Continuing with our blog from last week on How to Negotiate and Get What You Want, below are five killer tips to have a successful negotiation:
1. Establish your goals and write them down.
Think about what aspects of the deal are non-negotiable and what you could give up if you needed to compromise.In the course of negotiation, you can keep yourself from getting too far off-track by referring to your original intention.
Having a clear grasp on what you hope to accomplish is a good practice for any type of negotiation, but it is critical when you are dealing with emotional issues. Remember that lose-lose outcomes are predicated on having a negative view of the opponent. When an opponent makes an unreasonable demand, pause and revisit your goals before you react.
2. Understand your opponent’s position.
You can make a more compelling argument and increase the chances of having a win-win outcome if you grasp your opponent’s position. Sometimes you’ll have to read between the lines to do this. Take time to listen to their needs and try to cooperate with them so that both of you come out ahead. The bullish, take-no-prisoners negotiation model is no longer the preferred means of striking a deal. “You get more flies with honey,” as the old saying goes.
When you ask for a raise, listen to the rationale that your boss provides for countering your offer. Maybe your boss thinks you are a great employee, but bad economic conditions are affecting the company’s profit margins. Since your boss has indicated that there are finite resources available, you are entering a win-lose negotiation. You may decide that you will need to find a new job based on this information. You could also negotiate for a slightly lower raise and ask to follow up with your boss in a few months. Either way, by understanding the other person’s position, you can come up with a solution that maximizes a positive outcome, even though one of you will have to make a concession.
3. Do your research and identify the approach to use.
Regardless of the negotiating environment, understand the precedents for what you are asking and how cultural differences could influence outcomes.
In salary negotiations, this means that you’ll need to know what someone with your qualifications makes in the position in question. Most of this information can be found online through sites like Glassdoor.
Doing your research can prevent you from asking for something that might seem inappropriate or rude to a foreign entity. What cultural values can you bring into the negotiation? Company culture can also influence your approach. If you know that the boss values humility, don’t start the conversation by bragging about all of your accomplishments. Research can help you set the tone for how you will interact with the other person.
4. Aim high (or low), but be reasonable.
Use research to inform the baseline of your negotiation. When you make your case, ask for more than you expect to get, so that you and your opponent have room to maneuver. If you ask for the moon, though, you can come off looking unprofessional.
Imagine you are interested in buying a house listed for $300,000. After doing some research on the market and assessing the property, you determine that it needs $20,000 in repairs before it is livable. The seller has already likely set the list price high. You can make a counter offer of $250,000 citing the repair needs and other factors from your research. The homeowner may accept the $250,000, or they may counter again. All of this is great because you are in a dialogue with one another. If both parties are honest, then this could be a win-win situation. If you asked to have the $300,000 home for $50,000, there would be no negotiation because you were unreasonable.
5. Focus on the problem.
Staying on message is essential when you enter into any type of negotiation. In business, it is a good idea not to take things too personally, and in your personal life, sometimes conflict resolution requires a degree of objectivity.
During a multi-party negotiation, it is easy to become so entangled in various needs that you forget why you are negotiating in the first place. For example, if you are working with two other businesses to fix the asphalt in your shared parking lot, you can enter a minefield of conflicting interests. Maybe most of the problem area is located in front of one business, but it was caused by a tree that another business owner feels is essential for aesthetic purposes. Pursue a collaborative tone in these interactions so that you can all come to a mutually beneficial agreement.
You can’t win if you don’t play.
For many of us, the idea of asking for more in a salary negotiation, a business deal, or in personal disputes can feel daunting. If you never have the courage to speak up, you’ll remain at a disadvantage. Meekness in business and in life are almost never rewarded. There are ways to assert your needs respectfully so that all parties experience some benefit. Give negotiation a try. You may surprise yourself with the results of your efforts.
Article by Angelina Phebus, Lifehack