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The 5 Most Important Negotiation Skills You Must Master

Understand your negotiation signature

That signature is the habitual way that you go about a negotiation. Understanding your default signature helps you know what you're working with.

Some people try to go in and beat the other person up on price. Other people are really intimidated, reticent, and afraid to ask for anything. 

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IDEA EXTRACTED FROM:

The 5 Most Important Negotiation Skills You Must Master

The 5 Most Important Negotiation Skills You Must Master

https://www.inc.com/david-finkel/which-of-these-5-negotiation-rules-are-you-breaking-every-day-hint-its-costing-your-thousands-of-dollars.html

inc.com

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Key Ideas

Get clear on your negotiation goals

There are 3 key questions you should ask yourself:

  • What's the best possible outcome
  • What's your bottom line? This refers to the least acceptable offer. If you're the seller, what's the lowest offer you'd be willing to accept? And if you're the buyer, what's the most you'd be willing to pay?
  • What's your plan B? Your "BATNA" - your best alternative to a negotiated agreement. What are you going to do if you don't reach an agreement?

Determine your core negotiation strategy (CNS)

It means finding the doorway that you want to enter the negotiation through. That could be the doorway of safety and liability or of value, the doorway of competition or of future business.

Build Motivation

One of the most powerful things you can do in a negotiation is draw out why the other party wants to make a deal. You can do this by asking questions and building negotiating roots.

Asking questions about their competition and why they want to work with you -- what's in it for them -- builds your negotiating counterpart's motivation.

Play the reluctant part

  • Use your body language to communicate your reluctance, to communicate you're not really eager to make a deal: sit back from the table and keep the tension in your bodies low
  • You can manipulate your voice to sound more reluctant: speak slowly and softly. 
  • Reluctant parties qualify their language. They don't show excitement. Everything is qualified and subdued.

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Successful Negotiation

The most successful negotiators don't entertain dirty tricks in negotiation but instead strive to reach agreements that are satisfactory to both parties.

But if you find yourself on...

Jet Lag

Used on negotiators who travel long distances: to start meetings while the negotiator's concentration is impeded due to jet lag or fatigue. Jet lag seriously impairs judgement. 

Tip for the negotiator: Travel early and leave time for recuperation before meeting the other party. Where you suspect your hosts like to be hospitable, keep news of your early arrival quiet. 

It's different over here

A dirty trick often used against people visiting other cultures.

The approach of "but we always do it this way over here" can be difficult to counter if you're not prepared for it.

Tip for the negotiator: If you suspect this approach in advance, have with you a local expert who knows the customs. 

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Negotiation

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 ...

The 7 Elements

A negotiation does not have to be a uni-dimensional, one-shot activity.

There are seven points to prepare yourself with:

  1. What do people want?
  2. What is my Plan B?
  3. Creating Value using shared interests.
  4. What's relevant and what's persuasive.
  5. One-shot or multiple rounds?
  6. The best way to communicate.
  7. What are my commitments?
What People Want

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.

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BATNA

Refers to your “best alternative to a negotiated agreement,” or the best outcome you can expect if you fail to reach agreement at the bargaining table with your counterpart. 

An e...

Negotiate the process

Carefully negotiate how you will negotiate in advance. Discussing procedural issues will clear the way for much more focused talks.

Don’t assume you’re all on the same page when it comes to determining when to meet, who should be present, what your agenda will be, and so on. 

Building rapport

You and your counterpart may be more collaborative and likely to reach an agreement if you spend even just a few minutes trying to get to know each other.

 If you’re negotiating over email, even a brief introductory phone call may make a difference. This is one of the most valuable negotiation skills to master.

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