I never saw myself as a negotiator, even though in my previous work I was negotiating all the time! Now that I run my own HR management consulting firm, I quickly realized that negotiating is an art, one that I needed to master. So now when I am sitting around a boardroom table trying to land that big client, I can negotiate like a pro.
Here are 5 tips to mastering the art of negotiating:
- Preparation – preparation is 80% of negotiating success, so before entering into any negotiation, if you have not prepared, chances are the results will not be as beneficial for you as they might have been.
- Know your hot buttons – know your hot buttons because once you do, you can prepare for them and then control your reactions. One technique that skilled negotiators may use is to try to say things that will agitate you. Once this happens you may be more inclined to give in to their demands. Know what pushes your buttons, and you could save yourself some grief in the negotiation process.
- Research – get as much information that you will need to back you up during negotiations. You must, determine your main objective, your supporting points, and your fallback position. Additionally, spend time researching what the other party wants.
- Identify your Walk Away Position or WAP – when you establish your priorities, make sure you have a clear understanding of your Walk Away Position. Establish your WAP value in your mind and keep it clearly available so that you do not get caught up in the heat of negotiating, either ending up with something you never wanted, or turning down a deal that was better than your WAP.
- Get in the zone. The Zone of Possible Agreement (ZOPA) is an area of overlap where the desired outcomes of both parties reside, and where both parties can live with the outcome. Once you reach a ZOPA, the finer details need to be worked out within the scope of what both parties have already found is potentially working for them.
This is just the tip of the iceberg when it comes to successful negotiation. There are various types of negotiations. You must be a skilled communicator and you must be a problem solver. It might bode well to spend time reading about negotiation and honing this skill. Benchmark Consulting Services offers online courses and webinars to help even the novice become a master negotiator.
Whether we realize it or not, negotiating is a fundamental fact of life and business. It is not for the weak or the weary, it is an art and like so many other leadership competencies, this one is well worth mastering.
