Understanding the Basics of Negotiation
Negotiation is the process of settling disputes based on differing views and goals. Understanding the basics will enable you to to create value and claim it, manage concerns about fairness and come to an outcome that is positive, whether you’re a natural negotiator, or need to work on it.
Before entering into a negotiation you must have clearly defined goals for your desired outcomes, and the data and research that will back these goals. This will help you anticipate possible counter arguments and formulate strategies to succeed.
Understanding the interests of the other parties, including their concerns, desires and needs is essential to anticipate possible objections. Additionally, you must be able clearly define your own personal interests and the motivations for those interests. If you do that, you will be more convincing and credible.
Finally, you must be open, within reason to compromise. It’s not a great decision to take a stoic position at the beginning of negotiations since it could be perceived as a lack of enthusiasm towards reaching an agreement. Instead you should propose to compromise on something you believe in, but only when it can be matched by the other party’s interest.
The idea of having your walk-away point (your most effective alternative to a negotiated agreement, or BATNA) in mind is another essential aspect of preparing prior to negotiation. This will allow you to decide the best time to end a conversation, as you won’t be continuing to negotiate to try to reach an equitable agreement if the other party is unable to find a solution.
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