When we look at the different skills essential to succeed in a business, we often come across maintaining good customer relations or maybe taking crucial decisions at the right time.
Well, these might be important, but the critical skill of negotiation is often ignored, and this is where prominent business leaders are successful
The Importance of Negotiation
Successful negotiations can make or break a business deal. A negotiation does not always have to be a win-lose situation, as most of us perceive.
These days, every business negotiation is aimed at a win-win situation for both parties. I mean, obviously, why would anyone come out of a meeting on the losing side!
In contrast, on a daily basis, it is very important to learn how to negotiate. Take your parents as an example, how frequently do we see them negotiate for different products or services? It is all about confidence and body language. They enter a negotiation without any fear!
Now that you have some idea about the significance of negotiation, let’s break it down into 3 parts, and understand how to master this skill, especially at an early age!
Before a Negotiation
Negotiating on the phone
In case you are on a phone call and trying to negotiate, keep in mind 2 basic things.
Since body language has no role here, it all comes down to the confidence in your voice.
Negotiating through email
This scenario is a different animal altogether! Negotiations through email are far more complex and hard to crack compared to the other 2 versions. Hence some of the useful tips are as follows
After the Negotiation
Regardless of the negotiation result, it is always better to review what happened during the meeting.
This means that you should try to see if the other party gave away any weaknesses that you can conquer for next time, or with another proposal.
Finally, the bottom line is to never part ways with your opposing party as enemies. It is always recommended to stay on good terms because you never know when you have to cross paths again in the future!
Other Resources for negotiation
Oof, so much information, but it all went over my head. Do not worry, I have got you covered with some videos that provide negotiation tips.
Well since we are talking about negotiation, I could not really miss out on this scene from The Office.
I agree it might be a little overboard to some extent, but it really covers all the above points we spoke about, like pre-negotiation preparedness, body language, discussions, etc.
I recommend watching from the 45 seconds mark, this is where Michael Scott really puts up a solid deal.
An analysis video from the 2013 movie “Jobs”. It is quite interesting, would recommend giving it a watch!
The title says it all, these principles of negotiation are vital for everyone, and this 8 minutes video talks about the key points in a simple way!