Negotiation is an essential skill that can allow you to advance your career & personal life. A lot of people aren’t aware the fundamentals of negotiations. Knowing these fundamentals will make your next negotiation more successful.
1. Identify Your Goals
One of the most important aspects of negotiating is to know what you’re trying to achieve. It’s called «negotiating your goals.» For instance, identifying «must-haves», «nice-to haves» and «nice-tos» in a work offer. This helps you stay focused in negotiations and makes it more likely that you’ll be able to reach a win-win scenario.
2. Know When to Resign
When negotiating it is crucial to be flexible and think about the other party’s interests. For instance, if asking for a salary increase and the other party doesn’t think that it is in their best interest to agree to your terms, they could withdraw from the table. Knowing when to leave will give you time to consider other alternatives and prepare for your next negotiation.
3. Avoid Using Threats
Negotiating can be a complicated process that requires a variety of steps. Certain tactics should not be employed. Threats can be a powerful deterrent, and they can make the other party feel as if they’re forced into doing something against their own will. A threat to withdraw early from a conference can be interpreted as an ultimatum and may disrupt the conversation. Making threats can also backfire, causing the other party to become defensive and less likely to listen.