Negotiation is a key ability that can help you in your professional and your personal life. Many people don’t understand the fundamentals of negotiations. Knowing these fundamentals will make your next negotiation more successful.
1. Determine Your Goals
Understanding what you want to achieve is an essential aspect of negotiation. This is called “negotiating your objectives.” For example, making a list of the “must-haves” and the “nice-to-haves” in an offer for employment. This will ensure that you remain focus during negotiations, and increase your chances of achieving a win-win result.
2. Know When to Walk away
It’s crucial to be flexible in negotiating and be mindful of the needs of the other side. If you request an increase in salary and the other side doesn’t think it’s in their best interests to agree with your proposal the other party may decide to leave the table. Knowing when to walk away gives you time to think about alternative alternatives and prepare for the next negotiation.
3. Avoid Using Threats
Negotiating can be a difficult process with several steps. Certain tactics should not be used. Threats can be a significant deterrent, and they can cause the other party to feel like they’re being forced to act against their will. For instance, threatening to leave a meeting early could be considered an ultimatum and can break the momentum of the discussion. Threats can backfire and cause the other party to become defensive and less likely to listen.