What Negotiation Skills? 

Thinking of sharpening your negotiation skills? Yes, the right time is now! A negotiation is a strategic discourse between two or more parties intended to create a uniform ground for the parties over a particular matter. During a negotiation, compromise and reconsiderations between the parties involved are constant—a series of give-and-take to reach a consensus. 

Negotiation is a part of all our activities as social beings, relying upon our tactical, physiological and emotional strength to convince another person. From our simple daily activities to very complex deals between businesses and governments of nations, negotiation plays an important role. 

A typical example of negotiation is evident in an attempt to hire staff in a company. After the intending staff member has passed the application process, the hiring committee and the individual discuss the terms of working to ensure that they are both on the same page before the individual is finally given the role. 

The Role of Negotiation Skills

Negotiation is not the easiest thing to do for most people, despite being a significant part of our day-to-day activities. Many people think that they will be turned down when they negotiate, so they just keep quiet and go with the deal despite being inconvenient. On the contrary, over 70% of negotiations either fall in the interest of the one negotiating or both parties reach a compromise. This proves that there is a greater benefit to negotiation than most parties realise. However, in the absence of the skills required during negotiation, one or, if not, both parties will end up being cheated or underserved by the terms of the negotiation. 

Four Stages of Negotiation 

Every negotiation process in a business deal is expected to have these four different phases, especially if the parties involved have been primed for the negotiation before the day of negotiation. These four stages are instrumental to the success of the negotiation. 

1. Preparation

You will only be at an advantage in the business deal if you are well-informed about the deal. The one who shows up uninformed will not be on the best side of the negotiation; this is where preparation comes to be very important. Here are a few key questions you need to ask yourself as you prepare: 

• What is the Nature of the deal 
• What do I benefit from this deal 
• Are my expectations realistic and possible
• What areas can I afford to compromise
• What are the facts about the other party(parties) 
• What happens if I do not end up with a successful deal

2. Discussion

A concrete discussion between the parties involved during the negotiation is critical to its success. Both parties must make clear their intentions for the partnership, ensuring that it is a solidly informed decision and not emotionally based. There is a tendency for a negotiation process to get emotional, but this is very manageable by ensuring that you do not leave any part of the conversation unclear through assumptions. 

3. Bargaining

This is the most intense part of the deal. This is where the success or the failure of the whole process is determined. Both parties must be willing to listen attentively and make compromises. It is not a process that should be rushed at all; if in the case that there is a need to speed up the process, then both parties can reschedule so as to ensure that the process is done correctly and all the parties can leave the room smiling. 

4. Closing the deal

This is usually the final part of the deal, and if they both have agreed on something, they will seal the agreement verbally in the presence of witnesses, or a written document is used to seal the deal. In our present-day world, the latter is better because of the complications that will arise legally in the future. 

Seven Tips for Any Succesful Negotiation

1. Communication

Communication only happens once the other party involved has a clear understanding of what the other is trying to say. As such, during the negotiation process, the verbal and non-verbal aspects of the communication are vital. 

This is so important because the win or no-win for all the parties involved is heavily dependent on effective communication by all the parties. 

2. Listening Skill

For most people, speaking is more important than listening, and if they hear, they do it for criticising and not understanding. Learning the vital skill of listening is critical for success in any negotiation. Ensuring that no part of the conversation is left unchecked is essential, and if you learn this as early as possible, the negotiation will end up unanimous.

3. Emotional Quotient

The Emotional quotient or Emotional Intelligence is an individual’s ability to understand, manage and deploy emotions for a positive purpose. This involves using it to turn around a tense atmosphere into a calm one, the ability to stay focused and the ability to say no without feeling guilty. 

4. Confidence in Value Proposition

Your ability to manage your emotions and come across as someone calm and collected is a skill that must be considered. However, there is a fine spot between emotional intelligence and outright confidence that comes from knowing your value proposition. 

If any of the parties see the negotiation table as a place to find favour without having any value to the table, they will undervalue their worth. In business, you must know that there are other factors of production aside from capital; some others are land, labour and entrepreneurship. Hence, do not think that your inability to bring cash to the table is a big problem. Just make sure you know your value proposition and its worth. 

5. The character of Integrity 

As business activities get bigger, one mistake any business owner does not want to make is to land in the hands of a person without a trustworthy character. Ensuring that you are presenting your skills and proficiency with invaluable integrity will ensure that all the parties feel safe and comfortable with being open throughout the negotiation process. 

6.  Get informed about the laws of your business nitch 

This does not mean that you assume the role of an attorney at the negotiation table. However, you want to be aware of the laws of your business. These will help you to know when to proceed with the deal and if there is a potential risk at the end of the agreement. 

7. Adaptability and Spontaneity 

This is the ability to make necessary changes at critical junctions of the negotiations. This is because as the negotiation process goes on, there is a high chance that it will go differently than anticipated. Hence, there is a need for adaptability and spontaneous answers and responses. 

Summary of the Seven Points 

The negotiation process requires effective communication, listening skills, and the Emotional quotient. Communication is crucial for a win-win outcome. Emotional intelligence helps manage emotions and maintain focus. Confidence in value proposition is essential, but you must balance it with emotional intelligence. Integrity is crucial, and being aware of business laws is necessary. Adaptability and spontaneity are also vital, as negotiations may go differently than planned.