Successful companies know that part of progress and survival in the highly competitive business world is mastering the art of negotiation. Having poor skills in this area can negatively impact a company. There are several things to keep in mind.
Negotiating is not about being more dominating or knowing more than the other participant. Rather, negotiating is about knowing when to let the other person speak and understanding that, at the end of the day, both you and your customer or seller will ultimately have to come to a compromise.
Here are some other tips to help you become a master at the art of negotiating:
Enroll in a Negotiation Seminar
One of the most important things you can do to master the art of negotiating is to ensure your knowledge is current. Negotiation training is a great way to get up-to-date expert knowledge on effective negotiation techniques for the business setting if you haven’t thought about how to improve your skills in some time. Signing up for a course is also a great way to refresh the knowledge you have—even for the most seasoned of negotiators.
Well-planned negotiation training seminars advocate the importance of preparation. As in many scenarios, preparing ahead of time helps you be ahead of the game during your meeting. Not only should you prepare yourself to discuss what you want to accomplish from the meeting, but you should also research as much as you can about the person you are meeting with.
From researching your buyer or seller’s company to asking colleagues who have previously dealt with the person for advice, being prepared means being knowledgeable.
Many negotiations have both participants set on a certain goal before the meeting even takes place. Try to make predictions about what your customer or vendor might be looking to get out of you and be prepared with several offers that give both of you a win-win outcome.
Strategizing your argument for the meeting goes hand-in-hand with preparing beforehand. Going into a meeting without having a carefully thought out strategy can cede your buyer or seller the upper hand during the meeting. Know exactly what you want out of the meeting and strategize ways for you to maintain a clear stance for your goals. Strategizing for your goal also means you need to think about phrases you might use as well as ideas you want to bring up. Negotiation seminars ensure that you gain plenty of practice anticipating objections, and crafting your responses before you get to the negotiation table.
Body language and your speech patterns tell a lot about your confidence. Maintaining a strong or relaxed posture throughout the meeting can project a message of self-assuredness. Whether you’re sitting down or standing up, either make sure you maintain a straight back and hold your head high, or relax into your chair.
Your posture can convey a sense of confidence, even if you are feeling insecure during the meeting. Taking a class in body language in the business environment can be useful in learning what relaxed and confident body posture looks like and how ‘speaking’ the right body language works at a psychological level.
Remember, showing confidence also means being patient even when your customer or seller is not confident. If discussions in the meeting begin to escalate or get heated, try to keep a cool composure.
According to the Harvard Business Review, “Bringing anger to a negotiation is like throwing a bomb into the process.” People do not respond well to negativity, so maintain your strong stance on your position but let the other person know in a respectful way when you are feeling uncomfortable with the discussions.
Find Your Leverage
Figuring out your buyer or seller’s weaknesses can help you know what ace cards you can play and how to use them effectively. For example, if you know that you are the only supplier for something your customer needs, then you know you will have the strength of being the only source your customer can get in contact with. You can use this knowledge as leverage to secure your objectives from the meeting.
Having leverage is a perfect example of why it pays to be prepared before your meeting. The more knowledge you have about your customer or seller and what they might want, the greater advantage you have.
Give An Offer
Presenting an offer is more than just establishing a number. The first offer is the beginning of a relationship between you and the other participant. Before you make an offer, make sure that you think about the various details of your offer and that they are in your favor.
A seminar teaching effective negotiation techniques can suggest what an attractive offer might look like for you in terms of factors like monetary offers, terms and conditions and delivery schedules.
Before establishing any details, make sure to present all elements of the offer in writing and include all the elements of the deal. Having everything in writing can help relieve any misunderstandings later on when official contracts are created.
Having top negotiation skills means understanding that both participants ideally should come out of the meeting having secured their aims. Ensure your skills are the best they can be by enrolling in a foundational negotiating seminar that covers the essential and sometimes overlooked aspects. Skills such as how to close deals effectively for mutually beneficial outcomes are important.
Maintaining win-win situations makes for building strong business relationships and ensures that you are able to work with them successfully in the future.
The art of negotiating centers on a balance of preparation, knowledge, and confidence. All three working in tandem can bring great results at your meeting. Using these aspects wisely can secure that all-important win-win outcome. Negotiating truly is both a science and an art form that many business leaders learn to perfect over the course of their careers. By considering the advice above and brushing up your skills at a well-chosen negotiation seminar, you can best position yourself to accelerate your own journey in mastering this art form.