Kevin Spacey made it seem like very serious business in "The Negotiator" and we agree with him! It is important that budding entrepreneurs equip themselves with negotiations skills for effective negotiation. Why, you ask? Its simple... everyone thinks about their own selves, avers Dale Carnegie of "How to Win Friends and Influence People" fame.
Doing smart business is often a question of striking deals that are attractive to others while serving one's own interests. This is where good negotiating skills come in handy.
Negotiating skills are needed during all business negotiations skills, be it acquiring a new client, striking deals with suppliers, hiring new employees or even keeping the ones you have. Bear a couple of things in mind to negotiate well:
The personal touch: Whatever be the negotiations skills you are trying to negotiate, keeping in contact with the other party is essential. By this we do not mean fixing appointments over the answering machine!
Ideally, one should make an effort to meet the client or negotiations skills in person. This will not only secure the other parties' attention but also give you a chance to assess them closely.
Understand the terrain: The strategy you employ during negotiations will depend upon the other party as well. For instance, if you have common interests, negotiations skills are the most likely outcome. Compromise is yet another outcome, wherein both parties settle for something a little short of their individual targets.
But if your negotiations skills are strong, you could be calling the shots. Be a patient listener and try to get as much as possible out of the other person; this will put you in the driver's seat. Prepare and play your cards well, else you could find yourself accommodating more and more concessions.
Aim high: While the idea is to make the deal as beneficial as possible, that's probably what the other person is going for as well. So, define your negotiations skills and keep them high enough to ensure that you do not lose out in the bargain. Ensure a fairly large margin to play with.
While setting goals, stick to what is best for your negotiations skills, (reputation included) rather than that which merely enhances profits. Remember to be discreet about your own goals while negotiating; keep the opponent guessing about what's on your mind!
Keep the ball rolling: Good negotiating skills require adopting an active stance. For every problem the other party comes up with, discuss possible negotiations skills. Be enthusiastic and persuasive; emphasize common ground and stress on the benefits of the deal to the other person.
See which way the wind blows: Don't hesitate to make or seek clarifications as this will avoid confusion later.
Finally, be confident about yourself and your offer; most importantly, end the discussion on a good note, whether you decide for or against the arrangement. With our tips to guide you, "The Negotiator" could well be your second name!