Effective negotiation skills can be very important in a number of careers and the vast majority of people will find themselves negotiating at some point.
You may want to negotiate a salary increase or salary package with a current or future employer. Your role may involve closing deals as either a buyer or seller. Whatever you negotiate the end result should always be the same: both parties leave happy. If you can master effective negotiation skills, then you will be able to do this.
So what do you need to do to make sure your negotiations run smoothly and are successful?
Step 1: Determine what both parties want
The first step is to determine what the desired goals and outcomes are for both parties. This gives you a clear starting point from which to start the negotiations and will help guide you in the direction you may want to take them.
Step 2: Preparation
To conduct an effective negotiation, you must be prepared. Consider any offers or alternatives you might want to propose during negotiations. These proposals should keep both parties' goals in mind. If you have worked with the other party in the past, then think about what common goals they already have and what makes them happy.
Step 3: Communicate clearly
Being able to communicate clearly and effectively is vital when negotiating. You don't want the other party to misunderstand what you're offering in any way or what the desired outcome is. Planning will help you communicate clearly as you can think about how to properly present your offer in a concise manner.
Step 4: Listen
During a negotiation, it's easy for your brain to start rushing and thinking about what you want to say next, but this can prevent you from hearing the other side. Listening carefully and paying attention to the body language (where possible) of the other party will help you gauge how they are feeling and indicate if you need to make changes.
Step 5: Keep emotions in check
Have your poker face ready because you may need it for an effective negotiation. It is important to remain cool, calm and focused during the negotiation, keeping communication friendly and open. Obviously, you don't want to show any frustration, but you also don't want to seem too eager, as this could result in you losing your bargaining power. You need to keep the negotiation moving towards your goals and keeping emotions in check will definitely help it move in the right direction.
Step 6: Be decisive
You don't want to lose control of the negotiation, so it's important to be able to be decisive. Quick decisions mean quick resolution, agreement or compromise.
Step 7: Use your interpersonal skills
Part of negotiating involves building a good working relationship with the other party. You want to keep this working relationship healthy and positive throughout and beyond your negotiations. Trying to stay positive and be patient will help you develop a lasting partnership.
Whatever you're negotiating with and whoever you're negotiating with, these 7 steps should set you on the right path to success.