Negotiation is a part of our everyday lives, it may be surprising to know that we humans negotiate even the littlest things in the most subtle aspects of our lives, sometimes unconsciously. However, in business, negotiation is very critical for success. Poor negotiation can sometimes cripple a company just as quickly as losing key customers. While most negotiating strategies may seem like common sense, it is not uncommon for people to become sentimental in a negotiation process losing sight of the purpose for such negotiation. The art of negotiation in business takes confidence, homework, smartness, unwavering discipline and sometimes practice. Here are top 5 negotiation skills to get you the best possible deals in any business:
1. Analyze and develop your best alternative to a negotiated agreement: Before proceeding to a bargaining table, it is wise to spend time identifying your best alternative to a negotiated agreement, and taking steps to improve it. Always have your best alternative at hand just in case your first angle does not take. Negotiation involves trading your best alternative asset with that of your counterpart to reach an agreement.
2. Negotiate the process: Never assume that you and your counterpart are on the same page when it comes to choosing when to meet, parties to be present, agendas, and so on. It is important to carefully negotiate how you will negotiate in advance, which will clear the way to focus on the subject matter.
3. Build rapport. It may not seem like a good idea to engage in small talks in a serious business negotiation, but it may surprise one to know that building a rapport in such situations actually paves the way for a friendlier and much more beneficial negotiation. You and your counterpart may be more collaborative and likely to reach an agreement if you spare even just a few minutes trying to get to know each other. It is one of the most valuable negotiation skills to master.
4. Active Listening: Once you start discussing the subject matter, it is important to remain focused and ward off little distractions such as thinking of what next to say which may sound like the smart thing to do at that time, but can also make you miss out important issues that are being said. It is better to acquire all the valuable information and then form your next response from what is being said.
5. Ask detailed questions to get detailed answers: It is always important to ask detailed questions to get detailed answers that will cover a majority of issues that could arise from the subject matter at hand, to avoid being blindsided or stuck. It is also better to avoid yes or no questions as well as leading questions, do not give your counterpart help in answering your own questions. This could prevent them from giving the truest answers meant to benefit you.
Olatorera Consultancy Limited provides business development services to high net-worth individuals and companies looking to grow, enter or do business in Africa.
