To be successful in any aspect of life, one must necessarily possess good negotiation skills. Whether you are discussing a better salary with the HR of your organisation or closing a multimillion dollar business deal with a client, negotiation skills play a key role in helping you succeed. It is an art which only gets better the more you practice it. With the help of these tips, you can make the most out of every negotiation.
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Keep calm and think through
Every proposal begins with a higher price being quoted by one party and a lower price being offered by the other. Do not get excited and react to the initial proposed price, even if it is way below your expectations. There is always room for some negotiation in a deal and think through all aspects before settling for a mutually agreed upon price. If the offer price is too high, propose a lower rate from your end.
Do your homework well
If you are the first one to offer a price for a business tender, make sure you have enough information on what exactly the other party is looking for. Evaluate their business needs, analyse your competition and be confident of your own strengths, and then make an offer in such a way that it becomes to not accept it.
Do not be desperate
No matter how important the deal or client is for you and your business, do not show desperation in closing it. After making a proposal, give the other party some time to measure it well and then respond to you. Do not be so desperate that you end up reducing your price further before they even get a chance to consider it, this will put you in a bad light and give them an upper hand in the deal.
Keep a check on your temper
A healthy business negotiation may take an ugly turn if the parties involved lose their temper and start fighting. Rough behaviour, slangs, abuses, and physical violence are a big no-no in any negotiation discussion and can damage business relations and reputation of all those involved. Check your temperament and behave professionally.
Don’t settle for anything substandard
Negotiations are done for everyone to get the best out of a deal – a mutually agreed price, a deserving salary and position, a reasonable project /contract, etc. It must end in a win-win situation for all parties involved, no kind of imbalance is desirable. If you cannot accept the last price being offered, refuse it outright, but do not settle for anything below your acceptable standards.
Be confident and optimistic
A successful negotiation is the result of being confident and optimistic even in tough situations. Rather than getting intimidated or under-confident, keep your head high and be positive about your offer, your business, and most importantly, yourself.
Speak to an authorised person
Imagine this. You spend an hour and a half discussing the deal with a junior manager, who then asks, “I’ll speak to my senior manager and get back to you on this?” Wouldn’t it be rather time saving to directly meet the senior decision makers and negotiate with them? If you do not want your efforts to go futile, insist on getting an appointment with someone who is authorised to have a final say in the negotiation.
Aim to build good professional relations
Not all negotiations see the light of the day. And though you would have aimed to convert the deal, it somehow fell apart. However, instead of holding grudges or losing hope, maintain cordial professional relations with the parties involved. Something may work out in the future, you never know!
Negotiation is a critical skill for business and career development as it exhibits your power of thinking clearly and acting smart. It sets benchmarks for your organisation and becomes one of the yardsticks to measure professional growth. If you are not negotiating well, you are doing more harm than good for your organisation.