Negotiation is an essential ability that will help you advance your career & personal life. However, many people fail to grasp the basic principles of negotiation. Knowing these fundamentals will help ensure that your next negotiation is more successful.
1. Find Your Goals
Understanding what you are trying to achieve is a vital aspect of negotiation. This is known as “negotiating your objectives.” For example, identifying the “must-haves” and the “nice-to-haves” in an offer for employment. This will ensure that you remain focused during negotiations, and increase your chances of achieving a win-win situation.
2. Know When to Walk away
It’s important to be flexible during a negotiation and be mindful of the needs of the other side. For example, if you’re seeking a raise in your salary and the other party isn’t convinced that it’s in their best interest to agree with your terms, they might quit the table. Knowing when to quit will give you the time to think about alternative options and prepare for the next negotiation.
3. Avoid Using Threats
Negotiating can be a difficult process that requires a number of steps. Certain tactics should not be used. Threats can be a powerful deterrent and could make the other person feel as if they’re forced to do something against their own will. A threat to leave early from a conference can be perceived as an ultimatum and could disrupt the conversation. Additionally, threats can backfire and cause the other party to become defensive & less likely to listen.