Negotiation is the process where interested parties resolve disputes, agree upon courses of action, bargain for individual or collective advantage, and / or attempt to craft outcomes which serves their mutual interests.
In negotiation the disputing party resolve their differences out of court by entering into negotiation themselves. There are no hard and fast rules, no technicalities and complicated procedures.
Whether you're the buyer or the seller, you're going to be
challenged when it comes to business negotiations. It's not
that different from entering a ring with an opponent. As a
negotiator, you need to know how to play your cards right.
These techniques will help the odds to be in your favour.
Preparation is key. Familiarize yourself with
the product / service and the people first,
before you go on to "enter the ring", so to
speak. You have to be fully equipped.
P R E P A R A T I O N
T H E D E C I S I O N - M A K E R
S H O U L D B E P R E S E N T
In every meeting, the decision - maker should
be present. There are meetings where they
are not, and this just annoys the ones who
are present because it usually presages that
a deal won't be made anytime soon.
There will be bargaining as it's a huge part of a
negotiation. So, be prepared for the buyer /
seller to steer everything in their. Which is why
you should start assertively (even with no
promise of success).
F I R S T O F F E R S H O U L D B E
B O L D A N D A G G R E S S I V E
Corporate snobs (yes, we're not afraid to call
them that) in particular like to throw around
jargons and words that they know you don't
understand. The purpose of this is probably to
intimidate you. Ask them to clarify whatever
you don't understand.
D O N ' T B E I N T I M I D A T E D
B Y J A R G O N S
A successful negotiation is where both
parties can walk out happy. Not only will
you and the other party benefit, but you'll
also have a strong business relationship
that will be advantageous in the future.
G O F O R A W I N -
W I N D E A L
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