Understanding the Basics of Negotiation
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Negotiation is the process of settling disputes using differing views and goals. If you’re a naturally negotiator by birth or you have to get better at it, understanding the basics can help you learn how to create and claim value, manage fairness concerns and achieve a successful outcome.
You must prepare for the negotiation by defining your goals and gathering the necessary information and research to achieve them. This allows you to anticipate potential counter arguments and create strategic plans for success.
Understanding the interests of other parties, including their fears, wants and desires is essential to anticipate possible objections. You should also be able communicate your own goals and the motivations for them. If you do that, you will be more credible and persuasive.
Finally, you should be open to compromise in a reasonable manner. Taking an inflexible position at the start of negotiations is not the best option, since this can be viewed as a lack of willingness to come to an agreement. Instead it is better to offer to give up something you value but only if it is in line with the other party’s interest.
Another important element of preparation for negotiations is to identify your walk-away point (your BATNA, or best alternative to a negotiated deal). This will help you decide when to stop a discussion, as you will not be able to keep negotiating in the hopes of reaching an equitable agreement if the other party is in a state of despair.