NEGOTIATION Skills: top 10

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We are going to discuss the top ten negotiation skills that every entrepreneur must have to master this game. Let’s get started:

1. Planning skills
All successful negotiations are the results of planning and preparation, this means that you should do your research properly and know the other party. Knowing the nature of their business, and talking to others who have worked closely with them, will help you know their strengths and weaknesses. You can’t offer something to people who you don’t know.
After doing your research and knowing the parties involved, you should get adequate rest and show up for the meeting on time. When you do this, you’ll be confident and happy, and they will respond in a great way.

2. Understand the opening offer
In most cases, the opening offer anchors the negotiations; it’s the place which holds most of the important details. Therefore, you need to look at it carefully.
Some of the elements of an offer include: the work being proposed, the goods or services to be used, time of delivery, warranties, incentives, terms and conditions, and most importantly, the price.
If you are the person who is going to initiate the opening offer, you’ll have the opportunity to set the stage for negotiations. Keep in mind that the other party doesn’t know what you want, therefore, you need to be bold and state what you want clearly.
If you are on the other side, you should be analyzing how close you are to the proposed offer. Also, have a clear bottom line. What will you accept? Look at the details closely and understand what you are signing up for.

3. Emotional control
While you should be confident because you’ve done adequate research, you should leave your ego at home. Lack of emotional control is one of theeasiest ways to fail terribly.
When negotiating, you should be as neutral as you can. When you control your thoughts and emotions, you’ll be able to think clearly and objectively during tough times and make informed decisions.
Similar to other aspects of life, you have to think clearly when negotiations become stressful. Instead of being rigid, you should be willing to find a common ground. By doing this, you’ll strike a balance between not giving much away and getting what you want. Leaving your ego at home will put your emotions in check and help you figure out the way forward.

4. Play the game well
Before entering into high-stakes negotiations, it’s important to run through all the possible scenarios with a loved one or colleague. You’ll end up feeling less anxious and you’ll discover several objections to the offer that you had not considered, or discover a side of the deal that could benefit you and the other party.
If you don’t have someone to help you out, you should play all the scenarios in your mind. This will help you feel less attached to your expectations. Yes, it’s important to care, but don’t care too much, as this may result in a lack of emotional control if you fail to get what you wanted. Remember, stay neutral and keep your emotions in check. Keep practicing regularly, and you’ll master this skill.

5. Strategic thinking
To begin negotiations successfully, you need to think strategically and exercise self-awareness. You need to understand not only your strengths and weaknesses but also the other party’s strong points and weaknesses. Doing this will help you avoid being exploited.
If your company is an infant, how big can it grow in five to ten years? Will you have the ability to respond to your customer’s needs? What can you offer that the other party can’t? What can the other side offer that you can’t? Knowing clearly where you stand will help you make informed decisions.

6. Be ready to walk away

7. Ask good questions

8. Listen attentively

9. Prepare and present several offers simultaneously

10. Respect culture


#NegotiationSkills #BeDifferent