”full” css_animation=”bounceInLeft”][/vc_column][vc_column width=”3/4″][vc_column_text]Step 1: Analyse the negotiation situation

Begin by gathering all the available information appropriate to the case. Once assembled, it can be divided into useful sections using a tool known as the Johari Window – a format that was developed to diagram and assess the process of human interaction. The Johari Window divides the information into four panes: “What only I know”, “What the other person knows but I don’t”, “What we both know” and “What neither of us know”. Applying this to the data you’ve collected can give you critical insights into the other party’s view of the negotiation.

Step 2: Develop the negotiation framework

In business, you must acknowledge that, at the very least, negotiations occur within the legal framework of the country (or countries) of the negotiating parties and within the established rules of corporate governance and behaviours. Furthermore, a framework for each negotiation must be outlined, understood and adhered to by all parties. It’s also important to decide what you will do if any of the agreed framework rules are broken. This gives you the critical ability to redirect the negotiation if it veers into other areas that are irrelevant to the matters at hand.

Step 3: Develop your BATNA

Your BATNA is your “Best Alternative To a Negotiated Agreement”.

What happens if you can’t reach an agreement? Determining your BATNA is essential because it provides a yardstick to measure offers against. To determine your BATNA, first list all your alternatives, identify those that can be expanded into practical and attainable ones, then pick out the very best alternative and keep that in reserve as your fall-back position.

The stronger your BATNA assessment, the more powerful you’ll feel when negotiating. You may even find that you can develop your BATNA to the point where the other party can’t offer you anything better – in which case you don’t need to negotiate at all.

Step 4: Select your negotiating approach

The negotiating style you use will affect the outcome you will get. If you want to build a long-term relationship with your negotiating partner, then you’ll want to make a deal that both of you are happy with. In that scenario, you’ll want to use a problem-solving, collaborative approach.

On the other hand, if you want the best deal for yourself and aren’t worried about your negotiating partner getting any payback (i.e. if you’re not interested in a long-term relationship) then you can use a hardball approach.

Step 5: Specify the optimum negotiating environment

Working through the steps above allows you to develop a clear idea of what physical and psychological elements are required to create the best possible environment in which to negotiate. For example, your negotiating style will drive the seating arrangements and table style for the room. And don’t ignore your physiological elements: you’ll want to arrange your schedule (including any travel) to ensure you will be well rested and alert.

Learning to negotiate successfully requires time and practice, with each negotiation providing an opportunity to further your knowledge and deepen your skill. However, using this five-step Negotiation Process Model can provide you with a solid foundation upon which to build a winning strategy.

Find our more with our Art of Negotiation course.[/vc_column_text][/vc_column][/vc_row]