Learning the Basics of Negotiation

Posted by Security Vault

Whatever your level of expertise, whether you are an expert negotiator, understanding the basics is crucial to improving your effectiveness. Understanding key concepts such as ZOPA and BATNA can help you prepare for negotiations, and increase value, manage fairness concerns, and reach an agreement that is beneficial for everyone involved.

Negotiators usually fail to achieve success because they are focused on their own interests. This can result in a deal that doesn’t provide the best for your needs and leave behind an unsatisfactory outcome for other party. To avoid this shortsightedness be sure to consider the fundamental interests of both parties. By identifying the distinct interests of each party you will be able to better understand their concerns and create a more empathetic view of the situation.

Start by examining your own needs and the issues at stake. Then, consider the interests of the other side by examining the reasons they came to your table, their underlying concerns, and any prior relationship with your company. Getting to know the viewpoints of the other side can also improve trust, creating a foundation for establishing a productive relationship.

Also, think about any concessions that you might be willing to make. Bring these options to the table and you will be able to close deals faster. But, you need to be careful not to undermine your position or appear as if you’re trying to play hardball. In the end, you should focus on a win-win solution that leaves both parties feeling good about the result of their discussion.