Negotiation is the method of settling disputes that have different views and objectives. Knowing the basics will allow you to learn how you can create value and claim it, manage issues of fairness, and get an acceptable outcome, whether you are a natural-born negotiator, or you have to improve your skills.
Before you begin negotiating it is essential to have clearly defined and concise goals for the desired outcomes you want to achieve, and the data and information needed to support those goals. This preparation allows you to anticipate possible counterarguments, and to develop a strategy to ensure success.
It is also essential to understand other parties’ interests, as well as their desires, needs and fears in the hopes of anticipating possible objections. Additionally, you must be able to articulate your own interests as well as the motives for those interests. In this way, you will be more credible and persuasive.
Finally, you must be willing, within reason to compromise. It is not a good decision to take a stoic position at the beginning of negotiations, since it could be perceived as a lack of confidence in reaching an agreement. Instead, you should offer to give up something you value, but only when it can be match by the other side’s interest.
Another crucial aspect of preparing for negotiations is to know your walk-away point (your BATNA, or your best alternative to a bargained deal). This will aid you in deciding when to end the discussion, since you won’t be able to keep negotiating in the hope of achieving an equitable agreement if the other side is stuck in a rut.