Photo by Romain V
Negotiation is a part of our everyday lives, whether you’re negotiating with your children to eat their vegetables or negotiating a massive deal for your firm. Negotiating effectively and walking away with a win for you and your team is a valuable skill to have. When applied, the below three highly effective negotiation tactics ensure you’re headed in the right direction.
Listen More, Talk Less
There has to be an exchange of honest dialogue to come to an agreement, but that doesn’t mean putting all your cards on the table right away. Listen to the other party, ask questions, and respond to what is being given to you. The key is knowing what information to reveal and when. If you immediately disclose everything you have to offer, you lose any potential leverage you might’ve had.
Prioritize and Find Common Ground
Understand that negotiation requires some give and take. The goal isn’t only to get what you want. You also need to ensure the other party gets what they want. For both parties to walk away with a win, there needs to be some sacrifice on both ends. Prioritize what you want out of the deal and identify what you’re willing to give up. Is what you’re gaining worth the loss of what you’re giving?
Always Be Willing to Walk
No deal is better than a bad deal. If you’re losing more than you’re gaining at any point in the discussion, it’s time to stop. That could mean ending the potential relationship, or that means taking a step back to re-evaluate before coming back to the negotiating table. Regardless, if you don’t like what you hear from the other party and cannot reach an agreement that benefits you, walking away will always be the better choice – whether it’s permanent or only to reconsider.
The art of negotiating is not something that can’t be learnt overnight. It is a skill that needs to be honed through continuous practice. Through hands-on experience, you’ll know what works and what doesn’t. Listening more, prioritizing and finding common ground, and always being willing to walk away are three tactics that will lead you towards a successful negotiation.
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