7 Tips to Develop and Improve your Negotiation Skills
Negotiation skills are qualities that allow two or more parties to reach a compromise that is acceptable to both parties. These are often soft skills and include abilities such as communication, persuasion, planning, strategizing, and cooperating. Understanding these skills is the first step to becoming an excellent negotiator.
Here are 7 tips to develop and improve your negotiation skills.
Recognize the Power of Thorough Preparation
The single most valuable step you could take to improve your negotiation skills is to prepare thoroughly. Creating a negotiation checklist of tasks to complete, enlisting a negotiation coach to help you where necessary, and role-playing the negotiation process with a trusted friend, family member, or colleague are helpful ways to prepare. As part of your negotiation planning, determine your best alternative to a negotiated agreement if the present one fails.
Read Also: 7 Tips to Improve your Communication Skills
Know Exactly What you want
It may seem like a no-brainer, but too often an individual goes into a negotiation without concrete and clear understanding of what exactly he or she wants and why. Not only is it important to have a rock-solid picture of what you want, but you also need to know the boundaries within which you will or will not settle. It is important to know when to keep talking and when to walk away. Knowing exactly what your desired result is will help you make better choices along the way to arrive at the most favorable conclusion.
Do your Homework
Possibly the most important part of negotiating is understanding both the value of what you have to offer and the perceived value of what you are asking for in return. For instance, if you are negotiating a raise, you will want to demonstrate what your worth is to the company and why it is in their best interest to give you that raise. If you want to negotiate a decrease in rent or a service contract, you will need to have facts, figures, and statistics on hand to demonstrate the need for a revaluation. Remember, you are always trying to create a win-win, so it’s important that you demonstrate how what you are seeking is the best for both parties.
Place yourself in their shoes
Many times we think we know what others want when in reality we do not. Great negotiators do their best to create win-win situations but doing so involves knowing what the other person or party hopes to achieve and why. Do not make the mistake of assuming you know what the other person wants until you take the time to consider their perspective, position, experience, and reputation.
Aim for a win-win situation
Once you know what both parties want, you can begin the process of reaching a fair outcome. This is not foolproof, however. Many times hardball negotiators will hide their true intentions in an effort to get you to accept less so they can come out on top. Therefore, it is important for you to know what you will and will not accept. Be explicit in this regard.
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