Ninth Post

Negotiation

Is a strategic discussion that resolves an issue in a way that both parties find acceptable. In a negotiation, each party tries to persuade the other to agree with his or her point of view.

Negotiations involve some give and take, which means one party will always come out on top of the negotiation.

Things to know about Negotiation

1. It has to be beneficial to both parties
2. Be persuasive as a key factor 
3. You have to understand that before it is good to us it is good to them

Common mistakes in Negotiation 

• Failing in preparing: Even if you have a clear idea about what you want from a negotiation, you still need to prepare and rehearse your arguments carefully.
• Not building relationship: Try to establish a relationship with the other party if you can. Just making small talk can build trust and give you a better insight into his or her goals, ambitions or even fears about the negotiation process.
• Not listening: You need to listen to the other person to be a successful negotiator. If you talk over him, or ignore what he's saying, it'll be harder to find areas of agreement.
• Trying to win: Reaching an agreement might be more difficult if you expect to win outright, even if you're entering the negotiation from a position of strength.
• Focusing on price: Business negotiations are often about money. But if you go into a negotiation process fixated on price because you want to reduce it or protect it you risk backing yourself or the other party into a corner.
• Etc.