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Whether it is a high-stakes deal, the price of a used car, or a family issue, we all are bargaining and getting into negotiations.
Negotiation is 90 % planning, along with being educated and prepared.
A negotiation does not have to be a uni-dimensional, one-shot activity.
There are seven points to prepare yourself with:
Knowing the other party's needs, wants and desires, getting to know what drives their negotiation, is crucial information in the planning stage.
The more we understand the interests of the other negotiating party, the better we can help them get what they want while taking care of our interests.
There can be scenarios where you will not be able to reach a deal, so it is advisable to always have an alternative, a Plan B, or a back-up with you in any negotiation.
Once we can find out what the shared interests are, we can find many ways to address certain demands of the negotiating party which may not be a hassle for us.
We need to know what's the most relevant and persuasive criteria.
A negotiation will break down swiftly if there is no fairness in the proposals of either party.
Having a legitimate argument in the tactics used for influencing is always a good thing for a successful deal.
Sometimes negotiation is not about the immediate goal of the discussion but about the larger picture.
It may be a multi-round war and not just a battle. You may choose to win now but you may risk losing something bigger in the future.
In this scenario, we can make a different choice in the immediate deal so that we eventually win.
In any negotiation, good communication is key.
Common misunderstandings and wrong assumptions are the biggest reasons for a break down of a negotiation.
Managing to articulate what we can commit to the deal leads to the best and most ideal outcomes in a negotiation.
Having a planned commitment beforehand eliminates surprises and further negotiations that may arise otherwise.
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