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August 24, 2021
Negotiation is an art. The key is to find a satisfactory middle ground for two or more people with differing objectives and goals so they can move forward in unison.
Businesses usually choose from among four main types of negotiations: integrative negotiations, multiparty negotiations, team negotiations and distributive negotiations.
A thorough, well-prepared negotiation requires taking plenty of time to think about what you want as a business leader, what options are available for the current deal and what the other side may value.
Irrespective of the type of business negotiation you may find yourself in, these four strategies can help you negotiate like an expert:
: The smart negotiator develops a relationship with the counterparty before the negotiations begin. This allows them to get an idea of whom they are dealing with, and vice versa. That said, it’s crucial to always be open, genuine and sincere. Integrity, honesty and dignity are appreciable qualities, and the foundation upon which productive negotiations are built.
: Like the saying goes: “You can catch more flies with honey than with vinegar,” meaning it is much easier to get what one wants by simply being polite instead of being rude. Again, it is important to be genuine with the sweetness, or else the opponent may think of you as being manipulative.
: The situation where both parties win is the ideal one. Understanding what the other party needs as well as working for all concerned will help getting on the same side of the fence happen more quickly and easily. However, not every negotiation will be a win-win, but it is crucial that both parties feel like they have been dealt with fairly.
: Never rush a negotiation. Often, taking a pause and giving yourself and others the time and space to reflect upon everything can be a very powerful negotiation tactic.
Here are four reasons why learning to negotiate is important for growing your company.
Negotiation is all about building and maintaining relationships. A good relationship with the counterparties allows all players to win. And once you master the subtle art of negotiation, you can establish yourself as a top-drawer business person, which may lead to even greater opportunities in the future.
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