Negotiation – Taking It to the Next Level
By Sanjit Singh
Negotiation is one of the most important skills you can learn. It is intended to resolve disputes, foster agreement, and create proposals to satisfy various interests. All other things being equal, the party having the best negotiating skills will gain the most from a particular negotiation. Following are some fundamental areas to think about before entering a negotiation.
Prepare: Research all relevant information regarding the other party. Try to unearth any common ground that might exist between you. Decide on your minimum acceptable outcome and resolve to hold firm to your “walk away” scenario. Prepare multiple options so that you are ready for the inevitable “twists and turns” in the conversation.
Asking probing questions: What are the other party’s position and motivations? What is important to them and why? What else do you need to know in order to fully understand the other party’s position?
Thoughtfully assess your upside and downside: Ask yourself the hard questions: How badly do you want the deal? At what point are you willing to walk away? What do you lose if you walk away? Do better options exist for you elsewhere?
Trade concessions intelligently: If you must give a concession, always ask for one in return. Try to give concessions that are of low cost to you but high value to the other party. Conversely, try to get concession that are of highest value to you. Make sure that you never dip below your minimum acceptable outcome that you defined before the negotiation.
Get creative: If you and the other party reach an impasse, get creative by putting more factors into the sphere of negotiation. The more factors you have to discuss, the more opportunities there are for agreement.
Shift your position slowly: If you must shift your position in the direction of the other party, do so slowly. Patience is a virtue, but especially so during a negotiation.
Stay cool: Focus on the issues and not on personalities. Do not become emotional or allow yourself to be baited into being so. Also, learn to get comfortable with tension. The tension that arises in negotiation is very natural and it is usually the person who becomes uncomfortable with this tension that gives away too many concessions in order to relieve the tension. Therefore, you must stay in control of your emotions during a negotiation.
In summary, finding success in negotiation is related to how well you master a few fundamental skills. Hone these skills and watch your negotiation outcomes improve markedly.
Sanjit Singh is the CEO and Founder of SalesThink, an executive leadership and sales coaching company, and President of USS Logistics, a transportation company. Sanjit draws from his 18 years of award-winning sales performance in the software, medical device, and transportation industries to drive sales teams to reach a higher level of achievement. He has helmed a number of successful sales teams and is considered a turnaround expert for poorly performing sales teams.
In addition to speaking and consulting for private clients, Sanjit has lectured at the UCLA Anderson School of Management, Pasadena City College, Mira Costa College, Cal Poly San Luis Obispo, and UC Santa Barbara. Sanjit holds a BA in Biology and Psychology from UC Santa Barbara and an MBA from the UCLA Anderson School of Management.
Article Source: http://EzineArticles.com/?expert=Sanjit_Singh