Negotiation is the method of settling disputes that have different viewpoints and goals. If you’re a natural born negotiator or you need to get better at it knowing the basics will help you to construct and assert value, manage fairness concerns and be successful in achieving a result.
Before entering into a negotiation you should have clearly defined and concise goals for the desired outcomes you want to achieve, along with the information and research that will support these goals. This allows you to anticipate possible counter arguments and formulate strategies to succeed.
It is also important to understand the other parties’ interests, including their desires, needs and concerns to be able to avoiding potential challenges. In addition, you should be able clearly define your own interests and the motives behind those interests. You will appear more credible and convincing.
Finally, you should be open to compromise in a reasonable manner. Making a rigid position at the start of negotiations isn’t the best approach, as this could be interpreted as a lack or inability to come to an agreement. Instead you should propose concessions on something you value but only if it’s matched by the other party’s desire.
Another important aspect of preparing for negotiations is to identify your walk-away point (your BATNA or best alternative to a negotiated deal). This will help you decide when to stop the discussion. If the other side is stuck in their positions it is unlikely that you will continue to engage in the hope of negotiating a deal.
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