Negotiation skills are essential if you want to succeed in life. Keep the following in mind and you will be well on the way to negotiating like a BOSS!
- Establish rapport and ideally a relationship with the other party.
- Establish your best alternative to a negotiated agreement and keep this in mind. Understand the other parties best alternative to a negotiated agreement and use this to your advantage.
- Find out the other parties motivation and use this to your advantage.
- Develop a strategy. Ideally, where the maximum advantage of the other party is removed.
- Make the first move. Usually (not in all cases) there is a slight advantage here as you get the chance to frame the proposal and establish a precedent for further discussions.
- Typically cooperation brings cooperation and defection results in defection.
- Whether you’re the buyer or the seller establish a reservation or walk away price.
- Stay present. Don’t allow yourself to become emotional or influenced by sensations that arise.
- Reputation is a significant factor and helps establish trust which results in the ability to make commitments that are taken seriously during discussions.
- No matter how long the negotiations go on for don’t lose context of previous discussions.
- Identify what both parties agree on and set these issues aside. Identify what concessions you’re prepared to make then determine what issues remain and focus on these.
- Attempt to achieve a mutually beneficial outcome or a “win win”.
- Be prepared to walk away.
- Never agree to anything until you have agreed to everything.