Here Are The Do’s And Don’ts For Successful Business Negotiation
Business negotiation is an art and just like art, not everyone understands it. You need to take care of many things to crack the best deal out of the business meetings, especially, if you are associated with an important corporate job position. Strong negotiation skills have become an indispensable asset in the corporate world. Learning the tactics to land the most profitable deal in negotiations will escalate you on the corporate ladder for sure.
People often fret about the complexity of negotiations but it is quite simple if you understand some fundamental do’s and don’ts of negotiations. Absorb these listed down do’s and don’ts to help you negotiate better deals.
What To Do?
- Never walk on the ground before doing some groundwork. This is the first thumb rule and the wise obey it. Preparation is the key strategy associated with negotiation. It is important to study about the background of the person or the party that you are going to negotiate with. Learn about the details such as their past clientele, old business deals, their offerings, etc. Basically, try to learn everything you can about them and try to pinpoint what their expectations would be coming in the negotiation.
- Before you begin to negotiate with any party, decide a bottom line for yourself. It is essential to estimate the desired outcome you want to achieve from the negotiation but it is equally important to have an outcome decided for when you have to stop or get out.
- Always use a friendly approach to move forward during business negotiations. Be warm and friendly towards the party. Start with small talks, be warm and amicable, and you will be well received. While being friendly is recommended, balance it with being firm for your “asks” and your value propositions.
- If you want to lead a successful negotiation during your business deal, it is imperative to have an open ear to listen to others. Listen as much as you can. Do not get carried away only with your talking points. Experts advice to let the act be 80/20 – listen 80 percent throughout the time and talk 20 percent.
What Not To Do?
- Negotiation is serious business. Hence, we advise you not to get carried away by your emotions while dealing with negotiations. Being emotional during your negotiation can cloud your judgment. Eventually, you won’t end up getting what you would have wanted out of the business deal or might even lose out the entire deal.
- Many experts suggest not to maintain an all-or-nothing approach. Negotiation, as it is, requires some compromise to be done. The best negotiation strategies are the ones that pay attention to the development of a mutually beneficial deal for both parties. A one-sided approach barely works during such crucial negotiations. Thus, ensure that you don’t use the all-or-nothing approach every time. Opting for a win-win approach works here.
- You are putting your best foot forward in cracking the most important business deal of your life. However, it doesn’t mean that you will gloat after a win. Business ideas and concepts are constantly fluctuating in the corporate world. So, when any negotiation tactic put by you has produced the desired outcome, act with a professional approach towards the same. Gloating, smirking, or displaying pride in front of the party is a big no-no.
- It is good to have confidence in your negotiation skills. However, do not underestimate your competitor either. Despite the varying numbers of people on either side, do not look down on your competition at all. They might have an equally good hold on their skill and you may make a reckless move if you’re not cautious.
Big business deals are hard to crack, as long as you are not aware of the art of negotiation. Once you are thorough with this concept and have had considerable practice negotiating, it will become much easier. Take cues from the article and be a pro at every negotiation!