Tips for successful negotiation

Most of us were not born with the skills for successful negotiation, but it has to be learned. We may not realize it, the skills for negotiation are being learned and practiced by toddlers at the early age. The 2 year old knew very well how to get things from their parents, it work using some sort of inborn instinct. However most are lost as we grow.

Here are five tips to help us to get what we want in a negotiation:

1. Do your Homework.

We need to know and understand the other's needs, wants and their bottom line. Get as much information from the webs, get the important leaders in the organisation. Check the trade magazines, blogs, podcasts and webinars for information.

2. Engage the opponents

Use the initial meetings to gather and recheck the informations that you had gathered. Build up rapport and establish trust. Use active listening. It will be helpful if we have in our team a person who can master what others are thinking.

3. Assess

Assess what you know and what you do not know. Test the possible option using phrase such as "What would you say if... " or "Let imagine that..."

Answering a question with a question can be used as a technique.

4. Recommend

When the time comes, then you or they have to make the recommendation or proposal. It does not matter who start first. But if they start first is in fact better, it is because there are times that their offer is better than expected. If their offer is too low, you can always interject.

5. Document it

The deal is not completed until the document is drawn and signed. Accurate note taking make it easier.

At the end of the day, it has to be a win-win situation. All parties to be treated fairly and each will leave the meeting and feel satisfied. It will pave a path to a future business relationship.