Sep 25, 2017.
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Business is not concerned with a unit; it takes multiple units to function together. To make all units work as per your demands is not possible however, if you are good at the art of negotiating then majority of your demands can be met. Negotiation is a process where two or more parties with different needs and goals discuss an issue to find a mutually acceptable solution.
Here are some simple and quick tips that can help you negotiate well:
1.Set upper and lower limits: when you aim to look for a mutually acceptable solution for both the parties always keep in mind what is the highest and lowest point till which you are willing to go. This would help you give direction to the discussion and prevent hasty decision making leading to losses.
2.Communicate, not confront: do not confuse negotiation with confrontation. you should remain calm, professional and patient. Don't make it personal, and avoid becoming angry, hostile or frustrated, this will hurt your reputation and weaken your contacts in the market.
3.Prepare to be flexible but remain assertive: being rigid and stubborn will render the discussion futile. Be prepared to compromise and adjust on some points, but don’t be too adjusting, remember to keep your priority points straight and assert your views.
4.Background fact check: try to find out what are the weak and strong points of the other party and what their priority is. If possible look for leverage against them but NEVER try to threaten the other party, the discussion end then and there and can turn into a criminal matter.
5.Seek advice: if required or preferably do, seek legal advice on the matter at hand. You can also ask a legal professional to be present for the discussion. This would help you make a legally sound decision and also make your side’s demands weightier.
6.Write: make sure that whatever is the settlement agreed upon, it is stated in writing. This will help clear any future disputes and ambiguities of language. It will also lend legal validity to the settlement.
7.Benefit mutually: the whole point of a negotiation is to give both parties a chance to benefit.
Take care that that end result gives some benefit to both the parties. The magnitude of benefit might differ but make sure it is not unfair to either party.