There is one thing we all do – negotiate. Profits, business partnerships, salaries, contracts, engaging labour unions to avoid or suspend strikes, preventing or ending wars, settling disputes and buying and selling all involve negotiations. So, we all negotiate.
Eventually, how well we handle these negotiations determines whether we are satisfied or dissatisfied in the long run. Nearly everyone has had both. But most people can negotiate better when equipped with experience and the right skills.
Since negotiation is such an unavoidable critical activity that can shape the future, this article discusses 4 skills you need to be a successful negotiator.
4 Key Negotiation Skills
These are the crucial skills you need to negotiate your way to fantastic deals, consistently.
1. Strategic planning skill
To get the best outcomes from negotiations, plan ahead. Anticipate all likely obstacles and factors that may count against you and those that will be in your favour. Reflect and analyse how you intend to leave the table without getting less than the maximum offer.
One of the things you have to do is research the minimum and maximum the other party is likely to offer. Do you have a better alternative should the other party fail to yield to your request? While you are expected to aim for the most, going way beyond what the other party considers reasonable may deny you everything. Therefore, it is important you know your priorities and where you can compromise.
2. Effective communication skills
The ability to communicate in clear terms and seek clarity is crucial for negotiations. Do not assume or take important details for granted. Equally, ensure you speak persuasively.
Listening skill is also needed to ensure all key terms and conditions are understood and favourable. Ask questions and restate what you understand. Good listening skills and clarity will help you avoid future misunderstandings that may jeopardise contracts. Be adept at nonverbal communication, too.
3. Emotional intelligence
People who have high emotional intelligence are able to understand the emotions of others and manage them to achieve positive results. Emotional expressions send signals whose meanings can suggest a positive progression in the negotiation, doubt, anxiety, excitement, the need to compromise or make a counter offer. Emotional intelligence is needed to interpret and respond to nonverbal communication accurately.
4. Ability to build rapport
Before starting the negotiation formally, establish a relationship through preliminary communication with the other party. This will promote familiarity, trust and increase the probability of sealing a mutually acceptable deal. Many people prefer doing business with those they know. Therefore, building a rapport before going into a formal negotiation will boost your chances.
Final thoughts
Lack of negotiation skills is a strategic weakness for entrepreneurs and professionals. You can improve your negotiation skills by engaging in more negotiations and learning from the mistakes and successes of past negotiations. You can do this through commitment to developing effective communication, strategic planning and rapport-building skills, alongside a high level of emotional intelligence.
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