The Art of Negotiating

  • 11th Jun'21

“Everything is a negotiation. Everything is a little bit of giving and take.”

Lamman Rucker 

As Rucker says, negotiating is a part of everyday life, but it can make or break a deal in a business.

 

Mastering the Art of Negotiating

To have a successful business, you need to be the master of the art of negotiating

  • Do your Research

Never go unprepared for a negotiation. Always research well about the party you’re negotiating with. It will help you capitalize on your strengths and leverage the party’s weaknesses. Learn the different styles of negotiation. If you’re going to deal with an experienced person, make sure you learn their pattern. Know your details. If the other negotiator finds you weak on the details, you might be susceptible to the bluffing technique.

 

 

  • Have a Strategy

The first offer is normally the most relevant and serves as a benchmark against which all succeeding offers are evaluated. Hence it is the vital one. Make sure you don’t miss any important aspect that can cost you money or the other person can take advantage of it. You won’t get what you don’t ask for. Generally, you can’t add points that will increase the price for you after the first offer. So make sure you take in all the risks and rewards. Make it bold but not ridiculous.

 

  • Identify the Leverage

Leverage gives you an upper hand in the negotiation. Exploit the other party’s weaknesses along with taking the utmost advantage of your strengths. 

 

  • Offer

The offer is not just a price quotation but includes all aspects of the bargain. It will usually serve as the foundation for a contract that formalizes the agreement. Do not miss a single specifics of the bargain while making an offer. The offer includes an offer price, scope of work, delivery schedule, risk and rewards, quantities of products and services, warranties, terms and conditions, and any documents incorporated by reference. 

 

  • Aim for a Win-Win Outcome

The best deals are closed when negotiations happen, and it’s a win-win for all the parties involved. So, always prepare negotiations keeping in mind the outcome for all the parties involved.

 

  • Close the Deal

Seal the deal with all the details once all parties affirm.

 

To know more about the Art of Negotiation, read the below article

https://www.entrepreneur.com/article/203168

 

Sources/References:

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