Business negotiations are a core leadership skill used in various contexts like deal making, employment discussions, and dispute resolution. Effective negotiation skills are important for tasks like negotiating salary, securing sales, and forming partnerships. Proper preparation, understanding the other party, and using active listening techniques like paraphrasing, mirroring, and emotion labeling can help negotiations be more productive. Key aspects of negotiation include keeping discussions focused, being honest, avoiding personal issues, and finding mutually agreeable solutions.

1. Business
Negotiation
s

2. What is it?
A core leadership and
management skill is the
ability to negotiate
effectively in a wide range
of business contexts,
including deal-making,
employment discussions,
corporate team building,
labor/management talks,
contracts, and handling
disputes.

3. Negotiating skills
In the world of business, negotiating skills are
used for a variety of reasons, such as to
negotiate a salary or a promotion, to secure a
sale, or to form a new partnership. Here are a
few examples of different types of negotiations
in the business world:
Manager and Clerk: Negotiating a promotion
Employer and Potential Employee: Negotiating
job benefits
Business Partner A and B: Making decisions
about investments
Company A and Company B: Negotiating a
merger
Customer and Client: Making a Sale

4. Showing Your Interest
Prove you're listening by
using body language or brief
verbal replies that show
interest and concern. Simple
phrases such as "yes," "OK"
or "I see" effectively show
you are paying attention.
This encourages the other
person to continue talking
and relinquish more control
of the situation to the
negotiator.

5. Paraphrasing
Tell the other person what you heard them say, either
quoting them or summarizing what they said

6. Emotion Labeling
This means attaching a tentative
label to the feelings expressed or
implied by other person's words
and actions. This shows you are
paying attention to the emotional
aspects of what other person is
conveying. When used effectively,
emotion labeling is one of the
most powerful skills available to
negotiators because it helps
identify the issues and feelings
driving the other person's
behavior.

7. Mirroring
Repeating the last words or main idea
of other person's message. This
indicates interest and understanding.
For example, a subject may say, "I'm
sick and tired of being pushed
around," to which a negotiator can
respond, "Feel pushed, huh?"
Mirroring can be especially helpful in
the early stages of a crisis, as
negotiators attempt to establish a
nonconfrontational presence, gain
initial intelligence and build rapport.

8. Preparation is Key
0 Know about the party you're
negotiating with so you can
capitalize on your strengths and
the party's weaknesses. If the other
party is very experienced, that
means he also has a history that
could contain useful information. If
possible, talk to business
associates who have dealt with this
person before. Many negotiators
develop patterns and certain styles
that you may be able to use to your
advantage.

9. To organize a meeting
0 Decide exactly who should attend the
meeting.
0 Schedule a time for the meeting with the
persons attending, making it clear what
the meeting is about and how long it will
take.
0 Schedule a place for the meeting that is
conducive to discussion and does not
allow interruptions.
0 Plan an agenda with a time schedule for
addressing each issue.
0 Distribute the agenda well in advance of
the meeting, asking for any modifications
or additions.

10. There are certain do’s and
don’ts in case of negotiations
0 Do not discuss too many issues, emphasize on the prior issues.
0 Be honest and straightforward.
0 Don’t get carried away by rumours.
0 Never give deadlines, it might lead to delays in deals.
0 Keep away personal differences. Just focus your arguments on facts.
0 Keep on giving recaps during the negotiation process.
0 Avoid being rigid. Listen to the other parties view point if valid.
0 Give testimonials for your argument. Support your argument with
facts.
0 Don’t make demands which can’t be accepted at all.
0 Don’t let emotions overwhelm you.
0 Be optimistic. Don’t fear losing. There are opportunities in other
transactions also.

11. Conclusion
0 Negotiations can be called as a way of resolving
disputes. It is considered as being synonymous to
settlement, agreement, collaboration and bargaining.
It takes place almost in all spheres of life -be it is
business, personal circumstances (married life,
parenting, etc.), legal procedures, government
matters, etc. Negotiation can be defined as a channel
of communication intended to reconcile differences
between parties and to settle conflict jointly. The
parties aim at achieving a win-win position.