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PracUp Team

Why Negotiation Skills Are Important?

Negotiation is a part and parcel of everyday life. This skill is applied to simple tasks in everyday tasks. For example as a Negotiator, to convince your friend to eat at your favorite restaurant or make a business deal within a target amount. Being a good negotiator in today’s turbulent business environment can make a big difference in your career. While some of us are born with such skills, some of us might need a lot of practice. But it is not the end of the world because negotiating skills can be built. All it needs is practice and some strategies to follow.

Here are some Tips to Become a Better Negotiator

 

  • Self reflect

The first step to acquiring a new skill is to understand and acknowledge your flaws. When you do so, you identify the areas for improvement. Recognize your powers and learn from your mistakes. When you take help when required, ensure that you practice by considering the feedback you receive. This realization and practice help you create the necessary defenses to avoid loss.

  • Prepare to Succeed as Negotiator

Now, preparation is a key aspect to frame your argument around. First, go ahead and gather as much pertinent information as you can prior to your negotiation. This vital step will help you in making decisions that might be very crucial to making the deal. Secondly, plan your aspirations and outcomes. Thirdly, prepare a rough blueprint of your strategies and plans to bring leverage to the deal. And finally, put all these into practice to ensure you become an expert in negotiation.

  • Do Not Rush

If you are a new negociant try to avoid making the first offer. Although, you make the first offer, assuming that you will have the leverage to take advantage, it might backfire.

On the contrary, when you let the opponent make the offer, it gives you a chance to counter-offer the deal. You can use the opportunity to make the deal anchor your way by using the information you gathered. 

  • Never give away free gifts

Do not give away anything without receiving anything in return. Whenever you give something away, get something in return. Otherwise, you are inviting the other negotiator to ask you for additional concessions. Aim higher and don’t be generous. Winning a negotiation will build your self-esteem and help you with your confidence in the next deals.  

  • Listen more, talk less

Spending more time listening during a discussion helps you know a lot about what the other person wants. Though conflicts can be resolved by understanding what the other person has to say, yet listening is neglected. 

Enhance your listening skills to help you understand, it is a forgotten art that needs to be practiced more. Practicing this skill can really help understand the other person and how to deal with them. Pay due attention to nonverbal cues. Non-verbal communication in negotiation can help understand and interpret far more than what words solely convey. 

  • Don’t force the deal as the Negotiator

Don’t force a deal if you aren’t happy with it. However, make sure you are clear on your goals, as well as the ‘walk-away’ points prior to the discussion,

Try to understand the other person’s perspective, and understand their needs and concerns. Sometimes your needs and concerns may not resonate with that of the other person. If such a situation arises, it is better to walk away and not negotiate further. Rethink the deal and check if it resonates with your aspiration.. 

  • Think before confirming  the deal

Patience is the key to success. Take your time to evaluate the offer. Never ever accept the first offer without prior analysis. Once you have considered all the above points make sure you re-analyze the deal. There is always some room for negotiation. Successful people always look at the situation from the other side's perspective. Never agree to a deal in haste. There might be something on the table that you might not notice just yet. Do your research again and never agree without a good negotiation. 

The best advice one can ever give you, is to practice and refine negotiation skills. Think about all the aspects of the deal. Look at all possible problems that would be the focus of your negotiation and list out all possible alternatives that can be looked at as a solution. Ask yourself a few questions before the negotiation, like,

  • How serious are you about the deal and how does it affect you as a negotiator?
  • What does this deal mean to the other person?
  • Are you ready to risk it and what are you planning to achieve?
  • Can you compromise on a few points during a negotiation?
  • Do you have another plan of action if the negotiation breaks down?

Once you reach a conclusion after negotiation, ask yourself if the deal was beneficial for you. Does it resonate with what you previously anticipated? Make sure you are satisfied with the outcome. 

Build your confidence and do not be afraid to lose. Introspect closely and understand the factors that can close or cut the deal for you. Learn from your mistakes and try using the tips above for the next negotiation you sit across the table for.

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