Being able to negotiate effectively can make a huge difference in how successful you are. The five business negotiation tips below can help you master the art of negotiation, making it possible to get what you want and to achieve more in your career.
1. Learn how to listen. Negotiating isn’t a one-sided affair. Instead, it requires you to listen carefully to the viewpoints and concerns of the other side so that you can understand exactly where they are coming from. You can then use this information to come up with a response that addresses their concerns. This is far more effective than simply talking the entire time and refusing to listen to the thoughts of people on the other side of the negotiating table.
2. Prepare ahead of time. Your negotiations will be far more successful if you are prepared. Learn as much as you can about the business or person that you are negotiating with. You should also compile research that can back up your viewpoint. For instance, if you are negotiating the price of a property you are planning on purchasing, find out how much similar properties have sold for in the recent past. You can then leverage this information during the negotiations.
3. Choose the right time and place for negotiations. The worst time to negotiate is when emotions are running high or when a crisis is in the midst of occurring. Choose the timing of your negotiations wisely. Try to find a time when all of the interested parties are relaxed and free from undue pressure. It is far easier to negotiate effectively when everyone is clear-headed and calm.
4. Keep your emotions in check. Although it may be difficult, try not to get emotionally involved in the process. Staying logical and focused is the best way to get your point across and to get what you want out of the negotiations. It is hard to think clearly when you are overwhelmed by emotion.
5. Don’t be afraid to walk away. If you are unable to negotiate a deal that you are happy with, don’t hesitate to walk away. One of the biggest mistakes that people make when they are negotiating is that they keep compromising, thinking that the other side will eventually agree. If you compromise over and over again, however, the other side will eventually realize that they can keep pushing you to get what they want. On the other hand, if they know that you are willing to call off the deal entirely, they are more likely to focus on reaching an agreement.
These five business negotiating tips will help you negotiate more effectively, both when dealing with personal issues like asking for a raise and when dealing with business-related issues such as buying a company or negotiating the cost of supplies.
It is worth taking the time to fine-tune your negotiating skills. Being able to work with others who may have opposing viewpoints to come up with agreements that are fair and equitable is a valuable business skill that can help you advance in your career.