Tips On Negotiating Business As An Expert

By Nneka Okoli

Whether you are an IT entrepreneur, an owner of a sports betting company, or a job seeker, being an effective negotiator is critical for your career success. Moreover, we regularly have to reach mutually acceptable agreements even in our personal lives. And in the business world negotiation skills are essential for a business’ success. In this article, we will go through basic tips for a strong negotiation skill base.

Thoroughly prepare for the negotiation

A business negotiation starts with the preparation and doing the research.

This stage consists of several steps.

1. Identifying the main problem: You must identify the main problem and be able to clearly and clearly describe it, so that all negotiators can get into the essence of the issue.

2. Doing the research: The very first thing to do when preparing for a negotiation is to gather as much relevant information as you can. Do research about the problem, as well as other party’s services, products, and interests.

3. Preparing your arguments: No idea will be accepted unless it is reasoned. You must explain your position, and not just personal desires or subjective interests, but facts.

4. Defining your goal and key priorities: Ask yourself which goals you want to achieve during the business negotiation. What are your key priorities? And which things do you consider compromising on?

5. Defining your Plan B or BATNA: Since it isn’t always possible to achieve your goal, it is important to keep the best alternative to your goal in mind.

Since many people skip the last step, let’s focus on it. A “BATNA” model stands for “Best Alternative to a Negotiated Agreement”. In other words, it is the “fallback” position for the situation if the other party doesn’t agree to your terms. For this situation, you have to prepare a Plan B or BATNA to reach the best alternative to your primary goal. The goal of any business negotiation is to find a common ground or favorable agreement. And BATNA is an important foundation for it.

Choose the negotiating style

Your negotiating strategy depends on the choice of negotiating style. In general, there are three negotiating styles.

The first is authoritarian, used when the main idea is expressed by a person at the top of the hierarchical ladder. This style is appropriate when making gross mistakes, failure to fulfill the terms of an earlier agreement, or violation of rights.

The second style is democratic, which implies a conversation on an equal footing by listening to the opinions of all parties and searching for a common solution satisfactory to all.

The third style is problem-targeted. It is used if there is an acute urgent situation that requires immediate resolution. Regardless of which style you choose, the style has to be appropriate for your goals, objectives, desired outcomes and BATNA.

Actively listen to the other party/parties

Be sure to listen to the arguments of all parties, even if you don’t agree with them.

This will show you as a serious and respectful person in negotiations and help you build a connection with other parties. In addition, you should clearly understand the perspective of other negotiators. Being a good negotiator means being an exceptional listener.

Work on your body language

Be sure to watch your facial expressions, gestures and body posture if you negotiate in person. Do not slouch, but also do not show frivolity with your posture. Do not spread your legs wide, do not fold your hands on your chest, do not prop your head. Hold confidently, but calmly and naturally. Do not wave your arms, but use them to speak if necessary. Control your facial expressions. Maintaining eye contact also helps you maintain trust. Non-verbal communication is an important part of business negotiations.

Avoid common negotiation pitfalls

There are some common mistakes of negotiators that don’t let them achieve the desired outcomes. To increase your chances of negotiating successfully, try to avoid them.

1. Neglecting preparation for a business negotiation: Don’t rely on luck, charisma, or charm. Your position must have an evidence base and strong reasoning. Moreover, good planning means you have outlined the agenda for another party.

2. Not showing your emotions during the negotiation: An overly emotional person looks unbalanced and not trustworthy. But your speech should not be monotonous either.

3. Letting excitement or fear influence your demeanor: Yes, anxiety is sometimes difficult to deal with, but it is your responsibility to show confidence in yourself and your point of view.

4. Showing no respect for the opponent’s perspective. Don’t forget to shake your opponent’s hand and be respectful toward your opponent.

5. Trying to get inside your opponent’s head: Let everyone complete and explain their thoughts and opinions so that you do not have a wrong opinion.

6. Engaging in unreasoned emotional arguments: The negation should stay rational.

7. Not taking cultural differences into account during cross-cultural negotiations.

8. Accepting the opponent’s offer too quickly.

9. Being unpunctual or rude.

10. Starting the negotiation with the lowest offer: But if your idea has been rejected, either adapt or change it somewhat or provide other arguments. Don’t repeat the same thing over and over again.

Stay calm

If you realise that the business negotiation is not successful and your position is not accepted, do not show your frustration. Either take a break and find new arguments, or reschedule the negotiations for another date. But you should not give up, especially if the discussion is important.

Last but not least, don’t forget to practise and improve your negotiation skills. Learning how to negotiate takes time. However, it has a big payoff.

By improving yourself as a negotiator, you learn to understand the opponent’s perspective and exercise your communicative skills, emotional intelligence, and creativity.

Leave a Reply

Your email address will not be published. Required fields are marked *